Mauriittiius Glloball Busiiness E-Letttter Maur us G oba Bus ness E-Le er May 2009 MESSAGE FROM THE TOP I am delighted to bring you a new edition of our “Mauritius Global Business E- letter” under the auspices of HSBC Amanah. We are proud to be the first bank in Mauritius to introduce Islamic banking for Global Businesses. In our previous e-letter, we talked about our HSBC Smartform which, I am pleased to say, has been successfully rolled out. It has been well received by our new clients who have experienced it first hand for new account openings. More recently, we have participated in several initiatives including an Indo-Mauritius Trade and Investment seminar in Mumbai, and sponsored two conferences in China to promote Mauritius as an investment destination. We are also striving to bring you innovative solutions and enhance our existing offerings. I invite you to read more about our Speedy LC 24-hour facility, our latest upgrades to HSBCnet on-line banking, as well as our custody services for share certificates. Best regards Blair Harden HSBC MAURITIUS 1ST TO LAUNCH ISLAMIC BANKING IN MAURITIUS HSBC Mauritius has introduced early this month Islamic banking products. With this launch, HSBC is the first bank in Mauritius to offer Shariah-compliant banking services to Global Business clients. Mauritius has the potential to carve a unique niche in the global Islamic financial market, given our range of tax treaties and the strong appetite of Middle Eastern investors going into Africa, China and India. Currently, Islamic banking is one of the fastest growing sectors in global finance. An HSBC report estimated the size of the global Islamic banking market to be US$650 billion - US$750 billion annually and increasing at more than 15 per cent per annum. Leveraging on the Group’s knowledge and global experience with HSBC Amanah, our Islamic banking arm, HSBC Mauritius now enables customers with Shariah requirements to open Amanah current accounts and Amanah Term Investment accounts. ISLAMIC BANKING – THE CONCEPT Islamic banking is an ethical and equitable mode of financial services that derives its principles from the Shariah (Islamic law). The most distinctive element of Islamic banking is the prohibition of ‘riba’ (interest), whether "nominal" or "excessive," simple or compound, fixed or floating. To know more about our Commodity Murabaha, as it is generally known, is the sale of certain specified Amanah current account and Amanah term investment commodities, through a metal exchange, on a cost plus profit basis. If the customer account please contact: wishes to invest money with the Bank it will purchase commodities and sell them to the Bank on a deferred basis. The Bank will repay the Contract Price over a period of time. Hajrah Sakauloo Tel: +(230) 403 0980 HSBC Amanah is the global Islamic banking division of the HSBC Group established in firstname.lastname@example.org 1998 and responsible for the development of Islamic banking products. HSBC SPEEDY LC – 24 HOUR LETTER OF CREDIT FOR MORE INFO ON OUR PRODUCTS / Imagine that you need a letter of credit (LC) fast, but you SERVICES do not have any standing credit facility with the bank. The solution is HSBC Speedy LC, which is basically a cash backed letter of credit. With this new facility, HSBC can issue your LC within 24 hours*. In addition, you can benefit from: • Special Trade discount voucher of USD25 for any LC opened before 15 August 2009 For more info on Speedy LC, • Worldwide recognition and acceptance of Speedy LC, giving you added credibility please contact: to trade globally • HSBC's global reach – our Speedy LC can be routed quickly and cost effectively Sylvain Francois Manager Trade and Supply through our network of 10,000 offices in 83 countries and territories worldwide Chain • Easy access and convenience via HSBCnet online banking, or any HSBC office Tel: +(230) 403 0792/95/99 email@example.com • PLUS! FREE Instant @dvice of receipt of your LC via e-mail * Conditions apply and facility is subject to documentation requirements. HSBCnet NEW FUNCTIONALITIES To provide additional cash management capabilities, we recently introduced 3 new functions on HSBCnet, the Bank’s global on-line banking platform. File Upload - this function provides users with a fast and efficient method to transact large volumes of instructions to the Bank. With File Upload, companies can effectively automate their payroll or even dividend payment instructions on-line on HSBCnet. Automated File Delivery – this service allows customers to have customised reports For more info on HSBCnet, please contact: sent directly to their mailboxes at pre-defined times. For example, on the 1st of each month you can automatically receive by email a detailed report of past transactions in David Chung Excel format. Head of Global Payments and Cash Management Online Term Deposit – this function allows customers to create new placement or issue Tel: +(230) 403 0791 maturity instructions for existing term deposits, with a choice of currency, country and firstname.lastname@example.org deposit periods. INR FAST TRACK REMITTANCE Positive news seems to be coming from India following the recent general elections outcome. The Indian stock and futures markets showed a