October - December 2003
The Hong Kong Shanghai Bank Corporation (HSBC) plans to open a Shariah-based unit in Jakarta and is awaiting approval from the central bank, Bank Indonesia.
HSBC deputy CEO in Indonesia, Rakesh Bhatia, said: “We are still in the preparation stage and awaiting Bank Indonesia approval for the opening of the Shariah-based unit. Indonesia has a very bright prospect for the business.”
Mr Bhatia said the Shariah-based unit will be similar to HSBC units in the United Arab Emirates, Saudi Arabia, Malaysia and England.
If approved, HSBC will become the first foreign bank to open a Shariah-based unit in Indonesia.
The Hong Kong Shanghai Bank Corporation (HSBC) plans to open a Shariah-based unit in Jakarta and is awaiting approval from the central bank, Bank Indonesia.
HSBC deputy CEO in Indonesia, Rakesh Bhatia, said: “We are still in the preparation stage and awaiting Bank Indonesia approval for the opening of the Shariah-based unit. Indonesia has a very bright prospect for the business.”
Mr Bhatia said the Shariah-based unit will be similar to HSBC units in the United Arab Emirates, Saudi Arabia, Malaysia and England.
If approved, HSBC will become the first foreign bank to open a Shariah-based unit in Indonesia.
© Islamic Banking and Finance 2003
