06 March 2005
HSBC has been named 'Best Islamic Wholesale Bank' and 'Best for Islamic Private Banking Services' in Euromoney’s 2005 Islamic Finance Awards.
Last year, HSBC's Islamic financial services arm – HSBC Amanah - received a number of accolades, including Euromoney’s 'Best International Provider of Islamic Financial Services'.
In its citation for the Best Islamic Wholesale Bank award, Euromoney said: "In 2004 HSBC Amanah arranged, participated in or syndicated transactions with a notional value of $4.1 billion in countries across the Middle East, the Indian subcontinent, Malaysia and Turkey.
"It established a new presence in three countries, Bangladesh, Indonesia and Pakistan. Several of these transactions were highly innovative."
Iqbal Khan, Chief Executive Officer, HSBC Amanah, added: "It is a great privilege to receive these awards.
"The increasing availability of Islamic products and transactions is a testament to the successful collaboration of investors, issuers, lawyers and Shariah scholars. We are committed to supporting the growth of regional economies and banking sectors by playing a leading role in this industry."
HSBC Amanah offers a range of Shariah (Islamic law) compliant services to HSBC’s personal, corporate and institutional clients. It works closely with an independent Shariah Supervisory Committee, comprising eminent Islamic finance scholars, to ensure that its products and services comply with Islamic guidelines.
