HSBC launches Islamic Vehicle Finance - Mena Report
- HSBC launches Islamic Vehicle Finance
HSBC has launched 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 United Arab Emirates (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 program 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 Chief
Operating Officer, HSBC MEFCO, Raymond O'Neil.
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. It is headquartered in Dubai
with branch offices in Abu Dhabi, Al Ain and Ras
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.
Headquartered in Dubai with regional representations
in London, New York, Dubai, Riyadh and Kuala Lumpur,
Amanah Finance is positioned to understand, structure
and deliver financial solutions that are compatible
with the requirements of Shariah. ? (menareport.com)
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