Best International Islamic Bank : HSBC Amanah (Euromoney)

HSBC Amanah is the global Islamic banking division of the HSBC Group, and was established in 1998 with the aim of making HSBC the leading provider of Islamic banking worldwide. With more than a hundred professionals serving the Middle East, Asia Pacific, Europe and the Americas, HSBC Amanah represents the largest Islamic banking team of any international bank.
HSBC has a rich tradition of community banking, and HSBC Amanah was established to serve the particular financial needs of Muslim communities. Our mission statement and corporate values reflect this vision.
The HSBC Amanah mission statement:
HSBC Amanah is committed to improving the lives of our customers worldwide by providing them with the highest quality Islamic banking solutions.


HSBC Amanah´s corporate values:
In developing our products and services, we are committed to the highest Shariah standards in the Islamic banking industry. We constantly strive to address the needs and concerns of our customers. Our teamwork with HSBC colleagues around the world harnesses the knowledge and resources of HSBC Group for the benefit of our customers. We are an organisation that demands and rewards excellence. We maintain high ethical standards in our business relationships and invest in the future of our communities.
HSBC Amanah considers Shariah compliance of its business operations as its most important & strategic priority. This is reflected in its Corporate Values, "In developing our products and services, we are committed to the highest Shariah standards in the Islamic banking industry." In addition to Global Shariah Advisory Board and Regional Shariah Committees, HSBC Amanah employs a team of qualified professionals to ensure that the guidance and advice received from the Shariah Committees is implemented in letter and spirit.
HSBC Amanah Global Shariah Advisory Board
The Global Shariah Advisory Board (GSAB) advises HSBC Amanah on research activities intended for further development of the Islamic finance industry. GSAB comprises of representative scholars from all Regional Shariah Committees (RSC) of HSBC Amanah in addition to other Shariah scholars of international standing. The presence of renowned scholars from various geographies at GSAB will provide an opportunity to achieve further harmonization of Shariah standards and practices of Islamic Finance Industry. The following independent Shariah scholars are currently members of GSAB.
Sheikh Justice (Retd.) Muhammad Taqi Usmani (Pakistan, Sheikh Hussain Hamid Hassan (Egypt), Dr. Muhammad Achmad Sahal Mahfudh (Indonesia), Dr. Mohammed Daud Bakar (Malaysia), Sheikh Dr. Mohamed Ali Elgari (Saudi Arabia), Sheikh Nizam Yaquby (Bahrain),and Dr. Mohammad Akram Laldin (Malaysia)
HSBC Amanah operations are closely supervised by four Regional Shariah Committees (RSCs) in addition to a Central Shariah Committee (CSC). The CSC supervises HSBC Amanah businesses as well as operations in UAE, Qatar, UK, USA and Bangladesh. The CSC comprises of following well-known scholars: Sheikh Nizam Yaquby, Sheikh Dr. Mohamed Ali Elgari and Sheikh Dr. Muhammad Imran Ashraf Usmani.

HSBC Amanah operations in Saudi Arabia, Malaysia, Indonesia and Singapore are supervised by following independent RSCs.
HSBC Amanah has won the Euromoney 2005 awards for Best Islamic Wholesale Bank and Best for Private Banking Services.
HSBC Amanah has won the following awards:
Euromoney awards : Best International Provider of Islamic Financial Services (2004), Best International Sukuk House (2004), Best Islamic Wholesale Bank (2005), Best for Private Banking Services (2005).
Award-winning transactions : Emirates ECA-backed financing 2001, (Euromoney, Jane´s Transport Finance, Institutional Investor, Airfinance Journal), Government of Malaysia Global Sukuk - 2002,(Euromoney, Institutional Investor, Asiamoney, FinanceAsia), Emirates IV, with Islamic Development Bank - 2003 and (Jane´s Transport Finance)

New Sharia Product in Asia Sought

The booming Islamic finance industry has yet to rub off on wealthy Asians who say there are far too few Sharia products to invest in, the private banking arm of Malaysia's second largest lender said yesterday.
Sharia investing is a key pillar in the Middle East and has caught the interest of non-traditional centres such as London and Singapore, but rich Asians are still cool on it.
Asia is a big potential market for the $1 trillion Islamic finance sector, with the Asia-Pacific home to 28 per cent of the world's high-net-worth-individuals, who are defined as those with investible assets of more than $1 million.
Even in Malaysia, which has the world's largest Sharia bond market, wealthy individuals have limited interest in Islamic assets.
"The appetite is still quite small because they continue to nibble," said CIMB Private Banking co-head Carolyn Leng.
The bank says it is Malaysia's top private banking firm with assets of 4.4 billion ringgit ($1.23bn). The bank expects to increase this to about 7bn ringgit by 2010, Leng said.
"Offering of Islamic products are not that great here, what you have is probably what the market (outside) has as well. Product innovation is key, we need to be a lot more creative."
Structured products and Islamic bonds are the main sharia products that wealthy Malaysians put their money into, Leng said.
In contrast to Asia, Middle East investors have a wider choice of Islamic offerings as banks tap their global resources to structure innovative products, Leng said.
"There are a lot of derivatives-based kind of products. The way they structure some options into their products is interesting because it's done in such a way that it's a profit-sharing method," she said.
Islamic banking products can be bought and sold by all investors, regardless of individual religious belief, and is premised on the notion of ethical investing.
Islamic banks have been barely bruised by the global financial crisis, although falling property and commodity prices and slowing economies are starting to affect the sector.

* Business Strategy Online