ID :
44277
Thu, 02/05/2009 - 16:38
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Shortlink :
https://oananews.org//node/44277
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HSBC launches Islamic savings account in UAE
Dubai, February 5, 2009 (WAM) - HSBC Amanah, the global Islamic finance arm of HSBC Group, has launched the HSBC Amanah Savings Account (ASA) in the UAE.
The account is structured on the Mudarabah principles of profit and loss sharing, and is available from today across the UAE according to a report in “The Gulf Today.”
"HSBC Amanah completes an important step in providing a full suite of products for its customers. Our customers have a current account, several loan accounts, and several investment products already: with the HSBC Amanah Savings Account, they can now save money regularly and share in the profits of the Shariah-compliant assets backed by the bank," HSBC Amanah, Regional Head, Khaled Rasheed said.
The account pays a monthly profit that is calculated according to the performance of HSBC's Islamic assets. This amount will vary from month to month, and from year to year, according to market performance. "This is not the first Islamic savings account on the market, but it has several features that mark it out from other savings accounts available," Rasheed said.
The account is structured on the Mudarabah principles of profit and loss sharing, and is available from today across the UAE according to a report in “The Gulf Today.”
"HSBC Amanah completes an important step in providing a full suite of products for its customers. Our customers have a current account, several loan accounts, and several investment products already: with the HSBC Amanah Savings Account, they can now save money regularly and share in the profits of the Shariah-compliant assets backed by the bank," HSBC Amanah, Regional Head, Khaled Rasheed said.
The account pays a monthly profit that is calculated according to the performance of HSBC's Islamic assets. This amount will vary from month to month, and from year to year, according to market performance. "This is not the first Islamic savings account on the market, but it has several features that mark it out from other savings accounts available," Rasheed said.
