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Standard Chartered Targets To Grow Islamic Assets To 20 Pct Through Saadiq

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Points of Essence:

  • Standard Chartered Saadiq is set to grow its Islamic banking assets size to 20% by 2012. Currently the assets stood at 11.4% , worth about RM5.4 billion as of last year. The Islamic brand of Standard Chartered Bank, which has presence in major Muslim nations, is also keen to expand its operations in Malaysia and support Malaysia’s Islamic financial hub ambition. Bernama has the report.

KUALA LUMPUR, Nov 12 (Bernama) — Standard Chartered Bank (Malaysia) Bhd expects its Islamic finance assets to grow to 20 percent in the next three to four years from the current 11.4 percent with the opening of its Islamic subsidiary Standard Chartered Saadiq Bhd.

The bank’s Islamic assets stood at RM5.4 billion as at Dec 31, 2007.

Its managing director and chief executive officer Julian Wynter said the establishment of Saadiq was part of the bank’s commitment to expand its Islamic banking business in the country and to support the government’s aspiration to become as an international hub for Islamic finance.

“We want to grow our Islamic banking franchise here in line with the positive growth in the country’s Islamic finance market,” he said at a pre-event press conference yesterday.

The Islamic business of the bank registered significant growth in 2007, increasing by 146 percent from 2006.

The bank Wednesday opened the first Saadiq’s flagship financial centre at Taman Tun Dr Ismail here while another three will begin operations in the next 12 months.

Overall, the bank has allocated RM50 million to establish its Islamic unit and the four branches.

Saadiq offers a comprehensive suite of over 33 innovative Syariah-compliant products and services ranging from property and personal financing to corporate financing.

“This development augurs well for the Standard Chartered group which is well-placed in the three key regions of Asia, Africa and the Middle East” Wynter said.

Globally, the group has strong presence in over 50 percent of Muslim-populated nation, including Saudi Arabia, United Arab Emirates, Kuwait, Pakistan and Bangladesh.

On the outlook of global Islamic finance, Standard Chartered Saadiq Plc’s chief executive officer Afaq Khan said Islamic banking will continue to grow given the robust growth rate in the predominantly Islamic countries.

“We do not see any significant slowdown in the Islamic finance as it is completely separate from the subprime crisis,” he said.

Standard Chartered is the first bank in the country to establish an Islamic banking window at all its branches in 1993. It currently has 37 branches nationwide.

Source: BERNAMA

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Written by Suapi Shaffaii

November 12, 2008 at 10:00 pm

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