The agreement was signed by Aleem Khan, Managing Director, Structured Trade Finance, Middle East and Pakistan, Standard Chartered, Sheikh Abdul Razzaq Bin Dawood, Bindawood CEO and Sheikh Abdul Khaliq Bindawood, Director of Bindawood Group, with the presence of Mr. Muhammad Salim Patka, Group Director Finance, Bindawood Group.
Sheikh Abdul Razzaq Bin Dawood, expressing his gratitude to Standard Chartered, said, "This agreement is the Group's effort to finance its planned projects by adopting diversified & Islamic compliant financing to qualify it to win the confidence of bankers. The group is committed to serve its selected class customers in innovative ways."
Bindawood Group, a market leader in the western region of Saudi Arabia, is to bring state-of-the-art Hypermarkets and Supermarkets to the country. The Group, which is present in the major cities of the Kingdom, last week announced the opening of a new hypermarket in Riyadh. In its efforts to expand, the Group has diversified into many specialised products for its customer and has also become a franchisee of world renowned brands.
"Standard Chartered has a growing portfolio of structured trade finance facilities, which demonstrate the success of our commitment to bringing our global expertise and range of products to our customers in this region," said Aleem Khan."
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USD 32 million Islamic compliant agreements with Bindawood Group and Standard Chartered
- United Arab Emirates: Wednesday, March 07 - 2007 at 13:50
- PRESS RELEASE
Standard Chartered, a leading international bank in the UAE, and Bindawood Group, Saudi Arabia have signed a USD 32 Million Islamic Compliant Murabaha Financing agreement to support Bindawood Group's growing business and projects in Saudi Arabia.
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Standard Chartered - leading the way in Asia, Africa and the Middle EastStandard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.
Standard Chartered has a history of over 150 years in banking and operates in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.
As one of the world's most international banks, Standard Chartered employs almost 60,000 people, representing over 100 nationalities, worldwide. This diversity lies at the heart of the Bank's values and supports the Bank's growth as the world increasingly becomes one market.
With strong organic growth supported by strategic alliances and acquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emerging trade corridors of Asia, Africa and the Middle East.
Standard Chartered derives over 90 per cent of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award-winning solutions.
Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensure that the Bank builds a sustainable business through social inclusion, environmental protection and good governance.
Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.
For further information please contact:
Niall McLoughlin
Regional Head of Corporate Affairs, Standard Chartered Bank
Tel: +971 (0) 4 5070467
Fax: +971 (0) 4 3594174
Mobile: +971 (0) 50 6251329
Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, March 07 - 2007 at 13:50 UAE local time (GMT+4)
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This article was updated on Tue Apr 03 2007.
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