StanChart Islamic unit aims expansion

Global economic recovery and opening up of some countries for Islamic banking spur StanChart Saadiq’s expansion.

Standard Chartered Saadiq (SCS) is eyeing for expansion, in terms of size and scale, in countries where it has a presence, including Malaysia as it sees a huge growth potential in Islamic finance. SCS is the international Islamic Banking unit of Standard Chartered Bank.

"When I look at the footprint of where we operate, we have seen growth in all segments. So, given this scenario, I am optimistic about the future of Islamic banking and finance going forward," SCS's Chief Executive Officer, Afaq Khan said in a report in Bernama.

SCS has a presence in Indonesia, Pakistan, United Arab Emirates, Bahrain and Bagladesh. It also conducts a lot of international transactions.

"We are going to grow in these countries. We are going to re-invest and have size and scale in these markets before we move to other countries."

"So, it is a very good sign, when the world economy picks up again, the growth should accelerate further. Besides, more countries like France, Korea and Hong Kong are also opening up for Islamic Banking," he said.