HSBC Amanah

Qatar Islamic banking directive to set example for other markets

Although Central Bank of Qatar (CBQ) set the deadline requiring the country's conventional banks which have opened Islamic banking windows to close them down to be Dec. 31, 2011, it has passed almost without being noticed.
Some Islamic bankers are now stating that the move was required to prevent the alleged rampant co-mingling of conventional and Islamic funds at some of the Islamic banking windows, and that the Qatari Islamic banking sector has been successfully re-aligned and consolidated.
The clear message of the directive is that dedicated standalone Islamic banks are favored to half-way houses where co-mingling and all sorts of compromises are possible if not the norm.
The affected banks included the Al-Islami window of Qatar National Bank (QNB), the largest bank in the emirate; Commercial Bank of Qatar; Doha Bank; HSBC Amanah; Ahli Bank; Al-Khaliji Bank and International Bank of Qatar (IBQ), which between them had 16 Islamic banking branches in Qatar.

Bank says global sukuk issuance to grow to US$44bil this year

HSBC Amanah anticipates global sukuk issuance to grow to US$44 billion in 2012 from US$26.5 billion last year. Malaysia was forseen to account for 60% of the total while the Middle East and North Africa (MENA) region 32%. It also stated that governments and government-related entities were likely to account for 50% while the finance and corporate sectors 25% each.
To encourage more Asian sukuk issuances, however, there was a need to help Middle Eastern investors understand Asian sukuk and capital markets better.

HSBC sees Islamic serviced funds AUM hitting $10 bln

It seems that HSBC Amanah anticipates a pipeline of 30 new Islamic funds to raise its assets under management for serviced funds to $10 billion.
Germain Birgen, global head of securities services, stated that the bank currently services 90 Islamic funds worth roughly $5 billion in assets. He added that 30 new funds are forseen to be launched within the next 12 to 18 months.
He underlined the fact that there is also an increasing trend in the industry for Islamic fund managers in traditional Muslim markets to start international domiciled funds in Singapore and Luxembourg, to take advantage of better financial regulations and draw more conventional investors.

HSBC Allocates $2m for Distribution Via Microfinance Branches of PT Permodalan Nasional Madani (PNM) of Indonesia

HSBC Amanah Shariah wants to allocate USD 2.12 million through PT Permodalan Nasional Madani (PNM) for the development of micro-, small and medium-sized enterprises (MSMEs).
The funds from HSBC to MSMEs will be chanelled through its Shariah-based microfinance branches.

HSBC in Talks With Qatar to Clarify Order Shutting Islamic Banking Units

HSBC Holdings Plc is seeking clarification of an order by Qatar’s central bank requiring non- Islamic lenders in the nation to end services that comply with Shariah law.
HSBC Amanah is in discussions with the central bank “to find a workable solution”.

Allianz Takaful, HSBC partner to promote Islamic insurance products

Allianz Takaful has entered into Bancassurance partnership to promote Islamic insurance products in the State of Qatar. The company is fully owned by subsidiary of Allianz Group and HSBC Amanah.
The products will be denominated in US Dollars and Qatari Riyal and available to both conventional and Islamic banking customers.

HSBC Amanah launches Shariah-compliant corporate products in Bahrain, Bangladesh

In order to meet the banking needs of corporates in Bahrain and Bangladesh, HSBC Amanah has launched a range of products and services.
HSBC Amanah corporate banking products available in Bahrain include business accounts, investment solutions, working capital finance solutions, trade finance solutions.
HSBC Amanah is also planning to open a branch dedicated to Shariah-compliant banking in Bangladesh this December.

Sukuk pickup seen in H2 - HSBC Amanah

Razi Fakih, HSBC Amanah deputy chief executive, says the company is optimistic and sukuk is unlikely to fade out. HSBC has already served as Islamic bond manager on 13 sukuk issues in the first half of the year according Reuters Data. Research firm Oliver Wyman expects industry growth to about 20% until 2012.

CEO of HSBC Amanah to Speak at Euromoney's Islamic Finance Summit in February

CEO of HSBC Amanah will deliver the keynote address at Euromoney's Islamic Finance Summit in London on 23rd February 2010 at The Landmark.

In his speech, Mukhtar Hussian is expected to highlight how to put the economic crisis and lessons learnt from recent sukuk defaults to good use. He will also reveal how the industry can drive competitiveness with conventional banking, while ensuring stable growth through 'best in class' risk management. Also on the agenda: Why high-profile sukuk defaults have generated a timely debate, enforceability and the lessons the industry must learn about reputational risk.

HSBC Amanah launches the world's first international Islamic premium banking service

HSBC Amanah today announced the launch of HSBC Amanah Premier - the world's first Islamic banking service aimed at internationally mobile, affluent consumers.

Sukuk fund series: HSBC Amanah starts sales

HSBC Amanah, the financial group's Islamic division, said it will start marketing its first Islamic Sukuk fund.

The HSBC Amanah Sukuk Fund, domiciled in Saudi Arabia, will comprise Sukuk, issued by 12 to 14 companies, mostly in the real estate, commercial banking and utilities sectors based in the Gulf Cooperation Council area. It would seek to raise USD 100 million for the fund, which has a 4-year maturity and will target mid- to high-single-digit annual returns.

2008 Sees Worst Decline in Sukuk Market, Improvement in Islamic Syndicated Lending, Says IFIS

IFIS published a report on 24 January discussed on Albawaba that Sukuk or Islamic bond markets have witnessed a dramatic decline during 2008, especially during the 4th Quarter, which was the lowest since 2002, and 2008 was a worse year for sukuk than both 2006 and 2007 with no issuances even of a Dollar Sukuk and the total amount dropping to only USD 584 mn in Q4 2008. South East Asia was more severely impacted than the GCC in 2008, with issuance falling by 76% down to USD 6.57 bn for the entire year. The decline in the GCC was quite severe as well, however, with issuance falling to USD 9.06 bn, a 51% drop. The global total for sukuk issuance, USD 15.77 bn, was 66% lower than the figure for 2007. This is the first year on year drop in sukuk issuance since the year 2000.

Islamic syndicated lending expanded from USD 19.6 bn in 2007 to USD 27.2 bn in 2008, a 32% increase. But as with credit markets worldwide, Islamic syndicated lending froze almost completely in Q4 2008.

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