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.
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.