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Standard Chartered Bank UAE

Standard Chartered Opens Access to Islamic Banking via New Shariah Compliant Version of Straight2Bank

12 December 2012, | United Arab Emirates - Standard Chartered Bank has announced the launch of an Islamic version of its award-winning online banking platform, Straight2Bank. The enhanced platform expands client access to the Bank’s Islamic products by providing its growing Islamic customer base a secure online portal that is compliant with Shariah laws.

Afaq Khan
Afaq Khan - Download Picture

The existing Straight2Bank platform was enhanced to meet the needs of the Bank’s Islamic clients, presenting a convenient, branchless access channel to cash management, trade, securities services and reporting. The introduction of a Shariah compliant Straight2Bank will improve operating efficiency for the Bank’s Islamic clients by enabling them to manage their cash and trade portfolios with the Bank electronically and instantaneously.

Afaq Khan, CEO of Standard Chartered Saadiq, the Bank’s Global Islamic Banking business, commented:

"We have observed growing client demand for Shariah-compliant banking services across our key markets. We are confident that the launch of this platform will serve to reaffirm our commitment to our clients in line with their needs and aspirations."

Gautam Jain, Global Head of Client Access, Transaction Banking, added:

"This development is testament of our continued focus on our client centric strategy. Our Saadiq clients can now experience greater efficiency and connectivity on Islamic banking services via Straight2bank."

Shariah compliant Straight2Bank will be available to customers across all segments, including SMEs, in the United Arab Emirates, Bangladesh, Bahrain, Pakistan and Malaysia.

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For more information, please call:
Paul Ewing-Chow
Senior Regional Manager, Corporate Communications,
Corporate Affairs MENAP
Tel: 009714 508 2652
E-mail: Paul.Ewing-Chow@sc.com

Note to Editors:

About Standard Chartered Saadiq
As a major international bank with a longstanding heritage and a global network that covers much of the Muslim world, Standard Chartered is ideally placed for a prominent role in this ever-expanding market.

Staying close to the Bank’s core values, its global Islamic Banking brand, Saadiq, was launched in early 2007 to create a distinct identity and to reiterate the Bank’s commitment to provide innovative banking solutions based on Islamic values. The word ‘Saadiq’ (‘truthful’ in Arabic) has been carefully selected for this Islamic banking offering.

At Standard Chartered Saadiq, the dedicated Islamic banking team combines Shariah expertise with strong business acumen to offer customers the best of both worlds – comprehensive international banking services with a wide range of Shariah compliant financial products. Under Wholesale Banking, Saadiq offers a complete suite encompassing Transactional and Corporate Banking, Financial Market solutions such as Capital Markets, Treasury Risk Management and Corporate Finance solutions such as Project and Export Finance, Structured Trade Finance and Structured Finance to cater for the broad spectrum of corporates and institutions. Since 2006, Standard Chartered Saadiq has won more than 85 industry awards. In 2011 alone, we won 19 awards including: Best Project Finance House (Euromoney), Best Islamic Finance House (EMEAFinance)

Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered is a leading international banking group. It has operated for over 150 years in some of the world's most dynamic markets and earns more than 90 per cent of its profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank's growth in recent years. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India.

With 1,700 offices in 70 markets, the Group offers exciting and challenging international career opportunities for nearly 87,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. Standard Chartered's heritage and values are expressed in its brand promise, 'Here for good'.

For further information please visit www.standardchartered.com. Follow Standard Chartered at www.facebook.com/standardchartereduae and on Twitter @StanChartMENAP.


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