HSBC LAUNCHES ISLAMIC VEHICLE FINANCE
2 February 2003
HSBC has announced the launch of a new Islamic Vehicle Finance product. The Murabahah finance package, is the first product of its kind to be offered by a major international bank in the UAE.
The new product allows customers to finance vehicles, new or old, without the need for salary transfer, through monthly installments by standing instructions. The package, which has been approved by the HSBC Shariah Supervisory Committee, also includes a free Road Assistance programme and other options such as deferred payment and nil down payment.
“HSBC has been providing Vehicle and Asset Finance to individuals and companies for over three decades. In this case, we have joined forces with HSBC Amanah Finance, our global Islamic Financial Services division, to develop this first Shariah compliant Vehicle Finance product through HSBC,” explained Raymond O’Neil, Chief Operating Officer, HSBC MEFCO.
“With our local insights and global expertise, we are very well placed to offer innovative Vehicle Solutions, tailor-made for various segments of the market. We recognise that there is a growing demand for Islamic financial services and are confident that this product is the answer to service an important gap in the market,” added Vivek George, Marketing Manager
Media enquiries to Steve Martin, Regional Corporate Affairs Manager, tel 5077465.
HSBC LAUNCHES ISLAMIC VEHICLE FINANCE/2
1. HSBC Middle East Finance Company Limited
HSBC MEFCO is the Vehicle Finance services division of HSBC Bank Middle East responsible for the development of vehicle and asset finance products for distribution to customers of HSBC. Its mission is to ensure that HSBC is the leading provider of vehicle & asset finance products and services in the UAE. It is headquartered in Dubai with branch offices in Abu Dhabi, Al Ain & Ras Al Khaimah.
2. HSBC Amanah Finance
HSBC Amanah Finance is the Islamic financial services division for the HSBC Group responsible for the development of Islamic financial products for distribution to customers of the HSBC Group. Its mission is to ensure that HSBC is the leading provider of value added Islamic financial products and services. Headquartered in Dubai with regional representations in London, New York, Dubai, Riyadh and Kuala Lumpur, Amanah Finance is uniquely positioned to understand, structure and deliver financial solutions that are compatible with the requirements of Shariah (Islamic law).
3. HSBC Holdings plc
HSBC Bank Middle East is a principal member of the HSBC Group which, with some 8,400 offices in 81countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East, Africa and assets of US$746 billion as at 30 June 2002, is one of the world’s largest banking and financial services organisations.