Three Major Awards For HSBC Amanah HSBC Amanah, the global Islamic banking division of HSBC, has won three major awards in Euromoney's Islamic Finance Awards 2009, reflecting Amanah's leadership in Islamic finance, and reinforcing the value and fit of the business to the Bank. Best Sukuk House HSBC won the Best Sukuk House award (Sukuk are Islamic bonds and securitisations). According to Euromoney in 2008, HSBC Amanah continued to mark itself out from the competitors in the Sukuk market as it pushed forward with six new and innovative deals despite difficult market conditions. Best Fund Manager Euromoney stated HSBC Amanah continues to be the leading Islamic fund manager, with about US$4 billion in assets under management. The Group holds the funds in 24 different mutual funds in several different geographies including the GCC countries, Egypt, Lebanon, Malaysia, Indonesia, Brunei and the UK. Hong Kong was also added to this list in December 2007 with the launch of the first Islamic investment fund. Best Takaful House SABB Takaful has grown impressively in the past 12 months in Saudi Arabia. Since inception in July 2007, the insurance provider has taken SAR180 million (US$48 million) in contributions, with 80% coming from family Takaful products. - Euromoney Takaful is an Islamic concept which has been practised for over 1,400 years. The concept is based on solidarity, shared responsibility and brotherhood among participants. All participants all agree to cooperate and be mutually responsible to help one another financially should a member suffer a loss defined in the Takaful contract. Strategic review of HSBC Amanah's business The awards are compelling evidence of Amanah's leadership in Islamic finance, and the value and fit of the business to the Bank
6 March 2009 |
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