HSBC Amanah Malaysia, the Islamic banking arm of HSBC, has opened its very first branch in East Malaysia.

The new office, located in Inanam near Kota Kinabalu, is the firm's 16th in the country and aims to tap the growing economic importance of the region in Malaysia. Kota Kinabalu is the largest urban centre in Sabah.

"Inanam was chosen given its dynamic presence, plus it has a very strong small and medium enterprises cluster. They can do the transactions here and not have to go all the way to Kota Kinabalu," commented Rafe Haneer, chief executive of HSBC Amanah Malaysia. 

The launch is the latest in a series of new branch openings under HSBC Amanah Malaysia in the past months. The bank offers a range of shariah-compliant financial solutions, including retail banking, wealth management and commercial banking. It aims to have 26 branches by 2013.