HSBC Holdings Plc (HSBA) said it would stop selling Shariah-compliant products in the U.K., the UAE, Bahrain, Bangladesh, Singapore and Mauritius.
The bank will continue offering wholesale Islamic financing in those countries, and the change is part of the company's review into its businesses, it said in an e-mailed statement today.
HSBC was facing local competition in the businesses it chose to exit, which represented 17 percent of the bank's Islamic business revenue, Patrick Humphris, HSBC spokesman, told Bloomberg in a phone interview from London today.
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