HSBC to Pioneer Islamic Forex Products in Indonesia
HSBC Amanah will offer Islamic foreign exchange forwards and cross-currency hedging instruments in Indonesia starting next month to help Shariah-compliant banks manage risks arising from currency fluctuations.
“For these two products, we are the first to receive approval from the central bank,” Herwin Bustaman, HSBC Amanah’s Indonesia head, said in a telephone interview yesterday. “Right now Islamic banks are exposed to market risk. This will help the capital markets.”
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