HSBC incorporates Islamic bank in Malaysia

The bank takes a further step towards building its Islamic financial services division in Malaysian.

HSBC Group has set up its first Islamic bank after it fully incorporated its subsidiary, HSBC Amanah Malaysia Berhad, on February 28. It is a further step towards the bankÆs objective to make Malaysia the regional hub for HSBC Amanah, the Islamic financial services division for the HSBC Group, which has its headquarters in Dubai and offices in eight cities worldwide. Other foreign banks already set up in Malaysia are likely to take the same route.

The new subsidiary aims...

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