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Middle East Islamic private banking poised for growth

Standard Chartered has said Islamic private banking is poised for strong growth in the Middle East, Reuters has reported. From a current very low base, private banking services adhering to Islamic principles will grow to between 20% and 25% of new wealth management business within two or three years, Stephen Richards Evans, head of private banking for Europe, Middle East, Africa, South Asia and the Americas, said on the sidelines of the launch of the bank's Islamic private banking service.