Tagged: HSBC

Making Sharia work

Making Sharia work

The UK government's national savings scheme, NEST, recently announced that HSBC was its choice of fund manager for its Sharia investment mandate. Chris Gower, head of European consultant relations at HSBC, said the fund follows a quantitative passive m…

Profits rise at HSBC and Abu Dhabi Islamic Bank

Profits rise at HSBC and Abu Dhabi Islamic Bank

HSBC reported profits before tax of US$8.4 billion for its global business during the first quarter, a 95 per cent increase on the amount generated during the corresponding period a year earlier. HSBC Middle East, the bank’s regional arm, reported pro…

NEWS ANALYSIS: HSBC expects Islamic bond market sales will surpass record

NEWS ANALYSIS: HSBC expects Islamic bond market sales will surpass record

According to HSBC, global Islamic bond sales are set to surpass sales from 2012 by 64%. Mohammed Dawood, Dubai-based MD of debt capital markets at HSBC Amanah, says that sales in the six-nation GCC will surge to between $30bn and $35bn this year. The Dubai government kicked off sovereign sukuk sales last month with $750m of 10-year Islamic notes after its borrowing costs fell 40%. Standard and Poor’s estimates show that Islamic financial assets will double by 2015 to $3-trillion.

HSBC to pay $1.9bn money-laundering fine

HSBC to pay $1.9bn money-laundering fine

HSBC will have to pay $1.9bn to US regulators after admitting its faults. The money-laundering probe of the bank focuses on the transfer of billions of dollars on behalf of nations under international sanctions such as Iran. Also, through the US financ…

Islamic finance faces growth challenges

Islamic finance faces growth challenges

In Malaysia, Islamic finance has been developing at a rapid pace during the recent years and has become a serious rival to conventional banking in largely Muslim countries like this. The pioneer lender in the country – HSBC – embodies the development a…

HSBC’s Islamic closures highlight dilemma

HSBC’s Islamic closures highlight dilemma

Last week HSBC decided to close down its Islamic retail banking operations in six markets so that it will be present only in Malaysia, Saudi Arabia and, in shrunken form, Indonesia. This event underlined the contradictions of the broader sector. On one…