Frequently asked Questions: HSBC Amanah Retail Banking Customers


Will HSBC continue to offer Islamic Finance services in Bangladesh?
No. Following a strategic review of its Islamic Finance business, the HSBC Group has announced that it will focus its Islamic Finance offering on customers in Malaysia and Saudi Arabia. The Group will no longer offer Shari'ah compliant products and services in the UAE, UK, Bahrain, Bangladesh, Indonesia, Singapore and Mauritius. HSBC will continue to offer wholesale banking (Islamic financing / Sukuk) products in these jurisdictions and globally through Saudi Arabia and Malaysia.

Why is HSBC doing this?
Globally, HSBC is reviewing all of its business operations to improve the way we allocate capital to markets and businesses with clear growth potential. Following a thorough review of our Islamic Finance operations globally, we have made the decision to restructure and no longer offer Shari'ah compliant products in some markets.

Will HSBC be pulling out of Islamic Finance all together, over time?
We have no plans to do so. HSBC will continue to offer Shari'ah compliant products in Malaysia and Saudi Arabia. We will also continue to offer wholesale banking (Islamic financing / Sukuk) products through Saudi Arabia and Malaysia.

Does this mean you are no longer taking on Amanah / Shari'ah compliant business?
Yes. We will no longer provide new Amanah products and services with immediate effect. However, any current transactions will be processed.


A. Home Finance Customers
I have an Amanah Home Finance. What will happen to it? What am I required to do?
No action is required from you at this present time. We will continue to service your Amanah Home Finance and it will be allowed to run its course until maturity. We are committed to minimising disruption to you, so your Home Finance will continue to be managed in a Shari'ah compliant manner. However, we will contact you to inform you if there are any changes in the future.

What about my Amanah current / savings account? Will I be able to use that?
Yes, your Current / Savings Account will continue to function as normal. If there are any changes to your Current / Savings Account, we will inform you in advance. Furthermore, you can continue to make your Amanah Home Finance payments through your account.

Can I continue to use my Amanah cheque book and ATM card?
Yes, you can continue to use your Amanah cheque book and ATM card. We will contact you to inform you if there are any changes in the future.

I applied for an Amanah Home Finance prior to your announcement about closing Amanah. My application was in the pipeline. What will happen to my application? Do I need to go elsewhere?
No action is required from you at this time. Your application will be processed as per the normal course. We will contact you to inform you if there are any changes in the future.

Can I apply for a new second Amanah Home Finance?
No. We will no longer be offering our customers new HSBC Amanah products or services.

I want to settle my Home Finance and close the account but am not willing to pay the settlement and penalty fee.
Settling the Home Finance is at your discretion. As mentioned before, we are happy to service it till it matures. However, please note that you will be liable to pay the settlement and penalty fees if you decide to settle your Home Finance early.


B. Personal Finance Customers
I have an Amanah Personal Finance. What will happen to that? What am I required to do?
We are committed to minimising disruption to you; we will continue to service your Personal Finance in a Shari'ah compliant manner and it will be allowed to run its course until maturity. No action is required from you at this time. We will contact you to inform you if there are any changes in the future.

What about my Amanah Current / Savings Account? Will I be able to use that?
Yes, your Current / Savings Account will continue to function as normal. If there are any changes to your Current / Savings Account in the future, we will inform you in advance. You can continue to make your Amanah Personal Finance payments through your account.

Can I continue to use my Amanah cheque book and ATM card?
Yes, you can continue to use your Amanah cheque book and ATM card. We will contact you to inform you if there are any changes in the future.

I applied for an Amanah personal finance prior to your announcement about closing Amanah. My application was in the pipeline. What will happen to my application? Do I need to go elsewhere?
No action is required from you at this time. Your application will be processed as per the normal course. We will contact you to inform you if there are any changes in the future.

Can I apply for a top-up on my existing Amanah Personal Finance?
Top-up is not allowed in Amanah Personal Finance products offered by HSBC in Bangladesh.

Can I apply for a new second Amanah Personal Finance?
No. We will no longer be offering our customers new HSBC Amanah products or services.

I want to settle my Personal Finance and close the account but am not willing to pay a settlement and penalty fee.
Settling the Personal Finance is at your discretion. As mentioned before, we are happy to service it till it matures. There is no settlement fee in Amanah Personal Finance products offered in Bangladesh. You simply need to pay off the outstanding principal and profit amount. HSBC, at its discretion, may offer you a rebate during early settlement. Please note, any penalty amounts outstanding will have to be paid.

C. Car Finance Customers
I have an Amanah Car Finance. What will happen to that? What am I required to do?
We are committed to minimising disruption to you; we will continue to service your Car Finance in a Shari'ah compliant manner and it will be allowed to run its course until maturity. No action is required from you at this time. We will contact you to inform you if there are any changes in the future.

