HSBC plays down outflows following unrest

HSBC stated that less efflux has been spotted during recent political unrest than during the financial crisis.
Arindam Das, regional head of custody at HSBC and deputy head securities services for the Mena region, expressed hid oppinion that the reason that money is not flowing out could be because of the anticipation of something good that will happen.

Al Hilal Bank launches new Sharia-compliant investment fund

The Islamic bank said that the open-ended fund will invest in publicly traded stocks of companies that meet strict Sharia law criteria.
Al Hilal Bank has appointed Abu Dhabi-based investment company Invest AD as investment advisor to the new fund and HSBC to provide custodial and administrative services.

Viva seals $280m Shariah financing deal

Viva Bahrain has signed a $280 million Shariah compliant financing facility with two of the region’s key financial institutions, HSBC and Saudi-based Samba.
The facility is seen as a highly sought after opportunity to establish long term business partnership with Saudi Telecom Company's wholly-owned subsidiary brand named Viva in Bahrain.

HSBC in tie-up with Allianz Takaful

HSBC and Allianz Takaful announced a Bancassurance partnership to promote Islamic insurance products in Qatar.
The bank will promote and sell ‘family Takaful products’ comprising plans for protection, savings, investment and children’s education. The products are denominated in dollars and riyals and are available to both conventional and Islamic banking customers.

IDB targets more sukuk issuances and mega interbank bank in 2011

THE Jeddah-based Islamic Development Bank will be preoccupied with two developments in 2011 apart from its established plan of action. This is the progress toward the launch of its mega bank project and the other is the continuation of its trust certificate (sukuk) program.
The mega bank project was promoted by Saleh Kamel, head of Dallah Albaraka Group, who has been trying to get it launched for the last few years. But his failure to get the project started off through the support of both government and private investors saw the project somehow passed on to the IDB. The plan is to launch a mega bank that will effectively be an Islamic Interbank bank, with the aim of providing short-term liquidity to the global Islamic banking market and of promoting the trading of sukuk in the secondary market by acting as a market maker.
CIMB of Malaysia, Citigroup, HSBC and Standard Chartered Bank acted as joint lead managers and joint book-runners, and NCB Capital of Saudi Arabia acted as co-lead manager for this transaction. The success of IDB's transaction was underpinned by a comprehensive international road show covering Asia, the Middle East and Europe.

HSBC Plans Its First Persian Gulf Shariah ETFs This Year: Islamic Finance

HSBC Holdings Plc, the second-largest underwriter of Islamic bonds, plans to start its first Shariah- compliant exchange traded funds in the Persian Gulf, a region that is struggling to lure international investors.
ETFs may help local markets attract some of the $49.4 billion that EPFR Global says poured into emerging market stock funds this year. Restrictions on foreign participation in Gulf markets range from bans to caps on ownership. Investors have sidestepped most countries in the Middle East and North Africa during a recent surge in capital inflows to emerging markets because of debt restructurings.
The funds will give overseas investors greater access to the region’s markets, Razi Fakih, deputy chief executive officer of HSBC’s Islamic unit in Dubai, said in a telephone interview Oct. 5. National Bank of Abu Dhabi PJSC started the Gulf’s first non-Shariah compliant ETF in March, followed by Falcom Financial Services’ Islamic fund in Saudi Arabia that month.

CIMB, Citi, HSBC, StanChart to manage Islamic Development Bank's sukuk issue

Saudi Arabia-based Islamic Development Bank (IDB) has hired CIMB (KUL:COMMERZ), Citigroup (NYSE: C | PowerRating), HSBC (LON:HSBA) and Standard Chartered (LON:STAN) to serve as lead-managers of its planned sukuk offer, Reuters reports today, citing a source at one of the arrangers.
IDB will also launch a roadshow ahead of the dollar-denominated debt issue, according to the source.

HSBC: Saudi Arabia needs 1m new houses in the next 5 years

Saudi Arabia needs 1 million new houses by 2014 to meet the needs of its growing population but house prices are seen falling in the short term due to the global credit crisis, HSBC said in a report. The bank forecast a 15 % decline in house prices and rents in the kingdom's capital Riyadh in 2009 due to credit shortage , with a slow recovery expected in 2010. The rapidly growing population means there are shortages in residential, commercial, retail and hospitality property in Riyadh, Jeddah, Makkah, Madinah and the Eastern Province according to the report.

First Islamic window in Mauritius by HSBC

HSBC launches its Amanah Islamic banking services in Mauritius, being the first Islamic window provider. The new services is primarily for international business clients in the offshore sector. Local clients may follow later.

Sandeep Uppal is the CEO of HSBC in Mauritius.

Indonesian USD 650 mn Sukuk Al Ijara ahead

Indonesia began gauging interest this week for its maiden global sukuk that is expected to raise up to USD 650 mn. Sri Mulyani Indrawati, finance minister, confirmed that the offering circular for the Sukuk Al Ijara reported John Aglionby in the Financial Times. Barclays Capital, HSBC and Standard Chartered Bank are marketing the Sukuk. t has been rated Ba3 from Moody’s Investors Service, BB- from Standard & Poor’s Ratings Services and BB from Fitch Ratings.

Yields on traditional government bonds are coming down: The government’s 10-year paper is now offering 11.99%, down from above 14 % in February. Indonesia’s credit default swap spreads over US Treasuries have tightened to 491 bps, down from well over 1,000 bps late last year.

HSBC Gets Approval For Selling Sukuk In Hong Kong

HSBC has received approval from the Hong Kong Monetary Authority to sell Sukuk (Islamic Bonds) in Hong Kong, the first local bank in the territory to do so.

Bruno Lee is head of liabilities business and wealth management.

HSBC offers more funds for local UK Muslims

FT Adviser reported on 23 February that HSBC is making a number of Sharia-compliant funds available to UK investors for the first time by restructuring them into a single, Luxembourg-domiciled offering. The funds in the range include Global Equity Index, Global Equity, Europe Equity and Asia Pacific ex Japan Equity.

Andy Clark, managing director for UK and Mena wholesale at HSBC, recognises the demand in UK as growing and denounces the perception that Islamic finance is only applicable in the Middle East.

HSBC launches Amanah India Sharia Portfolio

The portfolio management services division of HSBC Asset Management has launched the actively managed, open-ended HSBC Amanah India Shariah Portfolio. The portfolio will be benchmarked against the Dow Jones Islamic Market India Index and the BSE 500.

CEO of HSBC Asset Management is Mr Vikramaaditya.

Emaar Properties in USD 4 bn borrowing plan

John Irish and Jason Benham reported on Reuters on 20 January about the financing needs of Emaar Properties, Dubai both conventional euro medium term note and Islamic. The notes would be listed on the London Stock Exchange, with HSBC and Royal Bank of Scotland acting as lead arrangers..

Stanchart applies for Malaysia Islamic bank

Saeed Azhar reported on Reuters on 18th March, that Asia-focused Standard Chartered Bank has applied for a license to set up a separate Islamic banking unit in Malaysia, aiming to capture growth in a business that has escaped global credit turmoil.

Standard Chartered had $1.4 billion (699 million pounds) of Islamic banking assets in Malaysia at the end of 2007, more than double the year ago period, he said.

HSBC and Singapore's third-biggest lender, Oversea-Chinese Banking Corp , have already received regulatory approval to set up Islamic banking units in Malaysia.


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