The move leaves the bank with a footprint in Malaysia, Saudi Arabia and Indonesia, marking it as a part of strategy to reinvent its network as a corporate banking franchise worldwide, as reported by Financial Times.
HSBC has already scaled down its retail banking operations from nearly 20 markets, as a part of banking overhaul process to concentrate on core banking operations.
Ernst & Young data reveals that Islamic banking assets will touch to $1.1 trillion by the end of this year, which was only $800bn two years ago.
Recently, Barclays and Deutsche Bank have also cut down on their Islamic operations in Dubai.
