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The world’s best international Islamic bank 2023: HSBC Amanah

For cross-border transactions, supply-side financing and capital markets, HSBC Amanah, led by chief executive Raja Amir Shah Raja Azwa, was the international Islamic bank to beat this year.

From its headquarters in Malaysia, the bank expanded its already pivotal role last year in Shariah-compliant financing; and, in doing so, boosted Kuala Lumpur's status as a key Islamic finance hub.

In addition to its financing strength, HSBC Amanah also offers a strong suite of Shariah-compliant hedging instruments, including foreign-exchange options and forwards, profit-rate swaps and cross-currency swaps. It has an Islamic FX overlay platform that enables fund managers to automate hedging programmes.

One factor in the bank’s success has been its adherence to the highest ethical standards. Since 2017, HSBC Amanah has been a cornerstone adopter of the value-based intermediation (VBI) framework championed by the country’s central monetary authority, Bank Negara Malaysia.

Raja Amir Shah Raja Azwa

HSBC Amanah was the first global Islamic bank to publish a blueprint aligned to VBI.