HSBC pulls Sharia compliant products - Banking - News - Moneyfacts


HSBC pulls Sharia compliant products

HSBC pulls Sharia compliant products

Category: Banking

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

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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."

What Next?

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

More people are switching current accounts

Competition in the current account market remains intense, which means if you’re not happy with your account for any reason, now’s a great time to switch! Happily, more and more people seem to be getting in on the switching action...

Financial services complaints continue to fall

Many people feel dissatisfied with their financial providers at times, but happily, it looks as though the most serious complaints are becoming less and less common.

Contactless spending hits yet another record

Contactless spending is going from strength to strength, hitting new records on a seemingly monthly basis - and it’s just broken yet another one, with monthly contactless spending having passed the £2bn mark for the first time.