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HSBC: Good Move Or Bad?

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The World’s Global Islamic Finance News Provider 17th October 2012 RED (All Cap) 950 HSBC: Good move or bad? The recent announcement by HSBC Major player 925 to rein back its retail Islamic banking HSBC is one of the biggest fi nancial business has been received with mixed institutions in the world. Its parent 900 feelings. A pioneer in Islamic fi nance 885.25 0.5% company, HSBC Holdings, has around among conventional global banks, HSBC 7,000 offi ces in over 80 countries across has a strong record in the industry and 875 Europe, Asia Pacifi c, the Americas, the 880.23 HSBC Amanah, its retail branch, is one Middle East and North Africa (MENA); of the most recognizeable Islamic retail with assets of US$2.65 trillion as at the 30th 850 brands. So what led to this decision — and W T F S S M T June 2012. HSBC Bank, which covers the what does it suggest for the future? We Powered by: IdealRatings® UK, serves over 16.1 million customers and take a look at whether the bank’s glass is employs over 50,000 people. HSBC Middle Volume 9 Issue 41 half full… or half empty. East, the largest international banking organization across the MENA region, IFN Rapids .........................................................2 On the 4th October HSBC Group announced Islamic Finance news .........................................6 operates in 14 countries through 273 offi ces that eff ective immediately, it would close with around 12,000 employees, and in IFN Reports: The measure of Islamic markets; its Islamic retail operations in the UK, Saudi’s Al Rajhi Bank posts negative surprise; 2011 recorded a pre-tax profi t of US$1.49 UAE, Bahrain, Bangladesh, Singapore and BIMB Holdings to pay US$324.78 million for billion. The bank has a 40% share in Saudi stake in Bank Islam Malaysia? .........................10 Mauritius; and focus its eff orts solely on British Bank (through which its Islamic Malaysia and Saudi Arabia with a limited IFN Correspondents: Afghanistan; Czech retail products in Saudi Arabia will now Republic; Singapore ............................................ 13 presence in Indonesia. Wholesale Islamic be distributed) and a 49% share in HSBC Column: Daud speaks .......................................15 fi nancing, investments and Sukuk would Saudi Arabia (which handles its investment continue to be off ered to its global client Insider: banking activities in the kingdom); as Great Eastern Takaful remains on course amid base through HSBC Saudi Arabia. well as a majority share in Dar Es Salaam leadership change ...............................................16 Investment Bank. Case study: Restructuring Bahrain Mumtalakat Holding Company’s The move is touted as the next step in the HSBC launched its global Islamic fi nancial US$98.08 million Sukuk Murabahah ................17 global restructuring strategy launched by services business in 1998, and HSBC Features: Stuart Gulliver, group CEO, in May 2011; Amanah has subsequently grown to be one Hukum Syara’ in Islamic banking and fi nance in which plans to cut up to US$3.5 billion continued on page 3 Brunei: Practical legal issues – Part one ........... 18 in costs and around 30,000 jobs by 2014. Using derivatives in Islamic fi nance..................20 According to Gulliver, HSBC possessed Standardized documentation for Islamic insuffi cient scale in 39 retail markets Thinking outside the box derivative instruments .......................................21 covering 420 branches, resulting in a total pre-tax loss of US$244 million in 2010. Editor’s Note Islamic Investor The strategy has since seen the bank exit Low cost yet still unpopular ..............................23 40 business lines including insurance and Thanks to rapid growth and partly Market Commentary ......................................24 retail lines in the US, Thailand and South due to events in the global fi nancial Funds Data .......................................................25 Korea; as well as banking operations in landscape, the Islamic fi nance industry Pakistan. has had to increasingly think outside the Takaful News box in order to progress beyond what it Tackling funds ...................................................27 But while in some quarters the radical has already achieved. This could involve News .................................................................28 decision has been met with praise for its innovating new products, accessing Feature: realistic stance, others have expressed funds from previously untapped markets Takaful in Kenya: Product innovation and concern at the wider implications such a or, like HSBC as highlighted in our cover profi tability ........................................................29 high-profi le step could have for the future story this week, re-thinking unprofi table of the Islamic fi nance industry. So what business lines in favor of more promising Meet the Head: Khaldoun Malkawi, ........... drove the decision, and what can we expect prospects continued on page 5 chairman & CEO, Al Sanabel International now? Holding ......................................................... 