HSBC Amanah Malaysia has been formally incorporated by its parent bank as a fully-fledged Islamic bank in the country. HSBC has been an active player in the Malaysian market on both the conventional and Islamic sides (NewHorizon, July–September 2007), and was the first locally incorporated foreign bank to receive a licence from the country’s regulator, Bank Negara Malaysia (NewHorizon online, 9th November 2007).
The bank will have a universal banking scope, which it hopes will give it better access to Malaysia’s growing Islamic finance industry. The banking giant hopes that its new subsidiary will make the country the regional hub for its Amanah brand.
HSBC Amanah Malaysia will be launched in the second half of 2008. It will offer a full suite of Shari’ah-compliant products and services to both retail and corporate clients.
NewHorizon 01 April, 2008