KUALA LUMPUR: HSBC Amanah Malaysia Bhd, a wholly owned subsidiary of HSBC Bank Malaysia Bhd, is targeting to have 26 branches in the country by 2013.
HSBC Bank Malaysia deputy chairman and chief executive officer Mukhtar Hussain said the company intended to expand its Islamic finance branch network in Malaysia in the next two to three years.
Islamic finance has been growing in popularity in recent years even in countries that are predominantly non-Muslim, Mukhtar told reporters after the launch of HSBC Amanah's eighth branch in Bangsar by Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin yesterday.
Mukhtar, who is also HSBC Amanah global chief executive officer, said Islamic finance currently represented about 20% of the total funds in Malaysia's financial system.
In non-Muslim Asian countries like Japan, Singapore and South Korea, Islamic finance is also growing, especially since the global recent financial crisis, Mukhtar noted.
In fact, we are assisting some financial institutions in non-Muslim countries to set up their operations in Islamic financing, using our vast expertise from Malaysia.
Mukhtar said HSBC launched its first Islamic financing operations in 1998 in Britain and now offered a full suite of innovative syariah-compliant services for retail and corporate clients.
Meanwhile, Rafe Haneef was named HSBC Amanah Malaysia Bhd executive director and chief executive officer yesterday.
Of HSBC Amanah's seven existing branches, five are in the Klang Valley and one each in Penang and Johor.