Report: Canada May Issue Sukuk (Islamic Bonds)
On October 18, 2010 · In Canada, HSBC, Islamic Bonds, Shariah Bonds, SUKUK
Canadian governments and companies may start issuing Shariah bonds.
HSBC Bank Canada may offer $500 million and three government-related borrowers from one Canadian province may issue $1.5 billion of sukuk, Omar Kalair, chief executive officer of Toronto-based UM Financial, said in an Oct. 14 interview. A “handful” of Canadian companies may sell C$1 billion ($990 million) of Islamic debt by 2013, said Daud Vicary Abdullah, global Islamic finance leader at Deloitte Corporate Advisory Services Sdn. in Kuala Lumpur.
Meanwhile HSBC continues to get in legal hot water over its AML compliance shortcomings. They seem to be big on business, growth, etc., with limited emphasis on compliance & safeguards.