I have an Amanah Car Finance. What will happen to that? What am I required to do?
We are committed to minimising disruption to you; we will continue to service your Car Finance in a Shari'ah compliant manner and it will be allowed to run its course until maturity. No action is required from you at this time. We will contact you to inform you if there are any changes in the future.

What about my Amanah Current / Savings Account? Will I be able to use that?
Yes, your Current / Savings Account will continue to function as normal. If there are any changes to your Current / Savings Account in the future, we will inform you in advance. You can continue to make your Amanah Car Finance payments through your account.

Can I continue to use my Amanah cheque book and ATM card?
Yes, you can continue to use your Amanah cheque book and ATM card. We will contact you to inform you if there are any changes in the future.

I applied for an Amanah Car Finance prior to your announcement about closing Amanah. My application was in the pipeline. What will happen to my application? Do I need to go elsewhere?
No action is required from you at this time. Your application will be processed as per the normal course. We will contact you to inform you if there are any changes in the future.

I want to settle my Car Finance and close the account but am not willing to pay the settlement and penalty fee.
Settling the Car Finance is at your discretion. As mentioned before, we are happy to service it till it matures. There is no settlement fee in Amanah Car Finance product offered in Bangladesh. You simply need to pay off the outstanding principal and profit amount. HSBC, at its discretion, may offer you a rebate during early settlement. Please note, any penalty amounts outstanding will have to be paid.

D. Term Investment
I have an Amanah Term Investment with HSBC. What will happen to it?
No action is required from you at this time. We will continue to service your Term Investment in a Shari'ah compliant manner and it will be allowed to run its course until maturity. However, all auto renewals will be stopped from 10 January 2013. If there are any changes to your Term Investment in the future, we will inform you in advance.

What about my Amanah Current / Savings Account? Will I be able to use that?
HSBC Amanah Current / Savings account will remain operational until the maturity (or early encashment date) of the Term Investment. Please arrange to close your accounts when the Term Investment is encashed. Account closing fees and account maintenance fees will not be charged. If you do not close your account(s) after the Term Investment matures, the Bank will close the account(s). Any balances remaining on your account(s) will be held with HSBC Bangladesh for your collection, subject to local regulations.

I want to access my Term Investment and close the account.
Accessing your term investment before maturity is at your discretion. As mentioned before, we are happy to service it if you would like to continue till it matures. However, please note that you will be liable to pay the penalty fee if you decide to encash your Term Investment before maturity.

E. Current / Savings Account
For Customers holding an Amanah Home Finance, Personal Finance, Car Finance and Term Investment
I have a Current / Savings Account linked to my Amanah Home Finance or Personal Finance or Auto Finance or Term Investment. Will I be able to use that?
Yes, your Current / Savings Account will continue to function as it is. Furthermore, you can continue to make your HSBC finance payments through your account. If there are any changes to your Current / Savings Account in the future, we will inform you in advance.

Can I continue to use my Amanah cheque book and ATM card?
Yes, you can continue to use your Amanah cheque book and ATM card. We will contact you to inform you if there are any changes in the future.

For All Other Customers

I have an Amanah Current / Savings Account. What will happen to that?
Your HSBC Amanah Current / Savings account(s) will remain operational until 30 March 2013. Please arrange to close your account within the said time. Within this time, the following changes will apply on your account(s):
   • Starting 10 January 2013, no replacement or renewal ATM cards will be provided for your HSBC Amanah Savings / Current account(s). No replacement / renewal cheque books will be issued for your HSBC Amanah Savings / Current account(s).
   • Starting 28 February 2013, the deposit facility on your HSBC Amanah Current / Savings account(s) will be blocked.
   • Please arrange to close your account(s) by 30 March 2013. Account closing fees and account maintenance fees will not be charged.
   • If you do not close your account(s) within the above date, the Bank will close the account. Any balances remaining on your account will be held with HSBC Bangladesh for your collection, subject to local regulations.

What will happen to my liabilities account as you are going to stop all the account tools? How will I operate my account?
You may operate your account by visiting one of our branches or through Personal Internet Banking. If there are any further changes to your account, we will inform you in advance.

Can I apply for a new Amanah Current / Savings Account?
No. We will no longer be offering our customers new HSBC Amanah products or services.

Can I apply for a new HSBC conventional Current / Savings Account?
Yes, that is at your discretion. Customers interested in HSBC's conventional products are free to benefit from them, subject to HSBC's usual due diligence process. You can request these products through our branches or Call Centre.

Who can I speak to for further help?
You can contact your Relationship Manager or our Call Centre. Both will be happy to answer your questions and support you through this process. Our Call Centre can be accessed by calling the following numbers: +88 02 9660547 and 011 99 88HSBC (4722).