hsbc-receives-islamic-licence-in-malaysia

HSBC receives Islamic licence in Malaysia

The licence to set up an Islamic banking subsidiary will enable HSBC to expand its offering to clients.

By Lara Wozniak

November 07, 2007

HSBC Bank Malaysia Berhad has become the first locally incorporated foreign bank to be awarded a licence to set up an Islamic banking subsidiary by Bank Negara Malaysia, the central bank.

The new entity will be called HSBC Amanah Malaysia Bhd.

HSBC Bank Malaysia first started offering Islamic financial solutions in the country in 1994. With the establishment of the Islamic banking subsidiary in Malaysia, HSBC Amanah will now become a distinct local legal entity holding a universal banking licence.

In addition to a comprehensive suite of retail and corporate financial solutions and access to Islamic capital markets, HSBC Amanah will have Shariah compliant product offerings in wealth management and Takaful Islamic insurance through HSBC...

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