Burnt by subprime issues HSBC turned to emerging nations for profits. Islamic banking is but one growth area for HSBC. HSBC Bank Malaysia Bhd’s Islamic banking business is expected to record double-digit growth. Malaysia is a huge market for Islamic banking products, ranking number one for the issuance of sukuk or Islamic bonds. HSBC also made a push for banking in Iraq, while pressuring the United States to modify the Soldiers and Sailors Act. Under the modified act HSBC could charge active duty military higher rates of interest unless they were directly in the line of fire in a combat zone.
What’s wrong with this picture? President George W. Bush decided the play along, signing the new Soldiers and Sailors Act into law. While the country is at war the banks spoke and Bush listened. What’s in the world is wrong here? Needless to say American veterans, families with kids in the military, and military spouses with husbands or wives in Iraq don’t think much of this song and dance.
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