Standard Chartered Bank Launches First Islamic US Dollar Nostro Account
New York, 27 September, 2010 - Standard Chartered Bank today announced the launch of the first Islamic US Dollar nostro account in the United States. Islamic banks across the world will now be able to earn Shariah-compliant profits on their account balances at Standard Chartered Bank New York by using this facility.
The facility will operate on the Islamic finance principle of commodity Murabaha. Profits will be paid on a monthly basis.
"The Saadiq US Dollar Nostro Account is unique, innovative and illustrates our commitment to meeting the core needs of our clients seeking alternative banking such as Shariah principled," said Afaq Khan, Standard Chartered Saadiq's Chief Executive for the Bank's global Islamic Banking business. "By further catering to the Islamic banking market, Standard Chartered Bank is able to strengthen its position as the bank of choice for clients doing business in Asia, Africa and the Middle East."
The Saadiq US Dollar Nostro Accounts will be available globally, including the Middle East & Malaysia. To ensure Standard Chartered's products comply with the
1 A Nostro account is established in a foreign country and usually the currency of that country for the purpose of carrying out transactions.
2 Standard Chartered Saadiq is the Bank's global Islamic banking brand launched in 2007.
principles of Shariah, the Bank is advised by an independent committee comprising three of the world’s most renowned Shariah scholars - Dr. Abdul Sattar Abu Ghuddah, Sheikh Nizam Yaquby and Dr. Mohamed Ali Elgari.
Standard Chartered Saadiq has been at the forefront of developing Islamic finance sector since its global brand launch in 2007. To date it has introduced over 150 products and solutions across retail and wholesale banking with over 50 industry accolades.--ENDS--
For further information please contact:
Julie M. Gibson
Head of External Communications, Standard Chartered Americas
Tel: +1 646.845.1114
Jai Ganesh M
Corporate Affairs, United Arab Emirates
Tel: +971 4 4 508 2652
Note to editors:
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is a leading international bank, listed on the London, Hong Kong and Mumbai stock exchanges. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and 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.
With 1,700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for more than 80,000 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. The Bank's heritage and values are expressed in its brand promise, 'Here for good'.
About Standard Chartered, Americas
Standard Chartered offers both wholesale and private banking services in the Americas. The wholesale bank supports corporations, financial institutions and development organizations in the Americas with a comprehensive range of capabilities and solutions in transaction banking, financial markets and corporate finance. Its primary function is to facilitate trade and investment flows between the Americas and the Group’s core geographies of Asia, Africa and the Middle East. The Standard Chartered Private Bank in Miami serves clients based primarily in Latin America from its advisory center in Miami and client offices in Uruguay and Chile.
About Standard Chartered’s USD clearing operations
Established in 1974, Standard Chartered's US dollar clearing operations are the seventh-largest in the world, according to the Clearing House for International Payments (CHIPs).In June 2010, Standard Chartered surpassed USD$200 billion in daily volume, a new record for the bank.
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