“a Study on Islamic Financing in Hsbc Bank Middle East Limited”

Topics: HSBC, Bank, Financial services Pages: 85 (24795 words) Published: February 16, 2012

This project comprises of mainly two parts .The first part covers a detailed organisational study on HSBC. Hong Kong and Shanghai Banking Corporation, one of the largest banks in the world started its journey in 18th century. In March 1865 the bank opened its first branch in Hong Kong and after one month it opened its second branch in Shanghai. The individual who was inspiration behind the foundation of the bank was Thomas Sutherland (HSBC).

HSBC started with a very simple concept which says that there is requirement of a local bank in order to meet the local needs. Currently it’s headquarter is located in London. It is really world’s local bank as there are almost 8,500 offices in over 85 different countries. At present the bank is operating in all the major regions (Europe, America, Asia-Pacific, Africa and Middle East) in the world.

The other details covered in the first part are about the various departments, products and services offered by this highly world renowned bank. It also covers various innovative management practises implemented in the organisation which contributed to its success and growth.

The second part of this project covers the aspect of Islamic financing implemented in this organisation under the name HSBC Amanah. HSBC Amanah Finance is the Islamic financial services division of the HSBC Group, responsible for the development of Islamic financial products. Its mission is to ensure that HSBC is the leading provider of value added Islamic financial products and services worldwide. Financial institutions seeking to offer shariah-compliant products typically have a Shariah supervisory board (or at a minimum, a shariah counselor). The shariah board is to review and approve financial practices and activities for compliance with Islamic principles. Such expertise raises the attractiveness of shariah-compliant financial intermediaries to investors considering Islamic banking.

This is a recent addition and is highly successful in the Middle East. This part talks about the various products and services made available by the bank under this department. The characteristics of Islamic Finance implemented in HSBC are

* Market-driven yet values-based
* gradualist and evolutionary nature
* symbiotic and synergistic relationship with mainstream finance

Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by around 220,000 shareholders in 119 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depositary Receipts. HSBC is one of the world’s leading banking and financial services organisations. While a global organisation, HSBC advocates a ‘personal touch’, adopting the slogan ‘the world’s local bank’. Priding itself on innovative practices and a commitment to employee development, HSBC has a real presence in the community with active involvement in sponsorships and support for environmental sustainability.  

HSBC is one of the largest banking groups in the world today. It has been ranked fifth largest company in Forbes Global 2000. HSBC’s head office is located in the HSBC Tower in London, Canary Wharf.

The HSBC group is named after its founding member, the Hong Kong and Shanghai Banking Corporation. HSBC has some 110 million customers worldwide across its 5 Customer Groups. Its subsidiaries are The Hongkong and Shanghai Banking Corporation Limited, Hang Seng Bank Limited, HSBC Bank plc, CCF S.A., Household International, Inc., HSBC Bank USA N.A., HSBC Bank Brasil S.A, Banco Multiplo, HSBC Private Banking Holdings (Suisse) S.A ,Grupo Financiero HSBC and S.A. de C.V. HSBC has about 10,000 offices worldwide with 232,000 employees in 76 countries and territories. With its 110 million customers worldwide, a...
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