HSBC Amanah, the Islamic unit of the global banking giant, is to cease operations in Qatar at the end of the year.
The move to close the bank's Sharia-compliant operations in the country follows a circular from Qatar Central Bankordering conventional banks to sell their Islamic units, which HSBC had hoped to negotiate.
"The central bank's directions are pretty clear: they're not open to interpretation and they don't appear to be open to flexibility," said Steve Bottomley, the regional head of strategy and planning for HSBC Middle East.
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