Standard Chartered Makes Kuala Lumpur Global Hub for Islamic Consumer Banking

KUALA LUMPUR, July 4 (Bernama) -- Standard Chartered Bank is making Kuala Lumpur its global business hub for Islamic consumer banking. This is part of a strategy to grow its Islamic banking business in Malaysia and across its global footprint. In this regard, Standard Chartered's Global Head of Islamic Banking and a new team of experts, will be based at its head office in the capital by year-end to further drive business momentum in the country. It will also continue working with other new markets to build and strengthen its Islamic banking proposition under the Standard Chartered Saadiq brand. In a statement on Wednesday, Standard Chartered said the new hub underscores the strategic importance of the Malaysian market for the bank's overall strategy and ambitions for the Saadiq franchise. "Malaysia has established itself as a leading international Islamic financial centre. "With Kuala Lumpur as our global hub for Islamic consumer banking, we look forward to capitalising on Malaysia's long-standing experience and expertise in Islamic Banking, and further contribute to the scale of Islamic finance activities in the country," said Standard Chartered Saadiq Chairman, Shayne Nelson. The new global hub will managed by Wasim Saifi as the new Chief Executive Officer of Standard Chartered Saadiq Bhd, in addition to his role as Global Head, Islamic Consumer Banking. Standard Chartered Bank was the first international bank in Malaysia to offer Islamic banking products in 1993. In 2008, Standard Chartered Saadiq Bhd was established as a full-fledged Islamic banking subsidiary, and has launched several first-to-market Islamic products. -- BERNAMA