(9 October 2012 – Asia) HSBC Group has finished a strategic review of its Islamic finance business and will concentrate more in Malaysia and Saudi Arabia and less in Indonesia as it restructures to drive growth and improve returns.Following the restructuring, HSBC will retain 83 percent of the Group’s Islamic business revenues.
In Saudi Arabia, Islamic financial products will be offered through The Saudi British Bank (SABB), in which HSBC Holdings plc indirectly holds a 40 percent shareholding.
HSBC Saudi Arabia Limited, in which HSBC Holdings plc indirectly holds a 49 percent shareholding, will offer Islamic investments and wholesale Islamic financing/Sukuk products to customers globally. HSBC is the market leader in Sukuk issuance.
Moreover, the HSBC Group will stop offering Shari’ah compliant products and services in the UK, the UAE, Bahrain, Bangladesh, Singapore and Mauritius, with the exception of wholesale Islamic financing/Sukuk products that will continue to be offered in these jurisdictions and globally through HSBC Saudi Arabia Limited.