HSBC incorporates its Islamic banking unit

PETALING JAYA: HSBC Bank Malaysia Bhd has announced the incorporation of its Islamic banking subsidiary, HSBC Amanah Malaysia Bhd, in line with its efforts to provide comprehensive Islamic financial services to the Malaysian market. The new entity would now be a full-fledged Islamic bank, it said in a statement.

HSBC Bank deputy chairman and chief executive officer Irene M. Dorner said the new entity would provide the opportunity for HSBC to increase its role in Malaysia's Islamic finance industry.

"We hope to be able to launch our Islamic bank in the second half of this year," she said in the statement.

The bank said HSBC Amanah would complement HSBC Bank's banking and financing solutions by providing a full suite of innovative products and services to retail and corporate clients when it opens its first branch.

With the establishment of the Islamic banking subsidiary, HSBC Amanah would become a distinct, local and legal entity with a universal banking license, it added.