Issued from United Arab Emirates, 2009
Shari‘a compliant Gold Visa Card issued by HSBC’s Amanah division in the United Arab Emirates.
With the development of new economies in Asia and the Middle East, new financial services have been developed. Islamic finance operates in accordance with Fiqhal-Muamalat (Islamic rules of transactions), most notably the elimination of interest or riba. The reason for this is that money should not be viewed as an asset from which one can make a direct financial gain, but instead as a medium of exchange and to store value. In addition, the risk of any transaction should be shared by the bank and the customer.
Other Islamic rules of transactions cover ethical issues, including the prevention of economic activity or investment in services dealing with gambling, alcoholic beverages, pornography or food products from pigs, or anything deemed to be morally or socially damaging. Islamic banking services are mindful that Muslims should also use their wealth to help more deprived members of the community.
Although Islamic banking was developed in Islamic states, it is not reserved solely for Muslims. The Islamic financial industry not only provides for Muslim minorities in non-Muslim countries but many services are also being utilised by non-Muslims, who agree with its strict ethical guidelines. Established in 1998, HSBC Amanah is the Shari‘a compliant Islamic Banking service provided by HSBC.
Image: Courtesy of HSBC Holdings plc