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Posts Tagged ‘HSBC Amanah

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.

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Written by Suapi Shaffaii

September 23, 2008 at 6:27 am

HSBC Amanah Malaysia now open for business

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Points of Essence:

  • The Islamic banking outfit of HSBC Bank Malaysia has commenced its business. Set up under the HSBC Amanah brand and licensed by BNM, the subsidiary will the full range of activities for Islamic banking business. This complements the existing banking solutions offered by HSBC Bank by offering retail and corporate customers a full suite of Islamic products and services.
  • HSBC has been offering Islamic financial services in Malaysia since 1994. Globally, the HSBC Amanah brand was established in 1998 with the aim of making HSBC the leading provider of Shariah-compliant banking services worldwide.
  • The new institution is expected to strengthen Malaysia’s bid to become an international Islamic financial centre.

HSBC Amanah Malaysia Berhad (HSBC Amanah Malaysia) is now open for business. The new fully fledged Islamic Bank, a wholly owned subsidiary of HSBC Bank Malaysia Berhad (HSBC Bank) and licenced under the Islamic Banking Act 1983, commenced its operations on 24 August 2008.”This licence allows HSBC Amanah Malaysia to undertake the full range of activities for Islamic banking business, and we will open our first standalone branch later this year with more to follow in the coming years,” said Ms Irene M Dorner, Chairman of HSBC Amanah Malaysia and Deputy Chairman and CEO of HSBC Bank.

Prior to the opening of the Islamic Bank’s first branch, customers of HSBC Amanah Malaysia can continue to conduct banking transactions in HSBC Bank’s 40 branches nationwide and enjoy the use of and access to the existing Internet banking and Call Centre.

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Written by Suapi Shaffaii

August 27, 2008 at 3:15 am

Posted in General Issue

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HSBC Amanah Appoints Rasheed to Head Middle East North Africa

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Points of Essence:

  • Khaled Rasheed was appointed as HSBC Amanah’s regional head for MENA.
  • He will forsee the Islamic banking, including personal finance, commercial banking and private banking, and manage the unit’s regional expansion.

By Matthew Brown

July 2 (Bloomberg) — HSBC Amanah, the Islamic unit of HSBC Holdings Plc, said it has appointed Khaled Rasheed as regional head for the Middle East and North Africa.

Rasheed will oversee Islamic banking, including personal finance, commercial banking and private banking, and manage the unit’s regional expansion, HSBC said in an e-mailed statement today. Rasheed has been with HSBC Middle East since 1996, the statement said.

Source: Bloomberg

Written by Suapi Shaffaii

July 3, 2008 at 3:01 am