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HSBC pulls Sharia compliant products

HSBC pulls Sharia compliant products

Category: Banking

Updated: 05/10/2012
First Published: 05/10/2012

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HSBC will no longer offer Islamic mortgages, loans and bank accounts following a review of its business.

The Times reported that the bank will withdraw its Sharia compliant deals for personal customers in the UK , Bahrain , Bangladesh and the United Arab Emirates .

HSBC began offering Sharia compliant mortgages in 2003 and was the first nationwide high street bank to do so.

"Sharia mortgages are a very small business line for us in the UK ," said a spokesman. "This is part of a strategic review of all our businesses."

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