HSBC receives Islamic licence in Malaysia

The licence to set up an Islamic banking subsidiary will enable HSBC to expand its offering to clients.

HSBC Bank Malaysia Berhad has become the first locally incorporated foreign bank to be awarded a licence to set up an Islamic banking subsidiary by Bank Negara Malaysia, the central bank.

The new entity will be called HSBC Amanah Malaysia Bhd.

HSBC Bank Malaysia first started offering Islamic financial solutions in the country in 1994. With the establishment of the Islamic banking subsidiary in Malaysia, HSBC Amanah will now become a distinct local legal entity holding a universal banking licence....

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