HSBC and Deutsche Bank given Malaysian green light

by Richard Kilner

Story link: HSBC and Deutsche Bank given Malaysian green light

HSBC Malaysia and Deutsche Bank have both been given the green light by the Malaysian authorities to set up dedicated Islamic banking subsidiaries.

The two banks have been optimistic in their views of the potential for expansion in south-east Asia for their Islamic banking branches.

Deutsche Bank has appointed Mohammed Safri, a big hitter in Malaysian banking, to lead its Malaysian operations. To begin with Safri will be stationed in Dubai, but will later head for Kuala Lumpur to take control of the bank’s activities there.

HSBC believes that Malaysia will become a strong launchpad for its Islamic banking in the region, with a view to expanding into India, Pakistan, Hong Kong, China and Indonesia.