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HSBC Amanah inks MOU with Development Bank of Kazakhstan to up investments in Kazakhstan

KUALA LUMPUR. December 2. KAZINFORM HSBC Amanah Malaysia Bhd, HSBC Kazakhstan and HSBC Bank Middle East Limited signed a memorandum of understanding (MoU) recently with the Development Bank of Kazakhstan (DBK) to boost investments in the central Asian nation. "HSBC Amanah is pleased to have been chosen by the DBK to be their Islamic banking counterpart to work together to try to identify possible Shariah-compliant financing opportunities," it said, adding that some of the possible financing opportunities have been identified. Among them are structuring and co-financing development projects using Islamic financial instruments, co-financing for each party's clients and promoting development of Islamic Finance in Kazakhstan, HSBC Amanah said in statement Wednesday. HSBC Amanah Malaysia Executive Director and CEO Musa Abdul Malek said the MoU also serves to confirm HSBC Amanah and DBK's move to plan and coordinate joint projects and strengthen relations. "This new working relations will not only help Kazakhstan develop its full potential but also facilitate strengthening Malaysia's Islamic finance industry in line with our country's focus and growing interest in Islamic finance as an alternative to conventional banking," he added, Kazinform refers to BERNAMA. See


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