HSBC’s Islamic unit signs MoU with Islamic Development Bank

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HSBC Holdings Plc’s Islamic unit, HSBC Amanah, signed a memorandum of understanding with the trade finance division of Saudi Arabia-based Islamic Development Bank that includes issuing letters of credit, and help with various treasury activities.

Since 2008, we have approved more than $2bn of trade financing every year, Waleed Al-Wohaib, chief executive officer of ITFC said in the statement. In 2011, ITFC is expected to continue disbursing over $2bn of trade financing to companies in Asia, the Commonwealth of Independent States, MENA and Africa.

HSBC Amanah

HSBC Amanah entered into a partnership with Islamic Relief, which is a major international relief and development charity to offer a pilot Islamic micro-finance scheme in Pakistan, in 2008.

As per this partnership, HSBC Amanah funded the Islamic Relief’s micro-finance projects in Rawalpindi, Pakistan. The bank also assisted Islamic Relief as per the Shariah structure for financing models and contracts and provided Islamic finance training to Islamic Relief staff.

Ripples

As per the MoU, HSBC Amanah will roll out Shariah compliant micro-finance schemes in UAE. Under these schemes small scale financial services such as loans, payment services, money transfers, and insurance to people are made available which would have been otherwise difficult in traditional banking facilities.

HSBC Holdings Plc

HSBC provides a full range of personal financial and wealth management services in the Middle East that includes current and savings accounts, mortgage finance, term deposits, credit cards, financial planning, and investment services. Personal Financial Services serve customers through HSBC’s branch network, conveniently located ATM networks, personal internet banking service, 24-hour phone banking service, short message service (SMS) alert service and direct sales team. A full range of Commercial Banking services that caters to all customer segments (large, medium and SME corporates). Global Banking and Markets client-focused business lines deliver a full range of banking capabilities including investment banking and financing solutions.

HSBC Bank Middle East Limited has 50 branches throughout the United Arab Emirates. HSBC also maintains a representative office in Tripoli, Libya.

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