Standard Chartered Bank launches Islamic banking brand 'Saadiq' in Bahrain

Saadiq, which means 'Truthful', is a fitting testament to the range of first-to- market innovative products and services that the Islamic Banking team will continue to offer across the Standard Chartered network.

Saadiq financial centre in Bahrain was opened by Mr Khalid Hamad, Executive Director Banking Supervision Central Bank of Bahrain in the presence of Shayne Nelson, Regional Chief Executive Officer Middle East and North Africa, Afaq Khan, Chief Executive Officer Standard Chartered Saadiq, Jonathan Morris, Chief Executive Officer Bahrain, Bank Senior Management as well as business partners.

The launch of Standard Chartered Saadiq in Bahrain plays a key role in the Group's strategy to become a key contributor in the rapidly growing Islamic Finance sector.

Shayne Nelson, Regional Chief Executive Officer, Middle East & North Africa, and Chairman of the Islamic Banking Board, Standard Chartered Bank, said:

"Standard Chartered has a reputation for innovation in Islamic Banking. With over 150 years of international financial expertise and a true global network, we are able to scale our product capabilities across geographies and comply with worldwide Shariah-principles."

"We are optimistic that Standard Chartered Saadiq will have a positive impact on Bahrain's Islamic banking sector. And we will remain firm on our commitment - to be the Right Partner to our customers in fulfilling their evolving demands; and to the Government's agenda in the development of the Islamic banking industry."

As an international bank leading the way in Asia, Africa and the Middle East, Standard Chartered has an established presence in almost 50 per cent of the Muslim world. This provides the Bank with the unique opportunity to understand, structure and deliver Islamic solutions for it customers, without compromising their beliefs.

Afaq Khan, Chief Executive Officer Global Standard Chartered Saadiq said
"Islamic banking is of strategic importance to Standard Chartered Group as the industry grows from strength-to-strength. It furthers our strategic intent to be the best international bank in Asia, Africa and the Middle East.
Standard Chartered Islamic Banking has grown significantly in the last two years following the introduction of our Saadiq brand with a presence in Malaysia, Indonesia, UAE, Pakistan, Bangladesh and now, Bahrain. The launch of Saadiq in Bahrain gives us the opportunity to increase our presence in Islamic financial services",

Islamic financial services are one of the fastest growing fields in the banking and finance industry. In its report, McKinsey & Co. stated that Islamic banking assets and assets under management reached US$750 billion in 2006, and the Islamic finance sector is expected to reach US$1 trillion by 2010.

The entry of Standard Chartered Saadiq is expected to boost the competitiveness of banking and raise the level of product innovation and delivery to customers.

Jonathan Morris, Chief Executive Officer Standard Chartered Bank Bahrain said: "Our decision to launch Saadiq in Bahrain is a direct response to feedback from our customers that they want their banking needs met within Shariah principles. We have a long heritage in Bahrain which coupled with our international expertise and deep roots in Muslim countries, gives us an unique opportunity to play an active role in the growth of Bahrain's Islamic financial services sector."

Standard Chartered is amongst the leading banks offering a full suite of Shariah-compliant products and services ranging from personal, property to corporate financing. In the Middle East and South Asia, Standard Chartered has been strengthening Islamic banking since 2003 and has built extensive experience with sovereign issuers and cross-border bond offerings for large corporate in Islamic financing.

Since Saadiq's global launch in 2007, the bank has won 28 awards in total for Islamic banking. These include the prestigious Islamic bank of the year 2008 (Euromoney) award as well as numerous wins from Islamic Financial News.