HSBC has launched a global securities service for the Islamic market. The offering will allow investment managers, both fully Shari'ah compliant and conventional managers managing Islamic assets, an end-to-end securities services proposition from the fund set-up stage to legal documentation and other related processes, all in a Shari'ah compliant manner.
Germain Birgen, global head of HSBC Amanah Securities Services told The Islamic Globe: "While previously, we serviced clients in a number of locations with locally implemented solutions, we can now provide a globally-consistent offering."
He continued: "For asset managers who are increasingly looking to go international and distribute their products beyond their home markets, it is important that they have access to a consistent service proposition in as many countries as possible, for their businesses, and with this new service they can have access to the liquidity, risk management and Shari'ah-compliant investment opportunities offered by HSBC Amanah."
"We'll even help our customers calculate their Zakat," he said.
The service will place a fund manager's assets in a segregated account which will not be commingled with conventional assets and overnight liquidity can be managed using Islamic liquidity management tools which means balanced cash can be kept in a Shari'ah compliant manner.
The new service is unique in that it is the only globally consistent, Shari'ah compliant offering currently available in the securities services industry. Birgen declined to comment on what this service would cost investment managers.
© The Islamic Globe 2011
