HSBC Amanah convenes its Global Advisory Shariah Board in Makkah

The meeting, which brought together senior HSBC Amanah executives from the Middle East and Asia Pacific as well as senior scholars of its Global Shariah Advisory Board discussed a number of industry issues, including the role of Islamic debt and equity modes of finance, legal infrastructure for Islamic financial products and the importance of increased awareness and education of the public with regards to Islamic Finance.

Nabeel Shoaib, Global Head of HSBC Amanah, said:

"We believe that the future of Islamic finance depends heavily on the input of scholars. We are keen to bring scholars and business people together on a regular basis to discuss the challenges that the industry is facing up to, and to provide solutions to issues facing the Islamic Finance industry."

"HSBC Amanah has been at the forefront of many groundbreaking industry initiatives. Such regular meetings of senior Shariah scholars from different geographies are important in that they help explore solutions for issues facing the Islamic finance industry and achieve harmonisation of Shariah standards and practices that apply to Islamic finance," Nabeel added.

HSBC Amanah's Global Shariah Advisory Board consists of independent Shariah scholars who advise the bank on concepts and structures used for Shariah compliant products and services.

HSBC Amanah has also a Central Shariah Committee, which reviews institutional transactions and new products and conducts annual Shariah audits to ensure that all HSBC Amanah operations are Shariah compliant.