Standard Chartered launches Shariah-compliant services

Author: Hannah Beecham
International Investment | 21 Dec 2011 | 14:40

Categories: Offshore Investment

Topics: Standard Chartered| Shariah law| United Arab Emirates


The Islamic arm of Standard Chartered Bank has launched Shariah-compliant services for its UAE-based customers.

The launch aims to appeal to the Bank’s individual clients as well as small and medium-sized enterprises based in the Emirates. Standard Chartered confirms that all 600 of the Bank’s front line staff are fully trained in Islamic banking in its 11 branches spread across the Emirates.

Individuals are offered the usual range of current accounts with credit cards and savings accounts including term deposits, as well as support with specialists finance and investments. Business clients are offered Islamic Tijarah (SME) including trade finance, cash flow and management support and foreign exchange facilities.

As with all Islamic banking products, Standard Chartered’s range is approved by an independent Shariah supervisory board. The bank confirms that over a third of its total consumer banking assets are now Shariah-compliant. Demand is growing and Standard Chartered believes this percentage will increase over the coming year.

The Bank entered the UAE’s Islamic finance sector back in 2004. As well as operating in the Emirates, Standard Chartered offers Islamic banking in Bahrain, Bangladesh, Indonesia, Malaysia, and Pakistan.

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