Frequently asked Questions: HSBC Amanah Commercial 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.

What will happen to my current and savings accounts?
We will support you to transfer your funds to an alternative banking provider.

Will my short term trade/working capital/foreign exchange business with the bank be honoured?
We will honour all of our obligations. Your Relationship Manager will speak to you about your current facilities with the Bank and how this affects you specifically. We are committed to minimising disruption to your banking activities and will ensure you are given an appropriate period of time to find alternative facilities, where necessary.

Will my committed term facilities be allowed to run-off?
Committed facilities will be allowed to run-off as per the contractual arrangements.

What happens to cheques (including security and guarantee) that have been issued but not yet encashed?
Cheques presented within a period of 6 months from the date of announcement shall be honoured. For cheques beyond a 6 months horizon, please contact your Relationship Manager or our Call Centre.

Will I be allowed to continue with my Islamic Trade facilities with the Bank?
We are committed to minimising disruption to you and will allow Islamic Trade and short term facilities to continue for a period of 6 months. We anticipate that this will provide time to enable you to establish alternative arrangements.

Will my Payments and Cash Management arrangements be impacted?
We are committed to minimizing disruption to you and will allow existing Payments and Cash Management arrangements to continue for a period of 6 months. We anticipate that this will provide time to enable you to establish alternative arrangements.

Will the Bank make arrangements for an alternative Islamic Banking provider to take over my facilities and banking arrangements in due course?
There is no specific referral arrangement in place. However, we are committed to minimising disruption to you and will assist with transfer formalities to the extent we can.

I have been discussing financing facilities and banking arrangements with HSBC for some time and the discussions are at an advanced stage. Will the Bank allow these arrangements to be established?
Such transactions will be considered by the business on a case by case basis. Please contact your Relationship Manager or our Call Centre to discuss specifics.

Will you be selling the Amanah / Shari'ah compliant loan book – could my loan be transferred to another bank?
We have no current plans to do so.

As HSBC no longer offers Shariah Compliant Banking, can I convert my facilities and wider banking arrangements to conventional?
HSBC is unable to convert any Islamic facilities or banking arrangement to conventional. Customers that are interested in HSBC's conventional facilities and banking arrangements are free to benefit from those arrangements subject to the Bank's usual due diligence and prevailing requirements.

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.