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HSBC postpones its first Islamic bond fund.

Global Banking News-10 September 2009-HSBC postpones its first Islamic bond fund(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 10 September 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

HSBC Holdings (LSE: HSBA) has postponed its first Islamic bond fund.

The company said that it has postponed its first fund that was investing in sukuk, or Islamic bonds. The bank postponed the fund after investors were put off by a four-year lock-up period.

A spokesperson for HSBC Global Asset Management, the group's fund management arm, said, 'We decided to take some time to redesign the product based on feedback during the marketing phase. The lock-in period was not attractive to investors at the time.'

HSBC Amanah, HSBC Holding's Islamic unit, had planned the launch the fund in the summer.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:Sep 10, 2009
Words:156
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