HSBC Plc sees Islamic finance as a profit center, pushing Amanah in metropolitan areas around the world. Let there be no doubt that HSBC is catering to potential customers around the world, not just in the Middle East. The problem, as we see it, is HSBC may get caught in the middle if women’s rights are discussed. How will HSBC address the issues? When my father was a contractor in Saudi Arabia my mother was restricted in what she could do - even though she was an American. In 2007 more women killed themselves in Afghanistan than ever before. In Egypt a woman cannot leave the country without her husband’s permission.
Any marketing program has an upside but a great marketing program has no downside for the customer or the business. Contrast Amanah finance with the rights of women in the rest of the world and HSBC has a downside in this marketing program. For instance, in the United States HSBC Finance did sell subprime loans to those who could not afford them. The bank does not hesitate to call, hound, and evict single women with children. In fact some of the women were targeted by cold calling “cowboys” at HFC and Beneficial Finance offices. The term is an insult to real cowboys.
In Jordan it is acceptable to kill women as “honor killings” continue. Attempts by International Human Rights groups to cancel or modify this law are charactarised as attempts to erode Arab morals and destroy families. 62 percent of Jordanians oppose amending this article. Yes, if women’s rights groups around the world put pressure on HSBC it will be interesting. Meanwhile if there is a dollar to be made HSBC will find it, one way or the other.
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