standard chartered moves into shariah space

Added 1st November 2012

Standard Chartered is expanding its Shariah banking operations in the United Arab Emirates and Bahrain, just a few weeks after HSBC announced it would be pulling out of the region.

standard chartered moves into shariah space

Responding to media speculation, a spokesperson confirmed there had been a “growing demand for Shariah-compliant banking services” across its key Islamic banking markets.

The spokesperson added that Standard Chartered had begun to offer Shariah-compliant financing to small and medium-sized companies in Bahrain and that it is “developing our businesses in the UAE, both in the retail and commercial spheres”.

In early October, HSBC Holdings said it is to cease selling Shariah-compliant retail products in the UK, UEA, Bahrain, Bangladesh, Singapore and Mauritius – although it said it would continue to handle wholesale Islamic products in those countries.

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

International Adviser is aimed at global intermediaries who advise their HNW clients on International fund, life and banking products and tax efficient solutions to their cross-border needs

To subscribe to International Adviser's news bulletins and apply for a magazine subscription click below

Editor's Pick

Non-compliant UAE life and property insurers get IA rule extension
Non-compliant UAE life...

The UAE government has given insurance companies operating...

Axa brings together UK and European wealth businesses
Axa brings together UK...

Axa Group has made Axa Wealth its ‘European multi-manager...

UK non-dom tax take of £6.6bn ‘under threat’
UK non-dom tax take of...

UK-based non-doms paid £6.6bn in income tax in 2013/14,...

Sponsored Content


Other Stories From