HSBC withdraws from Islamic retail business in six countries

Source: Middle East Insurance Review | Nov 2012

HSBC is ceasing operations of its retail Islamic banking business in the UK, the UAE, Bahrain, Bangladesh and Mauritius, as well as Singapore, where it also offers takaful products. In a statement, the Bank said it would still maintain its wholesale Islamic business in the affected markets, but will only focus on retail customers in Malaysia and Saudi Arabia while keeping a limited presence in Indonesia.

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