Islamic Banking

HSBC Singapore Signs Distribution Deal With Advisor

Vanessa Doctor, Asia Correspondent, 28 August 2011

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Singapore investment and wealth advisory firm Financial Alliance has signed a distribution agreement with HSBC Insurance Singapore, the Islamic Globe writes.

Under the terms of the deal, FA gains distribution rights to HSBC's conventional and Takaful products, the news service said. HSBC currently underwrites three Takaful plans and accounts for about 80 per cent of shariah compliant investment-linked policy sub-funds in Singapore. FA Islamic, the shariah compliant unit of Financial Alliance, now offers a full range of shariah products, including Takaful, investment, Islamic estate planning, and Zakat management. 

Akram Laldin, FA Islamic's shariah advisor, is now also part of the HSBC global Shariah advisory board and regional Shariah committee for Singapore.

Singapore has a strong potential to support the Islamic finance market due to its proximity to Muslim populations in neighbouring countries. Malaysian bank CIMB, which has one of the largest shariah networks worldwide, has an office in the city-state.

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