31 Deal Tracker .....................................................32 REDmoney Indexes ........................................33 Performance League Tables ...........................35 Events Diary.....................................................39 Company Index ...............................................40 Subscription Form ...........................................40 www.islamicfi nancenews.com IFN RAPIDS gold trading fi rms utilizing IDB signs MoU with World says Bahrain Insurance DEALS Shariah structure of Al-Bai Bank to collaborate in Islamic Association fi nance IDB approves US$170 million ICD fi nalizing establishment Takaful and insurance in fi nancing package for Iran of Ijarah leasing company in SHUAA Capital to launch the MENA region could see National Bank of Egypt Kazakhstan Islamic banking operations in slower growth ahead, says early 2013 AM Best considers Sukuk issuance Meezan Bank announces 16% MNRB Holdings to establish year-on-year growth in nine- National Bank of Kuwait Government-backed Takaful US$49 million Sukuk program month profi t announces US$384.6 million protection for Malaysian in third quarter net profi t paddy farmers Bahrain Mumtalakat Burj Bank reports US$1.54 Holding Company issues million in fi rst half pre-tax Central Bank of Oman US$98.12 million Sukuk in profi t fi nalizes Islamic banking RATINGS regulatory framework Malaysia Malaysian Muslim RAM reaffi rms ratings on Banque Saudi Fransi receives Consumers Association Barwa Bank bundles fi nancial Mukah Power Generation’s central bank approval for calls for leniency towards package for SMEs US$216.48 million Sukuk homebuyers program US$666.61 million Sukuk Al Rajhi Bank reports dip in QIIB issues US$700 million Gatehouse Bank advises profi ts as other banks record RAM reaffi rms ratings on Sukuk at a profi t rate of 2.69% on US$264.31 million central growth Besraya’s US$227.4 million London property Sukuk Shareholders approve IDB privately places fi ve-year, acquisition US$500 million Sukuk BankDhofar’s Islamic IIRA reaffi rms ratings on Islamic fi nance makes its way banking window plan Bahrain Islamic Bank International Islamic Trade onto the football pitch Finance Corporation channels Limitless to repay US$1.2 US$330 million in fi nancing to Authority proposes to block billion Islamic facility by 2016 Islamic fi nance windows government QIB launches three-year MOVES operating in QFC Australia’s Solar Guys investment product linked to JPMorgan Chase & Co announces Sukuk plan Crescent Wealth and BLME Islamic banking stocks appoints Ahmed Saeed as tie up for Sukuk investing head of Middle East division portfolio TAKAFUL BankDhofar appoints Dubai Bank and Emirates members to Shariah NEWS ING Groep to dispose of Islamic Bank launch Indian supervisory board Malaysian insurance business Barclays Bank Egypt mulls rupee remitt ance campaign over introduction of Islamic to AIA Group EFG Hermes and QInvest to products Low Family Takaful complete merger by the end penetration in the kingdom, Malaysian authorities probe of 2012 Disclaimer: Islamic Finance news invites leading practitioners and academics to contribute short reports each week. Whilst we have used our best endeavors and eff orts to ensure the accuracy of the contents we do not hold out or represent that the respective opinions are accurate and therefore shall not be held responsible for any inaccuracies. Contents and copyright remain with REDmoney. To receive the latest developments on the global Islamic capital markets Read exclusive research reports from industry practitioners every week Get to know the leaders in your industry Keep abreast of latest deal flows and funds performances Exclusive online access to www.islamicfinancenews.com Read exclusive articles and case studies in our annual guides and supplements sent to you in hard copy Tel: +603 2162 7800 ext 24 Contact Musfaizal for a FREE Trial subscription Email: [email protected] © 2 17th October 2012 COVER STORY HSBC: Good move or bad? CLOSING BELL Continued from page 1 BNM to issue Sukuk of the most recognized global brands in HSBC saw 2011 pre-tax profi t of US$259 MALAYSIA: Bank Negara Malaysia Shariah compliant banking; pioneering million with US$6 million coming from (BNM), the central bank, will issue two the sector among conventional retail banking. Given that the Islamic Sukuk of RM1 billion (US$326.4 million) international banks and claiming to be: retail market in the country is less each
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