Interview: Abdul Hakeem Mostafawi, CEO, HSBC Middle East, on trends towards digitalisation and the resilience of the sector
In what ways has the banking sector responded to recent changes in the global economy, and what strategies are being used to navigate these changes?
ABDUL HAKEEM MOSTAFAWI: The global economy is inherently dynamic, presenting both challenges and opportunities. The Qatari banking sector has demonstrated strong adaptability to shifting international conditions and continues to develop across multiple industries. While the expansion of the North Field in the energy sector is a major driver of banking demand, significant investment is also being made in health care, public services and infrastructure. Qatar’s aviation industry is thriving and the tourism sector is also seeing significant growth, strengthened by the international visibility gained during the 2022 FIFA World Cup.
Qatari banks are also well positioned to navigate fluctuations in interest rates, supported by prudent cost management and healthy financial reserves. Strategic priorities include growing market share, increasing fee-based income, and deepening relationships with existing clients. In parallel, banks are investing in digital transformation – enhancing platforms to deliver faster, more secure, and more efficient services.
How is the sector adapting to new technologies, especially with regard to financial technology (fintech)?
MOSTAFAWI: Qatar’s banking sector is undergoing rapid digital transformation to remain competitive and better serve a tech-savvy customer base. Financial institutions are increasingly adopting real-time transaction monitoring, advanced fraud detection systems and modern payment solutions such as digital wallets to enhance operational efficiency and customer experience. Fintech innovation – including artificial intelligence for fraud prevention and blockchain for secure cross-border payments – is reshaping the financial landscape. These developments support Qatar’s ambition to become a regional nexus for financial technology and align with its long-term digital and economic goals.
In a broader sense, many banks – even international ones – seek to align operations in Qatar with the goals of Qatar National Vision 2030. Facilitating foreign investment is the main goal, and can be achieved by supporting multinational businesses and contributing to the development of local talent. In addition, top lenders are involved in promoting sustainability through green financial products and by engaging in international forums, including the COP 28 UN Conference on Climate Change and Bloomberg’s Qatar Economic Forum, reflecting a commitment to environmental and financial progress in line with national priorities.
By what means are financial service providers incorporating sustainability into their strategies?
MOSTAFAWI: Qatari banks are increasingly integrating sustainability into their core strategies by embedding environmental, social, and governance principles into decision-making processes. Sustainable finance is playing a more prominent role in both deal structuring and investment priorities, with institutions exploring green bonds, sustainability-linked loans, and innovative financial instruments to support climate-related goals. These efforts align with Qatar’s national objectives to advance environmental stewardship and build a resilient, diversified economy.
What factors will shape the development of corporate banking in the future, and how do multinational banks play a role in cross-border trade?
MOSTAFAWI: Corporate banking in Qatar is poised for continued growth as the country advances its economic diversification agenda. As the largest international bank operating in Qatar, we view our role as pivotal in both attracting foreign investment and supporting local businesses as they expand globally. International banks act as global connectors – linking our clients to opportunities for investment and growth, whether in Qatar, across the wider region, or around the world.
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