Companies in Bahrain and Bangladesh now have the option to use either conventional or Shariah-compliant banking products and services from HSBC. The bank, through its award-winning Islamic banking division, HSBC Amanah, has launched a range of products and services to meet the banking needs of corporates in these countries.
This is an expansion of HSBC Amanah’s corporate banking presence in Saudi Arabia, the United Arab Emirates, Qatar, Malaysia and Indonesia.
Starting this December, these HSBC Amanah corporate banking products are available in Bahrain:
Business Accounts: Funds deposited are used only in a Shariah-compliant manner and customers get related facilities such as cheque books, debit cards and internet banking.
Investment Solutions: Meets investors’ short-term investment needs in a Shariah compliant manner.
Working Capital Finance Solutions: Short-to-medium term financing solutions for working capital and liquidity needs based on goods or commodity Murabaha concepts.
Trade Finance Solutions: Meet the importer’s trade and finance requirements based on Murabaha1.
Patrick Gallagher, CEO of HSBC Bahrain said, “Since 1945, HSBC has been offering conventional banking services in Bahrain. Given that the country is one of the key Islamic financial centres in the world and demand is strong for Shariah-compliant banking here, we started offering HSBC Amanah retail banking in 2008. Now, our corporate customers can also enjoy HSBC’s global connectivity and its best-in-class Shariah-compliant offering.”