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HSBC Amanah convenes its Global Advisory Shariah Board in Makkah

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Points of Essence:

  • HSBC Amanah held the 3rd bi-annual meeting of its Global Shariah Advisory Board recently to discuss Islamic financial industry issues, including the role of Islamic debt and equity modes of finance, legal infrastructure for Islamic financial products and the importance of increased awareness and education of the public with regards to Islamic Finance.

  • The meeting intended to gather scholars and business people regularly to discuss the impending issues encountered by the industry and subsequently provide appropriate solutions. Attended by senior Shariah scholars from different geographies, it will promote harmonization of Shariah standards and practices that apply to Islamic finance.

  • The Shariah governance at HSBC Amanah consists of two structures:
  1. Global Shariah Advisory Board which comprises independent Shariah scholars advising the bank on concepts and structures used for Shariah compliant products and services; and
  2. Central Shariah Committee, which reviews institutional transactions and new products and conducts annual Shariah audits to ensure that all HSBC Amanah operations are Shariah compliant.

As part of its continuous efforts to engage both Islamic scholars and bankers in constructive dialogue about the pressing issues and challenges facing Islamic finance, HSBC Amanah, the global Islamic banking division of the Islamic division of the HSBC group, held the 3rd bi-annual meeting of its Global Shariah Advisory Board, in the Holy City of Makkah, on 4th September.

Participants pose for a group photo in Makkah.

Participants pose for a group photo in Makkah.

The meeting, which brought together senior HSBC Amanah executives from the Middle East and Asia Pacific as well as senior scholars of its Global Shariah Advisory Board discussed a number of industry issues, including the role of Islamic debt and equity modes of finance, legal infrastructure for Islamic financial products and the importance of increased awareness and education of the public with regards to Islamic Finance.

Nabeel Shoaib, Global Head of HSBC Amanah, said:

‘We believe that the future of Islamic finance depends heavily on the input of scholars. We are keen to bring scholars and business people together on a regular basis to discuss the challenges that the industry is facing up to, and to provide solutions to issues facing the Islamic Finance industry.’

‘HSBC Amanah has been at the forefront of many groundbreaking industry initiatives. Such regular meetings of senior Shariah scholars from different geographies are important in that they help explore solutions for issues facing the Islamic finance industry and achieve harmonisation of Shariah standards and practices that apply to Islamic finance,’ Nabeel added.

HSBC Amanah’s Global Shariah Advisory Board consists of independent Shariah scholars who advise the bank on concepts and structures used for Shariah compliant products and services.

HSBC Amanah has also a Central Shariah Committee, which reviews institutional transactions and new products and conducts annual Shariah audits to ensure that all HSBC Amanah operations are Shariah compliant.

Source: http://www.ameinfo.com

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Written by Suapi Shaffaii

September 23, 2008 at 6:27 am

2 Responses

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  1. How i may contact the administrator of a site? I have a question.

    muladrede

    September 23, 2008 at 9:17 pm

  2. You can email me at suapi.shaffaii@gmail.com

    Suapi Shaffaii

    September 24, 2008 at 12:27 am


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