HSBC: Affluent customers prefer Shariah banking
HSBC will aim at internationally mobile, affluent Islamic consumers with its Amanah Premier.
HSBC Amanah Premier, a cross-border Islamic banking and wealth management service, is an expansion of HSBC’s premium banking proposition HSBC Premier, offering customers access to HSBC Premier benefits with Shariah compliant products.
HSBC Amanah Premier is available in Malaysia, Saudi, UAE, Indonesia, Qatar and Bahrain.
Customers and their families in these countries will receive international recognition and emergency support across 40 markets where HSBC operates, taking their credit history and banking relationships with them. They will have access to Premier banking and wealth management products, complying with the strictest standards of Shariah compliance, in their home market.
Customers of the new service can also view and manage all of their international accounts on one ‘Global View’ through HSBC internet banking, and make free fund transfers between their own accounts.
HSBC’s conventional Premier proposition has already attracted over 3.1 million customers.
The launch of HSBC Amanah Premier is a direct response to the growing number of affluent consumers who have a preference for Shariah-compliant banking - currently estimated to be three million people globally.
HSBC Amanah Premier enables a customer from Saudi Arabia or Malaysia who is visiting Hong Kong, to be recognised as an Amanah Premier customer and given priority assistance.
This includes a connection to the customers' home country Relationship Manager or phone banking service and world wide emergency assistance for customers and their families, including emergency cash, next day credit card replacement and expert local advice.
"HSBC Premier has struck a chord with customers around the world – over three million have discovered the benefits in just three years. Amanah Premier is the next logical step for HSBC: it brings a Shariah compliant service to a proven demand from affluent customers," said Mukhtar Hussain, Global CEO, HSBC Amanah.
"Though many consumers with a preference for Islamic banking live in Muslim markets like Malaysia, Saudi Arabia or UAE, where HSBC Amanah has significant operations, these individuals are increasingly internationally mobile and demand a banking service that can support this lifestyle. We believe HSBC Amanah Premier is that service," he added.
