29 May 2011
The Islamic banking arm of HSBC is closing for business in Qatar. HSBC Amanah's move comes in response to the Qatar Central Bank barring conventional banks running Islamic banking operations in the hydrocarbons-rich Gulf state.
The Islamic banking arm of HSBC is closing for business in Qatar. HSBC Amanah's move comes in response to the Qatar Central Bank barring conventional banks running Islamic banking operations in the hydrocarbons-rich Gulf state.
This move will diminish HSBC's opportunities to take part in the forthcoming project finance bonanza in the run up to the football World Cup in 2022, as HSBC will not be able to offer Shari'ah compliant finance in the Muslim state. HSBC Amanah only opened its first stand-alone branch in Qatar in July 2010 and now this and its staff will have to be absorbed into the conventional bank.
HSBC declined the opportunity to speak to The Islamic Globe about the enforced closure in Qatar and also about its future plans for Amanah in the light of HSBC's recently announced cuts across the world.
© The Islamic Globe 2011
