HSBC Bank Malaysia's Amanah Malaysia Bhd is looking to stay at the top of the Islamic banking pack by launching several innovative shariah-compliant investment-linked products as well as structured funds such as Real Estate Investment Trust products.
"Malaysia is one of the deepest markets for Islamic bonds but we still do not have an active retail market," chief executive officer Rafe Haneef told local media. He said Malaysia had 60% of the total global Islamic bond issuance last year, but subscriptions were mostly institutional investors.
Rafe said that the bank's products, though structured according to shariah requirements, have attracted non-Muslims, who make up about 60% of its customers. Haneef also said the bank has almost completed its retail and corporate propositions and has also revamped its leasing products while it continues to add features to its existing products.
HSBC Amanah is also in talks with Bank Negara on upcoming locations for branches the bank will open by the end of 2012. HSBC Amanah has received approval for 26 banks from the central bank and has opened 15 branches since it was licensed in 2008.