Iqbal Khan, Chief Executive of HSBC Amanah, the Islamic finance division of the HSBC Group, will be leaving the Group at the end of 2006 to establish a dedicated Islamic financial services firm. Razi Fakih, one of the founding members of the business and currently Managing Director and Head of HSBC Amanah's Global Onshore Banking unit, has been appointed acting Chief Executive with immediate effect.
Iqbal steps down as the head of HSBC's global Islamic financial services division immediately, but he will continue to serve as an adviser to the Group. He also retains his responsibility to establish the HSBC Amanah Foundation, a non-profit body devised to strengthen educational projects in Muslim communities, of which he will remain a board member and trustee.
HSBC Amanah was established in July 1998 and has pioneered the provision of Shariah-compliant products and services to the Islamic community. Today, HSBC Amanah is a multiple award-winning business, serving over 300,000 customers from offices across nine countries.
"In HSBC Amanah we have created one of the leading international brands in Islamic financial services," said Michael Geoghegan, HSBC Group Chief Executive. "This is an innovative business and one which reflects the diverse geography, culture and talents of the HSBC Group. We remain absolutely committed to building this business and have a great team in place to continue the growth we have achieved. I would like to pay tribute to the tremendous leadership Iqbal has provided to HSBC Amanah and I am pleased that we will continue to benefit from his counsel as an adviser to our Group."
Commenting on his departure, Iqbal said: "I came to HSBC to build a leading platform in the Islamic financial services industry, a goal which I believe has been successfully accomplished. We have arrived at a point where I want to focus my efforts on value-added work dedicated solely to the Islamic finance industry. Having been privileged to be involved with HSBC Amanah from inception to maturity, I am reassured by the fact that I leave it in great hands. Razi Fakih, the new acting Chief Executive, was one of the founding members of Amanah and is supported by a team of enormous talent and commitment. I wish them all every success in the future."
-Ends-
Notes to editors:
1. HSBC Amanah
HSBC Amanah is the Islamic financial services division for the HSBC Group. Its mission is to ensure that HSBC is the leading provider of value-added Islamic financial products and services. With regional representatives in the UK, US, Malaysia, UAE, Quatar, Saudi Arabia, Bangladesh, Indonesia and Brunei, HSBC Amanah is uniquely positioned to understand, structure and deliver financial solutions that are compatible with the requirements of the Shariah.
2. HSBC Holdings plc
HSBC Holdings plc is headquartered in the UK. The HSBC Group serves over 125 million customers worldwide from more than 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,502 billion at 31 December, 2005, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.
Media enquiries to:
James Pieper
HSBC Group
+44 (0)20 7991 0624
jamespieper@hsbc.com
Mohammed Hassan Ismaeel
HSBC Amanah
+971 4 5077178
mohammedismaeel@hsbc.com
© Press Release 2006
