HSBC Group is to cease offering Shari’ah compliant products and services in the UK.
This follows a strategic review of its Islamic finance business.
HSBC is to focus its Islamic finance offering on customers in Malaysia and Saudi Arabia, and maintain a limited presence in Indonesia.
HSBC will continue to offer wholesale Islamic financing/Sukuk products to its global client base through its operations in Malaysia and Saudi Arabia.
Following the restructuring, HSBC will retain 83% of the Group’s Islamic business revenues.
In Saudi Arabia, Islamic financial products will be offered through The Saudi British Bank (‘SABB’), in which HSBC Holdings plc indirectly holds a 40% shareholding. HSBC Saudi Arabia Limited, in which HSBC Holdings plc indirectly holds a 49% shareholding, will offer Islamic investments and wholesale Islamic financing/Sukuk products to customers globally.
