Dec 05 2010 |
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HSBC offers Shariah Compliant corporate banking in new countries
Companies in Bahrain and Bangladesh now have the option to use either conventional or Shariah-compliant banking products and services from HSBC . The bank, through its award-winning Islamic banking division, HSBC Amanah , has launched a range of products and services to meet the banking needs of corporates in these countries. This is an expansion of HSBC Amanah 's corporate banking presence in Saudi Arabia, the United Arab Emirates, Qatar, Malaysia and Indonesia.Starting this December, these HSBC Amanah corporate banking products are available in Bahrain:
- Business Accounts: Funds deposited are used only in a Shariah-compliant manner and customers get related facilities such as cheque books, debit cards and internet banking.
- Investment Solutions: Meets investors' short-term investment needs in a Shariah compliant manner.
- Working Capital Finance Solutions: Short-to-medium term financing solutions for working capital and liquidity needs based on goods or commodity Murabaha concepts.
- Trade Finance Solutions: Meet the importer's trade and finance requirements based on Murabaha1.
Patrick Gallagher, CEO of HSBC Bahrain said, "Since 1945, HSBC has been offering conventional banking services in Bahrain. Given that the country is one of the key Islamic financial centres in the world and demand is strong for Shariah-compliant banking here, we started offering HSBC Amanah retail banking in 2008. Now, our corporate customers can also enjoy HSBC 's global connectivity and its best-in-class Shariah-compliant offering."
HSBC Amanah is also opening a branch dedicated to Shariah-compliant banking in Bangladesh this December. Besides conventional corporate banking products, companies will have the option to use a wide range of Shariah-compliant products such as current account, short notice deposit, term Investment, term finance, short-term finance, payments and cash management, corporate Internet Banking, foreign exchange services, import services, and guarantee solutions. In Bangladesh, HSBC Amanah is the first international bank to provide a wide range of Shariah-compliant products to both retail and corporate customers.
Besides Bahrain and Bangladesh, HSBC has also launched Shariah-compliant export financing products in the UAE, which complete its range of Islamic trade products for corporate customers. With these products, exporters in the UAE can now use Shariah-compliant financing to produce and ship their goods to customers.
Nicholas Levitt, Head of Commercial Banking, HSBC UAE said, "We continue to receive excellent feedback from customers on HSBC Amanah 's offerings. The new export finance product gives business owners an option to choose Shariah-compliant solutions for their importing and exporting needs. The product completes an already attractive product suite."
Indeed, a HSBC study found that companies in the Middle East do have a propensity for Islamic finance. About 62% of companies in Saudi Arabia said they need Islamic banking while in the UAE, this figure stands at 24%, Qatar 19% and in Egypt, 13%2.
Yakub Bobat, global head of HSBC Amanah commercial banking said, "Speaking to customers, we understand that having access to Shariah-compliant products is crucial to the expansion and development of the business. People clearly want their businesses to grow, and if we can provide Shariah-compliant products that meet their needs, that will satisfy a large part of the market in the region."
The launches in Bahrain and UAE took place at an event where
HSBC
commercial banking customers got to meet one of the most revered scholars in the Islamic finance industry and a member of
HSBC Amanah
's Shariah Committee, Sheikh Nizam Yaquby.
HSBC Amanah
regularly organises these events so customers can directly clarify any questions on Islamic finance with such world renowned Islamic scholars. At the event in UAE in November, Sheikh Nizam said that
HSBC Amanah
's Shariah team and management have been implementing its Shariah board's guidelines since he started advising the bank in 1998.
-Ends-
About
HSBC Amanah
HSBC Amanah
is the global Islamic financial services business of the
HSBC
Group. It was established in 1998 with the aim of making
HSBC
the leading provider of Islamic financial services worldwide. With established and successful operations in the Middle East, Asia-Pacific and Europe,
HSBC Amanah
represents the largest and most comprehensive Islamic proposition of any international bank.
With the global resources of the
HSBC
Group at its disposal,
HSBC Amanah
is uniquely positioned to understand, structure, and distribute financial services that are compatible with the requirements of Shariah (Islamic Law).
For further information, please contact:
Rosana Gulzar Mohd
HSBC Amanah
corporate communications
+971-44-235607/ rosanagulzar@hsbc.com
1 Purchase and resale. Instead of lending out money, the Bank purchases the desired commodity or goods (for which a loan would have been taken out in the case of conventional banking) from a third party and resells it at a predetermined higher price to the customer. By paying this higher price over instalments on a deferred payment basis, the customer has effectively obtained credit without paying interest.
2 HSBC 's 'Global small business confidence monitor', second quarter of 2010
© Press Release 2010
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