Standard Chartered Bank launches Islamic Banking Brand 'SAADIQ' in Bahrain
Saadiq further capitalizes on worldwide growth in Islamic Banking for Standard Chartered Bank
Monday 02 March 2009, Bahrain - 'Saadiq', Standard Chartered Bank's global Islamic Banking business brand was launched in Bahrain today. Saadiq, which means 'Truthful', is a fitting testament to the range of first-to- market innovative products and services that the Islamic Banking team will continue to offer across the Standard Chartered network.
Saadiq financial centre in Bahrain was opened by Mr Khalid Hamad, Executive Director Banking Supervision Central Bank of Bahrain in the presence of Shayne Nelson, Regional Chief Executive Officer Middle East and North Africa, Afaq Khan, Chief Executive Officer Standard Chartered Saadiq, Jonathan Morris, Chief Executive Officer Bahrain, Bank Senior Management as well as business partners.
The launch of Standard Chartered Saadiq in Bahrain plays a key role in the Group's strategy to become a key contributor in the rapidly growing Islamic Finance sector.
Shayne Nelson, Regional Chief Executive Officer, Middle East & North Africa, and Chairman of the Islamic Banking Board, Standard Chartered Bank, said
"Standard Chartered has a reputation for innovation in Islamic Banking. With over 150 years of international financial expertise and a true global network, we are able to scale our product capabilities across geographies and comply with worldwide Shariah-principles."
"We are optimistic that Standard Chartered Saadiq will have a positive impact on Bahrain's Islamic banking sector. And we will remain firm on our commitment - to be the Right Partner to our customers in fulfilling their evolving demands; and to the Government's agenda in the development of the Islamic banking industry."
As an international bank leading the way in Asia, Africa and the Middle East, Standard Chartered has an established presence in almost 50 per cent of the Muslim world. This provides the Bank with the unique opportunity to understand, structure and deliver Islamic solutions for it customers, without compromising their beliefs.
Afaq Khan, Chief Executive Officer Global Standard Chartered Saadiq said
"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 grown significantly in the last two years following the introduction of our Saadiq brand with a presence in Malaysia, Indonesia, UAE, Pakistan, Bangladesh and now, Bahrain. . The launch of Saadiq in Bahrain gives us the opportunity to increase our presence in Islamic financial services",
Islamic financial services are one of the fastest growing fields in the banking and finance industry. In its report, McKinsey & Co. stated that Islamic banking assets and assets under management reached US$750 billion in 2006, and the Islamic finance sector is expected to reach US$1 trillion by 2010.
The entry of Standard Chartered Saadiq is expected to boost the competitiveness of banking and raise the level of product innovation and delivery to customers.
Jonathan Morris, Chief Executive Officer Standard Chartered Bank Bahrain said
"Our decision to launch Saadiq in Bahrain is a direct response to feedback from our customers that they want their banking needs met within Shariah principles. We have a long heritage in Bahrain which coupled with our international expertise and deep roots in Muslim countries, gives us an unique opportunity to play an active role in the growth of Bahrain's Islamic financial services sector."
Standard Chartered is amongst the leading banks offering a full suite of Shariah-compliant products and services ranging from personal, property to corporate financing. In the Middle East and South Asia, Standard Chartered has been strengthening Islamic banking since 2003 and has built extensive experience with sovereign issuers and cross-border bond offerings for large corporate in Islamic financing.
Since Saadiq's global launch in 2007, the bank has won 28 awards in total for Islamic banking. These include the prestigious Islamic bank of the year 2008 (Euromoney) award as well as numerous wins from Islamic Financial News.
For further information on Standard Chartered Saadiq, please contact the nearest Standard Chartered Branch or call 17 531 532
For further information, please contact:
Nimmi Kamal
Head Corporate Affairs Bahrain, Standard Chartered Bank
Tel: +973 3977 076
E-mail: Nimmi.Kamal@sc.com
Notes to Editors
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth and supplemented by acquisitions.
Standard Chartered aspires to be the best international bank for its customers across its markets. The Bank derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East, generated from its Wholesale and Consumer Banking businesses. The Group has around 1,750 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.
Leading by example to be the right partner for its stakeholders, the Group 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. It employs 75,000 people, nearly half of whom are women. The Group's employees are of 115 nationalities, of which 60 are represented among senior management.
For more information, please visit: www.standardchartered.com