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 Al-Khaimah.
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)
© 2003 Mena Report (www.menareport.com)
