Standard Chartered to offer Islamic Banking Current Accounts in the UK

The launch marks the next stage in the Bank’s offering of Shariah-compliant solutions in more than 25 countries

29 September 2025, London – Standard Chartered has today announced its plans to launch of its Islamic Banking Account in the UK.

As the only international bank with a global Islamic banking franchise, Standard Chartered Saadiq, the Bank offers Shariah-compliant solutions to financial institution, corporates, wealth, retail and private banking client segments in over 25 countries.

The Saadiq Account is approved by an independent Shariah Supervisory Committee, and funds are segregated and used for Shariah approved purposes only, to ensure trusted, Shariah-compliant banking, thereby allowing clients to earn returns on their available balances.

The Bank’s UK product, which will be available for Standard Chartered’s global clients with Islamic Banking needs in the UK, meets growing demand for alternatives to conventional banking products and provides institutions with tailored solutions to enable continued growth, alongside ethical and inclusive finance. The launch also follows increasing market appetite and a supportive regulatory environment for Shariah-compliant solutions in the UK.

Rooted in the principles of Islamic finance, such as the prohibition of interest (riba), risk and profit -sharing (Mudarabah and Musharakah), and investment in ethical asset-backed activities. The offering supports Standard Chartered’s clients in aligning with their’ values while promoting financial inclusion.

Standard Chartered’s latest report: Islamic Banking for financial institutions: unlocking growth amidst global shifts, projects global Islamic finance assets will reach USD7.5 trillion by 2028, up from USD5.5 trillion in 2024, reflecting the expanding relevance of Shariah-compliant finance globally.

The report also examines growth drivers, regulatory developments, and market expansion opportunities, whilst addressing challenges in regulation, liquidity, and risk management.

Joanne Fraser, Head of Transaction Banking, UK and Regional Head of Cash Product, UK & Europe said: “Standard Chartered is incredibly well positioned to meet the growing appetite for Islamic Banking products in the UK, with our global presence and unique network enabling us to connect our clients with dedicated Islamic banking teams, as we progress towards offering our full suite of Islamic cash management products whilst adhering to Shariah-compliant principles.”

Khurram Hilal, CEO of Group Islamic Banking at Standard Chartered, said: “Islamic Banking is no longer seen as an exclusive proposition. As solutions become more sophisticated, it has become increasingly appealing to a wider client base, who recognise the benefits of a profit-sharing, non-interest alternative to conventional banking.”

Standard Chartered has welcomed its first pilot clients to Saadiq in the UK. Serhan Yıldırım, Executive Vice President, Treasury and International Banking at Albaraka Türk Katılım Bankası A.Ş. said: “Unlocking access to a global network with a longstanding history in Islamic Banking gives us great confidence in collaborating with a trusted partner like Standard Chartered.”

Tarık Börekci, Executive Vice President, Treasury and Strategy at Vakif Katilim Bankasi A.S. said:  We are pleased to be working with Standard Chartered to access their Saadiq offering, with their expertise in Islamic Banking alongside their unique cross-border network, this announcement marks a positive step in Islamic Banking product innovation which we are proud to play a role in.”

— ENDS —

For further information please contact:

Kate Matthews
Communications Director, Europe
Standard Chartered
+44 20 7885 7899
kate.matthews@sc.com

Note to Editors

Report: Islamic Banking for financial institutions: unlocking growth amidst global shifts

About Standard Chartered Saadiq
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. Since then, Saadiq has won over 150 internationally recognised industry awards, including, most recently, Islamic Bank of the Year, Global and Middle East, at The Asset Triple A Islamic Finance Awards 2025.

About Standard Chartered
We are a leading international banking group, with a presence in 54 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.

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