Tuesday 20, December 2016 by William Mullally

Standard Chartered launches Islamic saving accounts for institutional clients

Standard Chartered Bank has announced the launch of its Islamic Saving Accounts for its Corporate and Institutional clients in the UAE. The announcement was made at an event hosted by the Bank for senior professionals from major corporate entities and financial institutions.

Standard Chartered Bank has announced the launch of its Islamic Saving Accounts for its Corporate and Institutional clients in the UAE. The announcement was made at an event hosted by the Bank for senior professionals from major corporate entities and financial institutions.

Held under the title of ‘Digitisation and Innovation Trends,’ Julian Wynter, CEO Standard Chartered UAE, delivered the welcome speech followed by presentation of shields to the clients having signed up for saving accounts, by Motasim Iqbal, Regional Head of Transaction Banking MENA.

Designed to fulfil clients’ day to day banking requirements while simultaneously delivering profits in line with Shari'ah guidelines, the launch of Saadiq Saving Accounts comes in response to the increasing demand among Bank’s clients for Islamic Banking Services. Standard Chartered Saadiq offers a wide range of Islamic Banking solutions which are reviewed and approved by world-renowned Shari'ah scholars.

Commenting on the announcement, Julian Wynter, CEO, Standard Chartered UAE said, “Throughout our five decade journey in the UAE, we have always strived to leverage our extensive global network and our capabilities to ensure our client’s financial needs are catered to in an efficient and smooth manner. The new Saadiq Savings Account not only delivers returns in line with Shari'ah guidelines but also brings along an element of certainty in terms of returns that is extremely critical to modern day treasurers and finance professionals”.

While transaction banking plays a pivotal role in terms of supporting businesses with their working capital cycle requirements, it is extremely important that working capital cycle solutions evolve with the ever growing requirements of modern era businesses.

On his part, Rehan Shaikh, CEO, Standard Chartered Saadiq said, “Standard Chartered Saadiq is the only international bank offering Shari'ah-compliant financial solutions across all businesses from an Islamic retail arm, as well as financial markets, debt capital markets and corporate banking. The launch of our new Saadiq Savings Account is a testimony of our commitment to offer products which directly address our client needs and help contribute to the growth of the Islamic banking space. Saadiq has pioneered multiple market leading Islamic solutions over the last decade and continues to play a leading role in the industry.”

 

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