HSBC Amanah has been doing unprecedently well as they have been reported to have won a staggering six awards, in recognition of its leading Islamic capabilities, from arranging Sukuk to structuring Islamic investments, providing custody services and trade financing.
The awards that HSBC Amanah received were: The Asset’s Triple A Islamic Finance Awards 2011, Sukuk House of the Year, Best Islamic Investment Bank, Asia , Best Islamic Investment Bank, Middle East, Islamic Custodian of the Year for the second consecutive year, Euromoney’s Trade Finance magazine Awards for Excellence 2011, Best Islamic Trade Finance Bank for Europe, Middle East and Africa (EMEA), Credit Awards 2011, and Best Bank for Islamic finance for third consecutive year.
Razi Fakih, Deputy CEO of HSBC Amanah, said, “We are grateful to be recognised time and again as the leading international Islamic bank across customer segments, be it corporates, institutions or individuals. HSBC Amanah is at the forefront of the industry, helping structure innovative Islamic finance deals for customers. So far in 2011, HSBC Amanah is the No 1 underwriter of international Sukuk, with a 37.4 per cent market share.
“We are also pleased to retain the ‘Islamic Custodian of the Year’ award for the second consecutive year. The launch of HSBC Amanah Securities Services in March 2011 allows managers of Islamic funds to have for the first time, a globally consistent Shariah-compliant securities service in 17 markets across the Middle East, Asia Pacific, Europe and the Americas. This is crucial for asset managers who are looking to distribute products beyond their home markets.”
HSBC Amanah is also ‘Best Islamic Trade Finance Bank (EMEA)’, according to Trade Finance magazine’s Awards for Excellence 2011. With a wide range of Islamic commercial banking and treasury products and presence in six markets across Asia and the Middle East, HSBC Amanah is uniquely positioned to connect customers between Asia and the MiddleEast.
Cross-border trade flows have indeed been increasing in recent years, especially between Asia and the Middle East, according to WTO data. HSBC’s Islamic products for corporate customers include account services, working capital and trade finance, long-term and project finance, payments and cash management solutions, treasury hedging solutions, Sukuk (Islamic bonds), syndications and takaful (Islamic insurance).
HSBC Amanah has also been named ‘Best Islamic Investment Bank, Asia and the Middle East’ for its broad array of Islamic funds, spanning from equities (global, emerging markets, Europe, Asia, GCC and Saudi Arabia), money markets, real estate, balanced funds, income-focused funds and capital-protected funds. Besides the six awards, 10 of the deals that HSBC Amanah arranged between July 2010 to June 2011 were also selected as winners in The Asset’s Best Islamic deals.
The deals are; Republic of Indonesia’s 8.03 trillion rupiah retail Sukuk; Qatar Islamic Bank’s $750 million Sukuk; Saudi Electric Company Saudi Riyal 7 billion Sukuk; Sabana Shariah-compliant industrial REIT’s $636 million IPO; Trans Thai-Malaysia (Thailand) 600 million ringgit Sukuk; National Bank of Abu Dhabi’s 500 million ringgit Sukuk; Abu Dhabi Islamic Bank’s $750 million Sukuk; Government of Malaysia’s $1.25 billion Sukuk Ijara; Saudi Bin Laden Group’s Saudi riyal 700 million Murabaha Sukuk and Cagamas’ 230 million ringgit variable rate Sukuk.
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