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HSBC |
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Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBC's international network comprises over 9,500 offices in 79 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by nearly 200,000 shareholders in some 100 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depositary Receipts.
Through an international network linked by advanced technology, including a rapidly growing e-commerce capability, HSBC provides a comprehensive range of financial services: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities. Group History The HSBC Group has an international pedigree which is unique. Many of its principal companies opened for business over a century ago and they have a history which is rich in variety and achievement. The HSBC Group is named after its founding member, The Hongkong and Shanghai Banking Corporation Limited, which was established in 1865 to finance the growing trade between China and Europe.
High Street bank offers Islamic mortgage from the BBC Web Site HSBC has become the first major UK bank to offer mortgages that comply with Islamic law. Under Islamic law, the receipt and payment of interest is forbidden.
As a result some of Britain's two million Muslims have chosen not to take out conventional mortgages or open bank accounts.
This can leave them having to pay in cash for large purchases, such as houses.
Lease back
Under the HSBC scheme, the bank buys the property and leases it back to the customer over an agreed term.
Find out more about Islamic mortgages
The customer makes monthly payments made up of rent and contributions towards the purchase price.
HSBC owns the property until customers have made their final payment.
Crucially, at no stage is the customer paying interest - the paying of 'rent' is seen as a fair payment for use of the property rather than a charge for borrowing money.
In addition, HSBC is launching an Islamic law-compliant current account, which has no overdraft or credit card facility.
Money paid into the current account will be administered in accordance with Islamic law and not used for generating interest.
The current account and mortgage products are to be introduced in selected HSBC branches from 14 July.
Huge market
Previously only relatively small institutions such as the National Bank of Kuwait and the West Bromwich Building Society have offered tailored Islamic financial products for UK customers.
Last year a report from market analyst Datamonitor estimated that demand for Islamic mortgages in the UK was so strong that gross advances could reach £4.5bn ($7bn) in 2006.
According to Iqbal Asaria, spokesman for the Muslim Council of Great Britain, HSBC's move is long overdue.
"Some (Muslims) are wracked with guilt because they have broken Islamic law. While others' values are beyond question, they are more pragmatic in order to keep a roof over their family's head.
"HSBC's initiative frees them from this dilemma and is the first step to delivering a level playing field for Muslims seeking financial solutions in the UK."
Islamic mortgages 'worth billions' From BBC Web Site Islamic mortgages could unlock a lucrative market The Islamic mortgage market in the UK could be worth billions, a new report predicts. According to market researchers Datamonitor, demand for Islamic mortgages in the UK is so strong that gross advances could reach £4.5bn ($7bn) in 2006. Conventional mortgage products are not strictly suitable for the UK's 1.8 million strong Muslim population as they are not compatible with Sharia law. Under Sharia law, it is forbidden to pay or receive interest, and making products compliant is very expensive. A Bank of England working group is currently seeking to redress the problem. The United Bank of Kuwait and West Bromwich building society are the only lenders in the UK to offer mortgage products that are compatible with Islamic law.
As a result, the UK's Islamic mortgage market is currently worth only £40m, compared to the total home loan market, worth some £647.8bn. Discussions are taking place between the government and bankers to change the rules to make Muslim mortgages more affordable. According to Datamonitor, about 725,000 people in London alone are Muslims. In some areas, such as Leicester, Muslims account for as much as 20% of the local population. Sharia-compliant products currently available in the UK are based on Ijara and Murabha methods. Under an Ijara finance plan, the customer chooses the property and agrees a price with the vendor in the normal way. The property is then purchased by the financier, who takes its legal title. The property is then sold onto the customer at the original price, with payment spread over an agreed period of time. During that time, the customer also pays the financier rent for the use of the property. Once the agreed period of time has elapsed, ownership of the property is transferred to the customer. Double stamp duty Under a Murabaha plan, the customer chooses the property and agrees the price with the vendor in the normal way. Similarly, the financier then purchases the property from the vendor, but on the day of completion it is immediately sold on to the customer at a higher price. The higher price is determined by the value of the property, and the number of years that the financier allows the purchase price to be paid over and the amount of the first payment. The customer then makes regular monthly payments until the purchase price is paid. One of the major factors holding back the market is that stamp duty must be paid twice on Islamic mortgages: initially by the finance company, and then by the customer. These transactions must be genuine and involve the actual transfer of legal ownership; otherwise the mortgage is not deemed Sharia compliant. |
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