HSBC launches second Islamic principal protected fund
HSBC Bank Middle East has launched the HSBC Amanah Blue Chip Protected Fund, the second fund in its Amanah Principal Protected Funds (APPF) series. The APPF series has been developed by HSBC Amanah Finance, the HSBC Group's global Islamic financial services division, in consultation with and approved by the HSBC Amanah Shariah Supervisory Committee.
Subscriptions for the HSBC Amanah Blue Chip Protected Fund opened on March 26, 2002, and will close on May 11, 2002. It follows closely on the heels of HSBC's first offering from the APPF series, the HSBC Amanah European Basket Protected Fund, subscriptions for which closed at the end of January. More principal protected funds in the APPF series are expected throughout the year.
The HSBC Amanah Blue Chip Protected Fund is designed to achieve medium-term capital growth through a diversified portfolio strategy, as well as offering 100 percent principal protection at maturity regardless of the performance of the equity markets. Capital growth will derive from exposure to a basket of the world's largest companies that comply with the guidelines of the HSBC Amanah Shariah Supervisory Committee.
The Fund has a duration of four years, but may be retired earlier if the targeted capital gain is achieved prior to that. Minimum investment is $5,000. The Fund is available through the investment advisory services of HSBC offices in Bahrain, Egypt, Jordan, Qatar, the United Arab Emirates (UAE) and selected markets outside the Middle East.
HSBC Amanah Finance is the HSBC Group's global Islamic financial services division, working from London, New York, Dubai, Riyadh and Kuala Lumpur. HSBC Bank Middle East is the largest and most widely represented international bank in the Middle East with 31 branches throughout the UAE, Oman, Bahrain, Qatar, Jordan, Lebanon, and the Palestinian Autonomous Area, including an offshore banking unit in Bahrain.
This extensive regional coverage is strengthened by another member of the HSBC Group HSBC Bank Egypt SAE, and by its associated companies, The Saudi British Bank and British Arab Commercial Bank Limited. In addition to its Middle Eastern network, the Bank has a branch in London, UK and a representative office in Tehran, Iran.
With some 7,000 offices in 81 countries and territories in Europe, the Asia Pacific region, the Americas, the Middle East and Africa, HSBC is one of the world's largest banking and financial institutions. — (menareport.com)
© 2002 Mena Report (www.menareport.com)