Following a strategic review of its Islamic finance business, HSBC has decided to focus its Islamic offering on customers in Malaysia and Saudi Arabia.
In the case of Saudi Arabia, Islamic products will be offered through The Saudi British Bank, in which HSBC holds a stake.
The bank will maintain a limited presence in Indonesia and will continue to offer wholesale Islamic financing/Sukuk products to its global client base through its operations in Malaysia and Saudi Arabia.
However, it will cease to offer Shari’ah compliant products and services in the UK, the UAE, Bahrain, Bangladesh, Singapore and Mauritius, with the exception of wholesale Islamic financing/Sukuk products, which will be available in these jurisdictions and globally via Saudi Arabia.
Category: Banking News, HSBC News
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