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HSBC Unveils Amanah Savings Account

DUBAI - HSBC Amanah has launched the HSBC Amanah Savings Account in the UAE. The account is structured on the Mudarabah principles of profit and loss sharing, and is available from now on wards, across the UAE.

“With this account, HSBC Amanah completes an important step in providing a full suite of products for its customers,” said Khaled Rasheed, Regional Head of HSBC Amanah. “Our customers have a current account, several loan accounts, and several investment products already — with the HSBC Amanah Savings Account, they can now save money regularly and share in the profits of the Shariah-compliant assets backed by the bank,” he added.

“HSBC Amanah has developed this savings account after listening to what our customers want,” said Rasheed.

“They want an uncomplicated way to save that offers a competitive rate of return on their hard-earned savings, and one that will not penalise them for having regular access to their own money, all within the framework of Shariah,” he added.

The account pays a monthly profit that is calculated according to the performance of HSBC’s Islamic assets.This amount will vary from month to month, and from year to year, according to market performance.

· aneela@khaleejtimes.com