London-headquartered bank’s shares slide as it sets aside an extra $300m to cover effects of Middle East conflict

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HSBC has taken a $1.3bn (£961m) hit to profits, fuelled by the fallout from the US-Israel war on Iran and fraud in the troubled private credit sector.

The London-headquartered bank said profits fell 4% in the first three months of the year, dropping $100m to $9.4bn, compared with the same period in 2025. Revenue increased 6% to $18.6bn.

KUALA LUMPUR, May 5 — Bank Muamalat Malaysia Berhad has launched ATLAS, a Shariah-compliant digital banking platform, as it accelerates its transition into a digital-first Islamic financial institution.

“ATLAS goes beyond a digital banking application. It represents our commitment to reimagine Islamic banking as a seamless, everyday companion that integrates financial management with lifestyle and values,” said Bank Muamalat’s president and chief executive officer Datuk Khairul Kamarudin.

He said the platform is guided by the principle of Amanah, focusing on delivering services with integrity, transparency and responsibility while safeguarding customers’ long-term interests.

He added that ATLAS is also aimed at supporting Malaysia’s digital economy by expanding access to inclusive and secure financial services.

The bank said the platform has recorded early traction, with rising downloads and active users since its rollout.

Essentially, ATLAS offers a Shariah-compliant savings account with a savings pouch feature providing profit rates of up to 2.25 per cent per annum.

It also integrates lifestyle features such as prayer times, daily supplications, Al-Quran access, kiblat direction and mosque locators, with additional services including aqiqah and qurban in development.

Bank Muamalat said it plans to roll out financing and investment solutions within the year as it builds ATLAS into a broader digital financial ecosystem.