1. HSBC Holdings Plc., the largest overseas bank offering Islamic services in Malaysia, plans to set up a standalone unit in the country to target Asia's growing Muslim population. (Islamic law bans the payment and receipt of interest, prohibits investment in businesses such as gambling and alcohol, and stresses profit sharing.)
2. HSBC Amanah, the Kuala Lumpur-based Islamic-banking arm, has applied to the central bank for a license that will let it sell wealth management, mutual funds and retirement products to other Muslim countries such as Indonesia, Bangladesh and Brunei.
3. It is trying to develop the concept of wealth management in Malaysia to target individuals. It is developing retirement planning, wealth protection and investment-linked Islamic life insurance policies.
Looking for under-serviced segments of the market equals prospecting for revenue.
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