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StanChart opens full Islamic bank in Malaysia

18 November 2008

Standard Chartered Bank Malaysia Berhad has launched a full-fledged Islamic Bank in Malaysia in response to the demand for Shariah-complaint products.

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Standard Chartered Bank Malaysia Berhad has launched Standard Chartered Saadiq Berhad, its full-fledged Islamic Bank on the back of rising demand for Shariah-compliant products and services in Malaysia.
The wholly-owned subsidiary, Standard Chartered Saadiq Berhad (Saadiq Berhad) plays a key strategic role in leading the group's global thrust in the rapidly growing Islamic Finance sector.
Afaq Khan, chief executive officer Standard Chartered Saadiq comments: "Islamic banking is of strategic importance to Standard Chartered Group as the industry grows from strength-to-strength. It furthers our strategic intent to be the best international bank in Asia, Africa and the Middle East.

"Standard Chartered Islamic Banking has significantly grown in the last two years following the introduction of our Saadiq brand and we are on track to continue growing the business...


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