HSBC to launch Islamic banking services in full scale

FE Report

HSBC Amanah, the Islamic banking window of banking giant HSBC, is planning to launch its Islamic banking services in full scale in Bangladesh, a visiting top official of HSBC said Tuesday.

"The re-launch of HSBC Amanah in Bangladesh will come with a full range to satisfy personal and commercial needs", Deputy CEO of HSBC Amanah Razi S. Fakih said.

HSBC Amanah is operating globally from 1998. Its Bangladesh chapter is operating from 2004 with a limited range of products that include import finance service and current account only.

With the re-launch, HSBC Amanah in Bangladesh will be the largest presence in South East Asia, the deputy CEO said. Currently HSBC Amanah is operating in the UK, Malaysia, Middle East countries, Indonesia and other countries.

"Our global proposition is our one of the four strengths. We are not merely a local Islamic finance solution", Mr Fakih said.

Answering a question on the difference between Amanah and local Islamic banking provider, Mr Fakih said: "We offer Shariah-compliant Islamic banking solution. We are very serious about our quality, both in terms of our HSBC-branded customer service and Shariah compliance."

HSBC Amanah products are rigorously audited and approved by HSBC central Shariah committee. "We truly try to comply with Shariah, both in letter and in spirit. Our central Shariah committee is formed with renowned independent Islamic scholars", Mr. Fakih Said.

While answering a question on choosing Bangladesh, Mr Fakih said, "Bangladesh has been maintaining stable growth rate since 1996 when all developed countries faced negative growth, Bangladesh showed its resilience.