Cross border equity tie-ups between financial firms have enjoyed mixed success to put it mildly (think HSBC and Household Finance in the 2000s, or Deutsche Bank and Morgan Grenfell in the 1990s).

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Analysts say the problem that firms such as HSBC are facing in expanding their Islamic finance business is that different Muslim countries interpret Islamic law differently.

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It was taken from HSBC bank and handed to the then French Finance Minister, Christine Lagarde.

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On February 27th, Financial Times Advisor featured an article about financial giant HSBC's continued and growing embrace of Shariah-Compliant Finance.

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The effort comes as HSBC faces revenue growth challenges in its various other businesses, particularly its U.S. consumer finance arm, Household International of Prospect Heights, Ill.

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