HSBC Holdings Plc plans to offer Shariah-compliant services in India and China after these countries issue regulations to develop their Islamic financial markets.
HSBC Amanah also plans to expand in Egypt and Oman as soon as these governments make “regulatory changes” to facilitate “licensing to foreign banks,” Razi Fakih, deputy chief executive officer of the bank’s Islamic unit said.
The bank is looking at increasing the number of branches globally to an estimated 125 over the next two years, as against 100 at the end of 2010.
The bank had a “strong pipeline” of Islamic bonds over the next six to eight weeks, he said. It was in discussions with new issuers in Asia and Europe who sought to sell sukuk in 2011, he said.
