Published: October 9, 2012
Bank will focus efforts on Saudi Arabia, Malaysia and Indonesia.
HSBC has announced that it will focus its Islamic finance business on Saudi Arabia and Malaysia, with a limited presence in Indonesia.
Following a strategic review, the bank will cease to offer Islamic financial products and services in the UK, the UAE, Bahrain, Bangladesh, Singapore and Mauritius, with the exception of wholesale financing and sukuk products, which will be offered globally through HSBC Saudi Arabia, in which the bank holds a 49% shareholding.
In Saudi Arabia, Islamic financial products will be offered through The Saudi British Bank (SABB), in which HSBC holds a 40% shareholding.