12 February 2004
HSBC has been recognised as Best International Provider of Islamic Financial Services and Best International Sukuk House in Euromoney’s 2003 Islamic Finance Awards.
In selecting HSBC, the magazine said: “The breadth of services and the respect with which it is held in both Asia and the Middle East meant that the award was won by HSBC, which has not only developed a comprehensive range of products and services at its Islamic division, Amanah Finance, but has also marketed them aggressively through its global banking network. Significantly, it is selling its Islamic products to non-Islamic as well as Islamic customers.”
For the sukuk (Islamic bonds) award, the magazine said: “This award has gone to HSBC for the highly professional management of its deal for Qatar, with which it built on an already strong reputation gained when it issued the first sovereign sukuk for Malaysia.”
HSBC’s work on the Government of Malaysia sukuk in 2002 was previously recognised by Euromoney, as Best Asian Sovereign Bond, and by Institutional Investor, which named it Deal of the Year, reflecting the pre-eminence of HSBC Amanah Finance in the provision of Islamic financial services.
Iqbal Khan, CEO HSBC Amanah Finance said: “We are delighted to receive these awards which recognise HSBC Amanah Finance’s growing prominence in the development and delivery of Islamic financial services. We have been able to gear ourselves up both in terms of investment and management capability to pioneer products and structures that give us a seat at the top table of the world’s Islamic finance industry.”
In July 2003, HSBC became the first international bank in the UAE to provide Islamic personal finance products when it launched Amanah Personal Finance, a Shariah (Islamic law) compliant cash financing facility. In the same month, HSBC was the first high street bank in the UK to launch Amanah Home Finance and Amanah Current Account, both of which meet the requirements of Shariah. Since launch, the scheme has been rolled out to over 70 branches in key areas in the UK.
In October 2003, HSBC again set a landmark by becoming the first international bank to establish a dedicated Shariah-compliant banking unit in Indonesia called HSBC Syariah, to provide a broader range of products and services to satisfy local demand.
Notes:
HSBC Amanah Finance is the Islamic financial services division for the HSBC Group responsible for the development of Islamic financial products for distribution to customers of the HSBC Group. Its mission is to ensure that HSBC is the leading provider of value-added Islamic financial products and services. Headquartered in Dubai with regional representations in London, New York, Dubai, Riyadh, Kuala Lumpur and Jakarta, Amanah Finance is uniquely positioned to understand, structure and deliver financial solutions that are compatible with the requirements of Shariah (Islamic law).
