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HSBC says to restructure Islamic finance business
HSBC is to restructure its Islamic finance business, reducing the amount of sharia-compliant products and services it offers in various countries including Britain, Europe's biggest bank said on Thursday.
"As a result of a strategic review of its Islamic finance business, the HSBC Group today announces that it will focus its Islamic finance offering on customers in Malaysia and Saudi Arabia, and maintain a limited presence in Indonesia," the British bank said in a statement.
"The Group will cease to offer sharia-compliant products and services in the UK, the UAE, Bahrain, Bangladesh, Singapore and Mauritius, with the exception of wholesale Islamic financing/sukuk (bond) products that will continue to be offered in these jurisdictions and globally through HSBC Saudi Arabia Limited."
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