HSBC deals with Shariah compliance

HSBC's conference will focus on the advantages of tapping the 'Sukuk' bond market for infrastructure development financing.The Third Thailand Islamic Finance Conference, organised by HSBC in Thailand, in collaboration with DataConsult, will provide an opportunity for both public and private sectors to explore Islamic finance as an alternative funding source for Thailand’s financial market.Willie Tham, Chief Executive Officer, HSBC in Thailand, said: "Shariah-compliant financing can prove to be a viable alternative to conventional banking and offers fund raisers the ability to tap into the wealth of Islamic investors."The focus of the event was spurred by an HSBC report which estimated the size of the global Islamic banking market to be US$650 billion to US$750 billion annually – and increasing at more than 15 percent per annum.This makes Islamic finance one of the fastest growing segments in the global financial market. There are more than 300 Islamic financial institutions in and outside the Muslim world. Additionally, the global Islamic insurance (Takaful) market is estimated to be valued at US$14.4 billion by 2010.

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