Standard Chart'd unveils Shariah UAE offering
From Middle East Dec 12 2011 BY: Will Jackson
, Contributing editor
, International Adviser
Standard Chartered Saadiq, the Islamic arm of Standard Chartered Bank, has launched Shariah-compliant services for individuals and small and medium-sized enterprises in the UAE.
The offering allows customers access to products and services through Standard Chartered’s 600-strong front-line staff and sales representatives, who are trained in Islamic banking.
According to Standard Chartered, it has the largest branch network of any international bank in the UAE, with 11 branches and three “electronic banking units”.
Dedicated Saadiq desks or windows will be created across that network, the bank said, in addition to relationship management teams for “priority” and SME clients.
The product range for individuals includes: current and savings accounts; term deposits; credit cards; personal, auto and home finance; investment; and Takaful solutions. For SMEs, services include: trade finance, working capital facilities, cash management, and foreign exchange.
Sultan Ali Haider, general manager, Islamic banking at Standard Chartered UAE said: “In 2010 in the UAE, Islamic banking assets constituted 35% of the total consumer banking assets.
“We expect Islamic assets in the UAE to constitute 38%, and Islamic liabilities 27%, of the total consumer banking industry during 2012.”
The bank’s Islamic products are approved by an independent Shariah supervisory board, which includes Abdul Sattar Abu Guddah, Sheikh Nizam Yaqubi and Mohammed Ali Elgari.
Standard Chartered has operated in the UAE since 1958, and also offers Islamic banking in Bahrain, Malaysia, Indonesia, Bangladesh and Pakistan.