Standard Chartered Bank Launches Saadiq Branded
Islamic Banking Windows
Latest move complements existing dedicated Islamic branches
KUALA LUMPUR, 11 Mar 2014
– The country's first bank Standard Chartered Bank Malaysia (Standard Chartered) today launched Saadiq branded Islamic banking windows at its branches to extend its reach and offer Islamic banking products and services to more customers.
Currently, Syariah-compliant solutions are offered at 10 dedicated Standard Chartered Saadiq branches. With the launch, they are now also available through the Islamic banking windows at the conventional branches of Standard Chartered Bank.
“This latest move to leverage our existing infrastructure is aimed at increasing our Islamic banking penetration especially in high traffic areas where the conventional branches are located. It complements our Saadiq dedicated branches very well as our main delivery channel,” said Wasim Saifi, CEO, Standard Chartered Saadiq & Global Head, Islamic Consumer Banking, Standard Chartered Group.
For a start, the Islamic banking windows have been introduced at eight branches in the Klang Valley, Seremban, Alor Setar, Johor Bahru, Butterworth, Kuching, Kuantan and Kota Kinabalu. Plans are underway to cover all its 33 conventional branches over the next two years.
“The introduction of Islamic banking windows fits perfectly with our overall consumer banking strategy in our aspiration to be the main bank for customers by enhancing their banking experiences. As it is, various innovations that we introduced in conventional banking have also been replicated in our Syariah-compliant offerings,” said Sonia Wedrychowicz, Country Head, Consumer Banking, Standard Chartered Malaysia.
The Islamic banking windows offer various Syariah-compliant products and services including deposits, investments, Takaful, financing and SME banking providing greater alternative for existing and potential customers nationwide. They feature dedicated teller counters and dedicated Islamic Personal Finance Consultants are also on hand to offer personalised services to customers.
Standard Chartered is the first international bank to set up an Islamic banking subsidiary with the launch of Standard Chartered Saadiq in 2008. In 2012, it established Kuala Lumpur as its global hub for Islamic consumer banking.
In Malaysia, Islamic banking has grown twice as fast as its conventional counterpart with a compounded annual revenue growth of 22 per cent. It is expected to achieve a market share of more than 25 per cent in terms of total banking assets this year.
For the list of Standard Chartered branches and for more information please visit sc.com/my.