Financial heavyweight HSBC is planning to establish its first Mid-East branch location dedicated to Amanah, the bank’s Islamic-banking wing.

According to the story reported by Arabian Business, CEO Abdul Hakeem Mostafawi said the move – which will see a branch opening in Doha, Qatar – underscored the bank’s commitment “to fulfilling our customers” diverse financial needs. “This will be the first branch in the Middle East dedicated exclusively to HSBC Amanah,” Mostafawi said in comments published by Gulf Times on June 6, 2010.  “We have seen a double digit growth in the Islamic banking business in the last five years or  so,” Mostafawi told the paper.

According to Arabian Business, on plans for HSBC Qatar to open more branches in the country, Mostafawi said: “We will assess the situation and take decision at the right time. If our presence is required in a particular zone or area, we will look at it. But then we also need to see the actual need given the rising acceptance of electronic banking channels including the ATMs and Internet.”

For the original Arabian Business story, please click here: http://www.arabianbusiness.com/589814-hsbc-eyes-first-mideast-branch-dedicated-to-shariah-banking#continueArticle