HSBC wins top awards for Islamic Financial Services

In selecting HSBC, the magazine said: "The breadth of services and the respect with which it is held in both Asia and the Middle East meant that the award was won by HSBC, which has not only developed a comprehensive range of products and services at its Islamic division, Amanah Finance, but has also marketed them aggressively through its global banking network. Significantly, it is selling its Islamic products to non-Islamic as well as Islamic customers."

For the sukuk award, the magazine said: "This award has gone to HSBC for the highly professional management of its deal for Qatar, with which it built on an already strong reputation gained when it issued the first sovereign sukuk for Malaysia."

HSBC's work on the Government of Malaysia sukuk in 2002 was previously recognised by Euromoney, as Best Asian Sovereign Bond, and by Institutional Investor, which named it Deal of the Year, reflecting the pre-eminence of HSBC Amanah Finance in the provision of Islamic financial services.

Iqbal Khan, Chief Executive Officer, HSBC Amanah Finance, said: "We are delighted to receive these awards which recognise HSBC Amanah Finance's growing prominence in the development and delivery of Islamic financial services. We have been able to gear ourselves up both in terms of investment and management capability to pioneer products and structures that give us a seat at the top table of the world's Islamic finance industry."

He paid tribute to his colleagues in HSBC for their continued support and excellence without which the Amanah service would not have had the success it has seen to date.

In July 2003, HSBC became the first international bank in the UAE to provide Islamic personal finance products when it launched Amanah Personal Finance, a Shariah (Islamic law) compliant cash financing facility. In the same month, HSBC was the first high street bank in the UK to launch Amanah Home Finance and Amanah Current Account, both of which meet the requirements of Shariah. Since launch, the scheme has been rolled out to over 70 branches in key areas in the UK.

In October 2003, HSBC again set a landmark by becoming the first international bank to establish a dedicated Shariah-compliant banking unit in Indonesia called HSBC Syariah, to provide a broader range of products and services to satisfy local demand.