HSBC has launched a dedicated brand for its growing range of international Islamic financial products and services. The new brand, HSBC Amanah, made its international debut in the UAE in June and will be introduced in other countries later this year.
Headquartered in the UAE, HSBC Amanah was established in 1998 to meet the financial needs of some 1.5 billion or more Muslims around the world by designing products that are compatible with the requirements of Shariah (Islamic Law). In the past 6 years HSBC Amanah has expanded rapidly, and now offers Shariah-compliant services in Saudi Arabia, Malaysia, United Kingdom, United States, Indonesia, Bangladesh, Singapore and Brunei.
Iqbal Khan, Chief Executive Officer of HSBC Amanah, says "HSBC Amanah has the distinction of being able offer our customers the security of being truly global, allowing them to access their funds from any part of the world.
"The HSBC Group operates in 79 countries, about a quarter of which have significant Muslim populations. We understand the needs of our local communities, and the introduction of the distinctive HSBC Amanah brand signifies that we can offer a full menu of services to our personal, corporate and institutional clients who prefer Shariah compliant services. Coupled with our global reach, the HSBC Amanah proposition is unmatched by any other financial services organisation."
HSBC Amanah offers a full menu of Shariah compliant services to HSBC's personal, corporate and institutional clients covering Personal Financial Services, Takaful, Wealth Management solutions, Trade Finance, Project Finance, Structured Finance, Liquidity Management, Corporate Finance Advisory and Private Equity.
HSBC Amanah works closely with an independent Shariah Supervisory Committee of scholars, headed by Sheikh Justice Muhammad Taqi Usmani, to ensure that its products and services meet the requirements of the Shariah.
HSBC Amanah was recently recognised as Best International Provider of Islamic Financial Services and Best International Sukuk House in Euromoney's 2003 Islamic Finance Awards.
HSBC Amanah is the global Islamic financial services division of the HSBC Group, responsible for the development of Islamic financial products for distribution to customers of the HSBC Group.
The HSBC Shariah Supervisory Committee comprises:
Justice (Retd.) Muhammad Taqi Usmani
Shaykh Nizam Yaquby
Dr. Mohamed Ali Elgari
Dr. Muhammad Imran Ashraf Usmani