Launching of Wholesale Bank Saadiq
StanChart brings in Shariah value propositions for corporate clientele

Afaq Khan, Chief Executive Officer- Islamic Banking of Standard Chartered Bank speaking at the launch of Standard Chartered Wholesale Banking Saadiq Thursday. He was accompanied by Abrar Anwar, Managing Director and Head of Origination and Client Coverage of Standard Chartered Bangladesh, Tanvir Haider Chaudhury- Director & Head of Transaction Banking and Jishan Shamsad- Director & Head of Products, Transaction Banking, Standard Chartered Bangladesh. — FE Photo

FE Report

Standard Chartered Bank Bangladesh Thursday launched Islamic Banking offerings for its Wholesale Banking clients under 'Saadiq' branding, further strengthening the clients value propositions.

Afaq Khan, chief executive officer of the bank's Islamic Banking and Abrar Anwar, managing director and head of the bank's origination and client coverage, announced the product at a press conference at a city hotel.

The bank is working to be a preferred provider of Islamic banking services with innovative products satisfying the needs of Islamic-minded people in Bangladesh within few years, officials said.

The latest strategy is taken following the market demand and bank's commitment to grow in the market and reinforce its brand promise 'Here for good', they said.

Mr Anwar said, "The bank is serving its clients in Bangladesh for over 100 years. Our commitment to this market is clearly demonstrated through bringing in value propositions the market requires. Launching the new product is the testimony to that."

"At Standard Chartered, we believe we are here for progress, and through efforts like this, we want to show that we are here for good," he added.

Mentioning an accelerated demand of Islamic Banking products here, Standard Chartered started its Islamic Banking operation in Bangladesh in 2004 with consumer banking products under the bank's group branding 'Saadiq' to meet the client requirements.

Now the bank extended its offerings to meet requirements of the valued corporate customers.

According to officials, the new product propositions entail the core comprehensive suite of cash management, financing, trade and related finance products required for corporate houses to fulfill their banking requirements in Shariah compliant way.

The bank's paramount focus is to ensure the Shariah governance as per guidance provided by the Group Shariah Supervisory Committee and Bangladesh Bank, and bring in state of the art solutions with huge investment in infrastructure, technology and resources.

To explain prospect of wholesale baking Saadiq here, officials said about 19 per cent of the industry asset and 16 per cent of the industry deposit is Islamic, which is growing at the rate of around 25-30 per cent, showing accelerated demand of the Islamic banking products in Bangladesh.