"This extension of our Islamic product suite is in line with our intention to lead the way in providing Shariah compliant banking solutions," said Afaq Khan, Global Head of Islamic Banking, Standard Chartered Bank. "Both products operate under the Islamic principle of Mudaraba, and are the first of its kind in the Middle East to be offered by any international bank. These accounts have been designed to deliver competitive profits and comply with our customers' beliefs."
The new Islamic Savings Account is a transaction accounts that pays profit, gives holders a free international debit card and allows access to funds 24-hours a day through branches, ATMs, CDMs, I-banking and phone banking services.
"The bank will invest the funds in its pool of Shariah compliant assets and share the profits with account holders," explained Khan.
The Islamic Term Account is designed to provide attractive profits while giving customers the flexibility to choose a suitable tenure ranging from 1 month to 1 year.
Standard Chartered entered the UAE's Islamic Finance sector in 2004 and has become a leading name in Shariah compliant banking solutions. Currently Standard Chartered offers a host of consumer banking products in UAE, which includes Islamic Personal Finance, Islamic Tijarah (SME) finance and Current Accounts.
"With the two new products, Standard Chartered is now ready to take care of not only the customers' financing requirements but also their investment needs," said Owen Belman, Consumer Banking Head, UAE.
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Standard Chartered expands its Islamic banking offering
- United Arab Emirates: Wednesday, March 22 - 2006 at 10:25
- PRESS RELEASE
Standard Chartered, one of the leading international banks in the UAE, has expanded its Islamic banking offering with the launch of two new Shariah compliant products - Islamic Savings Account and Islamic Term Account.
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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
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is ranked in the top 25 among FTSE-100 companies, by market capitalisation.
Standard Chartered has a history of over 150 years in banking and is in many of the world's fastest growing markets. It has an extensive global network of over 1,200 branches (including subsidiaries, associates and joint ventures) in 56 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 over 40,000 people, representing 80 nationalities, worldwide.
Serving both Consumer and Wholesale Banking customers, 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.
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Posted by Janeta Novakovic, Assistant News EditorWednesday, March 22 - 2006 at 10:25 UAE local time (GMT+4)
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