sudden surge in investors' confidence. Foreign Institutional Investors (FII's) investing in the Indian markets should consider HSBC Mauritius’ Fast Track remittance value proposition for their transfer of funds in and out of India. To know more about our INR Fast Track Remittance, With our Fast Track service, FII's can buy Indian Rupees (INR) on T (Transaction date) please contact: and remit on T+1. On the other hand, FII's selling INR on T will get credit on their HSBC Mauritius account on T day itself. Vassan Caleemootoo Head of Treasury Marketing – In addition to providing a world class customer service, HSBC Mauritius is able to quote Global Business very competitive INR FOREX rates as we handle large volumes and can access liquidity Tel: +(230) 403 8354 globally. We can also track customers' funds effectively so that they are received in email@example.com India within required timescale. CUSTODY SERVICES FOR SHARE CERTIFICATES FOR MORE INFO HSBC Mauritius provides safe custody services for unlisted physical shares issued by Global Business or foreign companies. Such unlisted/unquoted and overseas securities are generally registered in the name of the depositor, its customers or their respective For more info on HSBC nominee. Custody Services, please contact: Our Custody services will include the receipt, local delivery and safe-keeping of those share certificates. Clients taking Ashish Gowreesunker advantage of this service must open a securities account to be VP Business Development used exclusively for the safe-keeping of the shares and to Tel: +(230) 403 0955 generate regular portofolio reports. firstname.lastname@example.org HSBC HOSTS INDO-MAURITIUS INVESTMENT SEMINAR IN MUMBAI HSBC hosted a seminar and panel discussion on Indo-Mauritian Trade and Investments in Mumbai earlier in March. The event coincided with a roadshow to India organised by The Mauritius Board of Investment and led by The Vice Prime Minister, Dr Rama Sithanen. In an enlightening dialogue between the panellists, several aspects came to the forefront very strongly, such as Mauritius’ strengths in industry and trade; its close ties with India; and its investor and business- friendly environment. According to our colleagues at HSBC India, "The Indo-Mauritius panel has helped to provide a better understanding of the prevailing business environment, as well as the untapped potential of Mauritius. We believe that we can use HSBC's strong presence in both India and Mauritius to foster better business ties between the two countries." Dr Sithanen made an impassioned speech urging Indian businesses to take advantage of Mauritius’ unique position and invest in the country. He highlighted the ease of starting a business in three days and our favourable policies towards taxation, trade and labour. HSBC India commented that the Mauritius seminar had more than twice the usual attendance of such events, and that it spoke volumes about the interest Indian companies had in Mauritius. The event was extensively covered in the Economic Times of India and reported on NDTV. PROMOTION OF MAURITIUS IN CHINA HSBC sponsored two conferences organised in April by the Mauritius Chinese Business Chamber in Shanghai and Xiamen If you have comments or views to promote Mauritius as an investment destination. The on any of our e-letter articles, events drew large attendance from the local business we would be delighted to hear community, as well as high officials in both cities. from you. Please contact: The conferences highlighted the advantages of Mauritius for Monique Li Wan Po Chinese companies investing in Africa, India and USA, and VP Marketing-Global Business explored the tax framework, as well as Global Business banking in Mauritius for Chinese Tel: +230 403 0936 Companies. email@example.com Representing HSBC, Dean Lam, Manager International (Hong Kong), made a presentation on HSBC Offshore banking in Mauritius, "It was an excellent opportunity to promote Issued by: both Mauritius as a gateway between Africa and China, and HSBC as the ideal partner to HSBC Bank (Mauritius) Ltd act as a one-stop shop for the Chinese businesses - to meet both their trade finance 6F, HSBC Centre requirements and offshore banking needs." 18 CyberCity, Ebene Mauritius Interest from Chinese businessmen exceeded our expectations, with around 150 Tel: +(230) 403 8333 delegates attending the Shanghai conference and with nearly 100 attendees in Xiamen. Fax: +(230) 403 0999 Several senior government officials were present at the conference, including Mr Gao www.hsbc.co.mu Yuchen, the former Chinese ambassador to Mauritius. Disclaimer: While all due care has been taken in the preparation of this newsletter, HSBC does not accept responsibility for any loss suffered by any person/entity relying on the information contained in this newsletter or arising from any shortcoming, defect or inaccuracy through inadvertence or otherwise. The contents of this newsletter are made available for information purposes only and on the understanding that HSBC is not providing professional advice. Readers are strongly recommended to consult their tax and legal advisers before taking any action based on this information.
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