HSBC Amanah Malaysia will have universal banking scope, allowing it to expand its access to Malaysia's Islamic finance industry, which currently accounts for 13% of the country's total banking assets.
According to HSBC, this new entity will complement its comprehensive banking and financing solutions, available to all its customers, by providing a suite of Islamic products and services to retail and corporate customers when HSBC Amanah Malaysia opens its first branch.
Irene Dorner, deputy chairman and CEO of HSBC Bank Malaysia, said: "HSBC Amanah Malaysia represents a milestone for the HSBC Group, as the first Islamic bank to be established by HSBC. We hope to be able to launch our Islamic bank in the second half of this year." |
