Business & Finance Club Magazine - Finance Sector -- HSBC Qatar plans to set up a branch in Doha dedicated to Amanah, the bank’s Shariah-based banking business, CEO Abdul Hakeem Mostafawi has said.

“This will be the first branch in the Middle East dedicated exclusively to HSBC Amanah,” Mostafawi said in an interview.

“HSBC’s new Amanah branch, set for a formal opening, further underscores our commitment to fulfilling our customers’ diverse financial needs. We have seen a double digit growth in the Islamic banking business in the last five years or so,” Mostafawi said.

Asked whether HSBC Qatar planned 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.”

Currently, HSBC Qatar has five branches across the country.

Mostafawi believes Qatar has a ‘great potential’ in private banking and wealth management.

“We believe our range of investment and insurance products, international expertise and need-based approach to financial planning serve our customers well and strengthen our long term relationship with them.

“We have seen enormous interest in ‘World Selection’, a series of investment portfolios recently launched by HSBC in major markets around the world. World Selection offers investors actively managed portfolios of globally diversified asset classes based on their individual risk tolerance. We have raised in excess of $3bn to date and are very excited to make World Selection available to investors in Qatar for the first time.”
He said ‘HSBC is truly a local bank’ as it has been in Qatar since 1954.

“We have been at the forefront of the development of the banking and finance sector in the country. We have developed strong relationship with Qatar and invested substantially in the country’s economy over the last six decades. There are too much history and many opportunities in future to see this market as non-rewarding,” Mostafawi said.

On the notion that HSBC Qatar caters only to high networth individuals (HNWIs), Mostafawi said, “We cater to different segments of the society. In a competitive market like Qatar, any financial services provider must focus on providing the best possible service and products to its customers.

“Moreover, we focus on products and services that address the needs of customers who would like to have accounts more than one country. The reasons might include place of study for their children, favourite holiday destinations, properties in other countries and international business.

“We have a smaller number of branches and therefore might not be accessible to a larger group of people. But we have a sophisticated e-platform that makes banking easy and accessible for customers, via the Internet and ATMs.”

Mostafawi reiterated HSBC’s commitment in the development of the national workforce within the bank.

“It is a top priority for us as it forms part of our approach to diversify the workforce. The most important focus of our approach is to identify and develop the best talent in town and ensure we support the growth of the local intellectual capital.

“We have invested greatly in this area over the last few years and have successfully seen our percentage of Qatari staff increasing to well above 20%. We are not focused on the number of staff only, but on the depth and potential for development of every member on the staff,” Mostafawi added.