HSBC Amanah first to offer global Islamic finance training

HSBC Amanah is first in the Islamic finance industry to launch a comprehensive range of training for staff globally.

“We believe that having skilled staff will differentiate HSBC Amanah from competition in the coming years. As such, we invested significant resources into developing an in-house curriculum, made up of e-modules and classroom trainings.

We also facilitate staff taking an externally accredited Islamic Finance Diploma,” Razi Fakih, Deputy CEO of Global HSBC Amanah said.

“Our ‘Fundamentals of Islamic Finance’ e-module has been completed by almost 8,000 HSBC staffs globally, 75 per cent of whom are in Asia and 24 per cent in the Middle East. We are optimistic that these initiatives will raise the understanding of Islamic Finance and ultimately, help the industry grow,” he added.

Tailored for local use, the curriculum is progressive i.e. ‘Foundation’, followed by ‘Intermediate’ and ‘Advanced’ and product-aligned i.e. Retail Banking & Wealth Management, Commercial Banking and Global Banking & Markets.

Content for the e-modules, which are globally accessible through a HSBC staff learning website, covers Islamic finance concepts from a global perspective but also takes into account local Shari’ah interpretations and HSBC Amanah’s products in each country where Amanah has a presence.

The ‘Fundamentals of Islamic Finance’ e-module has also been translated into Arabic for staff in the Middle East.Besides e-modules, HSBC Amanah also organises classroom trainings. In July, representatives from Retail and Commercial Banking in each Amanah country attended a session in Dubai,

where they learnt Shari’ah concepts that underpin Amanah’s products and the difference between Islamic and conventional banking products. The course was interactively delivered through discussions, team exercises, and case studies based on HSBC’s experience. These representatives are now certified to conduct the trainings in their countries.

HSBC Amanah also conducts an Advanced Shariah training at least once yearly for staff whose roles involve Shari’ah supervisory, product development or training. The first was held in Kuala Lumpur, where 28 participants from Malaysia, Indonesia, Saudi Arabia, the UAE and Bahrain listened to Sheikh Nizam Yaquby, a world renowned Shari’ah scholar who also sits on Amanah’s Central Shariah Committee, talk about topics such as Shari’ah governance framework, Shari’ah objectives, Islamic contracts and Shari’ah monitoring, screening and purification.

The course content, including case studies, was developed by HSBC Amanah’s Shari’ah teams in Dubai and Malaysia, with inputs from Sheikh Nizam himself. “Proper training is key to success in Islamic finance.

I am glad to see so many enthusiastic staff of HSBC Amanah receiving the Advanced Shariah training. In fact, I think HSBC Amanah’s entire syllabus on Islamic finance is interesting and beneficial for staffs selling Islamic products,” Sheikh Nizam said.

Beyond these initiatives, HSBC Amanah also has a tie-up with CIMA (Chartered Institute of Management Accountants) which allows staff to take the Diploma in Islamic Finance, previously known as CIMA Certificate in Islamic Finance, at a discount.

Besides trainings, HSBC Amanah has also re-launched the Amanah Graduate programme where potential leaders of the business get to go through a 2-year programme of six-month rotations in Saudi Arabia, Malaysia and Dubai.

Participants will receive training on conventional and Islamic finance and will be given opportunities to lead various projects across businesses. HSBC Amanah is the only international Islamic bank to offer this programme.