HSBC Amanah Malaysia now open for business

The Asian Banker:HSBC Amanah Malaysia Berhad (HSBC Amanah Malaysia) is now open for business. The new fully fledged Islamic Bank, a wholly owned subsidiary of HSBC Bank Malaysia Berhad(HSBC Bank) and licenced under the Islamic Banking Act 1983, commenced its operations on 24 August 2008.

“This licence allows HSBC Amanah Malaysia to undertake the full range of activities for Islamic banking business, and we will open our first standalone branch later this year with more to follow in the coming years,” said Ms Irene M Dorner, Chairman of HSBC Amanah Malaysia and Deputy Chairman and CEO of HSBC Bank.

Prior to the opening of the Islamic Bank’s first branch, customers of HSBC Amanah Malaysia can continue to conduct banking transactions in HSBC Bank’s 40 branches nationwide and enjoy the use of and access to the existing Internet banking and Call Centre.

Ms Dorner added that this is a significant milestone for the HSBC Group, as HSBC Amanah Malaysia provides the right and timely opportunity for HSBC to expand our venture into the local Islamic finance industry, supporting the Group’s initiative of making Malaysia HSBC’s regional Islamic financial hub.

“HSBC Amanah Malaysia complements the existing comprehensive banking solutions offered by HSBC Bank by offering our retail and corporate customers a full suite of innovative Islamic products and services. We will continue to provide HSBC Amanah Malaysia’s customers with the same level of HSBC’s excellence in products and services as they have been accustomed to,” said Ms Dorner.

In November 2007, HSBC Bank was the first locally incorporated foreign bank in Malaysia to be awarded a licence by Bank Negara Malaysia to set up an Islamic banking subsidiary. HSBC Amanah Malaysia was incorporated in February 2008.

HSBC has been offering Islamic financial services in Malaysia since 1994. Globally, the HSBC Amanah brand was established in 1998 with the aim of making HSBC the leading provider of Shariah-compliant banking services worldwide. With more than 300 professionals serving the Middle East, Asia-Pacific, Europe and the Americas, HSBC Amanah represents the largest Islamic financial services team of any international bank.