HSBC offers global service for Islamic fund managers

HSBC Amanah Securities Services, a global service for Islamic fund managers,has been launched by HSBC Securities Services and HSBC Amanah.

The Shariah-compliant securities services are available globally to Islamic investment managers and traditional investment managers, managing Islamic funds, said HSBC Amanah Securities Services senior manager, Francis Dassou.

Dassou said demand for the services would be great,as global Islamic financial assets are worth about US$1 trillion and this figure is expected to grow further, according to aq report by Bernama News Agency.

HSBC Amanah Securities Services will offer Shariah compliant securities services in 17 markets across the Middle East, Asia Pacific, Europe and Americas.

Among its services are fund set-up and structuring, fund accounting and administration, global custody, transfer agency, banking and treasury services.

This full service solution, which utilises the HSBC Group's capabilities, is the only one of its kind to be reviewed and approved by an independent panel of Shariah scholars.

HSBC Amanah Securities Services extends products and services offered by HSS to Islamic mutual funds, private equity funds, takaful companies, sovereign wealth funds, pension funds, state reserve entities and insurance companies.