StanChart expands UAE, Bahrain operations as HSBC exits
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StanChart expands UAE, Bahrain operations as HSBC exits

StanChart expands UAE, Bahrain operations as HSBC exits

Standard Chartered is expanding its retail Islamic banking business in two markets HSBC is withdrawing from, the UAE and Bahrain, Bloomberg has reported. Standard Chartered Saadiq, the lender's Islamic banking unit, has started to offer Shari'ah-compliant financing to small and medium-sized enterprises (SMEs) in Bahrain, said Sultan Ali Haider, Dubai-based general manager for consumer Islamic banking. The bank is also developing its businesses in the UAE, the second-biggest Arab economy, he added.

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