HDFC Amna is neither a separate company detached from HDFC nor a subsidiary of HDFC. HDFC Amna is simply and solely an Islamic window of HDFC offering Islamic home financing facilities to the customers under the existing license of HDFC to offer home financing products to Maldivians in an affordable manner.
This Islamic window can be defined as a department of a conventional financial institution offering Islamic financial services. Hence, HDFC Amna will operate as a department of HDFC. HDFC Amna will observe the following standards to achieve Shari’ah compliance:
- Complete Segregation of Funds
- Shari’ah Supervisory Board (Shari’ah Committee)
- Products fully based on Islamic Concepts including the contracts
- Management in accordance with Islamic principles
The long-term vision of HDFC is to convert HDFC Amna to a full-fledged company offering Islamic financing facilities.