HSBC Launches Shariah-Compliant Financial Service

Posted by BankInfo on Thu, Dec 16 2010 07:16 am

The Hongkong and Shanghai Banking Corporation (HSBC) Limited launched a Shariah-compliant financial service 'HSBC Amanah' with full range of products in the country Wednesday. This is recognized as the first Shariah-compliant flagship branch of the bank which was launced at Gulshan in the city.

As banking as per Islamic rules and regulations is getting popular now a days, HSBC, with the goal of providing a range of Islamic financial services to its customers, introduced the product that was developed under supervision of independent, competent Shariah scholars, the high officials of the bank said at a press conference at a city hotel. Head of International, HSBC Asia Pacific, Guy Harvey-Samuel, Global Deputy CEO, HSBC Amanah, Razi Fakih, CEO of Bangladesh Sanjay Prakash and Head of Amanah, Personal banking, Laila F Rahim were present at the press conference.

   From left, Sanjay Prakash, CEO of HSBC, Bangladesh; Guy Harvey-Samuel, head of international, HSBC Asia Pacific, and Razi Fakih, global deputy CEO of HSBC Amanah.Inauguration Programme at Sonargaon Hotel in Dhaka yesterday. Photo: HSBC

The bank executives said, Amanah offers personal banking products including deposits, account services and financial solutions for vehicle, home and other purposes. For commercial customers, it offers world-class Shariah-compliant corporate accounts, deposit services, term financing and term investment services.
It also has comprehensive trade and supply chain services through HSBC Amanah export and import finance.

Guy Harvey-Samuel has highlighted the fact that HSBC is one of the most globally connected banks in the world and HSBC Amanah customers will enjoy the same "HSBC world-class" service and international connectivity from the service. Razi Fakih described in details of Shariah structure of the HSBC Amanah. He said a team combined by world's leading independent scholars is monitoring the service. The Amanah service is available in eight countries including Bangladesh, the UAE, Malaysia and the United Kingdom, Fakih said. An exhibition of Islamic calligraphy presented by renowned artist Murtaza Basheer is taking place in its Amanah branch, which will continue until December 31. The income of the sale will be donated to Ahsania Mission Cancer Hospital fund.

News Source: The Financial Express/16 Dec 2010

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