HSBC to stop Islamic products in UK
Friday 05 October 2012
HSBC Holdings is to scale back its global Islamic banking operations and stop offering products in the UK as part of a wider restructuring.
The bank, one of the pioneers in developing Islamic finance beyond the Middle East, will focus on customers in Malaysia and Saudi Arabia and keep a limited presence in Indonesia. Except for wholesale banking operations, HSBC will no longer offer Islamic products in the UK, the United Arab Emirates, Bahrain, Bangladesh, Singapore and Mauritius, it said.
HSBC is cutting thousands of jobs and exiting non-core businesses as part of its plans to cut costs and improve profitability.
Islamic banking, based on principles such as bans on interest and pure monetary speculation, is expected to grow by 33 per cent to $1.1trn (£680bn) between 2010 and the end of 2012, according to Ernst & Young.
- 1 Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
- 2 Margaret Thatcher 'expressed fears of Asian rising' at Anglo-Irish summit in 1984
- 3 Sussex couple die in suspected Christmas Day 'suicide pact'
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
UK weather: Travel chaos continues as King's Cross train delays add to snow on roads
The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
North Korea calls Barack Obama 'a monkey' in latest attack as 'The Interview' row festers
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Immigrants make UK racist, says Ukip councillor Trevor Shonk
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...