Islamic finance awards 2008: Best international Islamic bank
Try as they might, no other international financial institutions can match HSBC Amanah’s product innovation and breadth of coverage in Islamic banking and finance. The firm has the biggest financial services team of any international bank providing retail and wholesale banking services in a number of countries. In November 2007, HSBC Bank Malaysia became the first locally incorporated foreign bank to be awarded a licence by the central bank to set up an Islamic banking subsidiary, HSBC Amanah Malaysia. The firm is also the first and only foreign bank to open a full-fledged Shariah-compliant retail branch in Indonesia. In addition, it launched a Shariah-compliant mutual fund there – one of the largest such products in Indonesia.
Other innovations include the first Islamic investment fund in Hong Kong and a global properties fund, which is the first real estate fund investing primarily in credit leased properties in the US and Europe. This has grown to become, at $1.7 billion, the biggest Islamic real estate fund.
Nabeel Shoaib, global head of HSBC Amanah, the leading international bank in Islamic finance