Standard Chartered Bank has launched an Islamic version of its online banking platform, Straight2Bank which will be offered in the United Arab Emirates, Bangladesh, Bahrain, Pakistan and Malaysia.
The new Shariah compliant platform, which is aimed at Standard Chartered’s growing Islamic customer base including SMEs, will give branchless access to cash management, trade, securities services and reporting.
Wasim Saifi, global head of Islamic banking, consumer bank said: “Islamic Banking has become a significant part of the mainstream. Today, the gap between conventional and Islamic banking solutions has narrowed substantially. The launch of Shariah compliant Straight2Bank is a natural step in the evolution of the Islamic Banking industry and another addition to the broadening spectrum of financial services offerings for those seeking Shariah compliance.”
Tim Hinton, global head of SME banking, Standard Chartered said: “SMEs are the backbone of economies, particularly in Muslim nations where they have a large involvement in job creation and domestic production. In the Middle East and Africa, they are one of the fastest-growing sectors with notable growth in new enterprises.”
In June this year, Standard Chartered Private Bank also launched a suite of Islamic services, available through its offices in London, Geneva, Jersey and Dubai, which cover fiduciary deposits, property financing, equities and discretionary services, mutual funds including ETFs, Islamic bonds (Sukuks), and third-party structured products.