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ISLAMIC BANKING TAKING OVER GROWING IN DOUBLE DIGIT COMPARED TO CONVENTIONAL BANKING.

Byline: AMANULLAH BASHAR

Standard Chartered Bank perhaps the only international bank operating for the last 150 years in Pakistan. Indeed a matter of pride both for the bank as well as Pakistan. This bank is listed on London and Hong Kong Stock exchanges as well as on the Bombay and National Stock Exchanges in India. However despite over 150 years of doing business in Pakistan the Karachi Stock Exchange still looking for the day when Standard Chartered Bank will be listing on Karachi Stock Exchange let us see when the dream comes true.

Standard Chartered Bank known for its financial services and innovative financial solutions in conventional banking equally taking keen interest in Islamic banking as well with the robust growth of Shariah-compliant financial industry which has grown to $1.7 trillion globally and even which is growing twice than the conventional system indicating that the future of financial services tied up with Shariah-compliance.

Standard Chartered Bank the country's largest and longest serving international bank which is celebrating 10 years of Saadiq in Pakistan. Saadiq which means truthful' is Standard Chartered's global Islamic banking brand.

Standard Chartered was the first international bank to get an Islamic Banking License in 2004 and to open the first Islamic banking branch in Pakistan. The franchise in Pakistan comprises 116 branches in 22 cities out of which the Bank has 10 dedicated Islamic Banking branches across the country. It is the only bank in Pakistan which has offered every product and financial solution available in the conventional banking including Shariah-compliant credit card which only offered by the Standard Chartered Bank in Pakistan.

Standard Chartered was one of the lead advisors to the Government of Pakistan (GoP) in the recently concluded International Sovereign Sukuk transaction. The bank played an instrumental role in resolving a roadblock around asset structuring. This enabled smooth execution of International Sovereign Sukuk which raised USD 1 billion for the country for 5 years at 6.75 percent per annum (50 bps less than conventional sovereign bond issue).

Our Islamic Banking innovation capability is reflected by being the first and only bank to launch and offer a Shariah Compliant Credit Card in the country.

Shazad Dada Chief Executive Officer Standard Chartered Pakistan said "Standard Chartered Bank consistent with our brand promise here for good stands committed to strengthening our commitment to Saadiq for the long term growth and development of Pakistan. The future of Islamic Banking is very promising and we are thankful to both the State Bank of Pakistan and the Government for creating a conducive environment for the growth of Islamic banking in the country."

Azhar Aslam Head of Islamic Banking Standard Chartered said "Islamic banking has been growing faster than conventional banking owing to the rising client demand wide product offerings and strong government support. Independent recognition by the Banker (an affiliate of Financial Times) as the Islamic Bank of the year in 2013 is a testament of successful execution of our strategy and commitment to our clients."

In 2012 we won Best Islamic Deal in Pakistan award for being appointed by Pakistan International Airlines (PIA) as the sole arranger and structuring bank for a US$35 million structured Islamic finance facility by The Asset Triple A' Award. In the same year the Bank also won Best Islamic Deal in Pakistan award as joint lead advisor and joint arranger for Pakistan Mobile Communications US$70 million syndicated finance facility by Islamic Finance.

LEADING THE WAY IN ASIA AFRICA AND THE MIDDLE EAST

Standard Chartered PLC is a leading international banking group. It has operated for over 150 years in some of the world's most dynamic markets and earns more than 90 percent of its income and profits in Asia Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the bank's in recent years. Standard Chartered PLC is listed on the London and Hong Kong Stock exchanges as well as the Bombay and National Stock Exchanges in India. However despite over 150 years of doing business in Pakistan the Karachi Stock Exchange still looking for listing of the Standard Chartered Bank let us see when the dream comes true.

With 17000 offices in 70 markets the group offers exciting and challenging international career opportunities for nearly 87000. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance social responsibility environmental protection and employee diversity. Standard Chartered's heritage and values are expressed in its brand promise "Here for good".

Standard Chartered Pakistan is the oldest and largest international bank in Pakistan it is also the first international bank to be awarded Islamic Banking License and the first to open an Islamic Banking branch.

2013 marked Standard Chartered's 150 anniversary in Pakistan. The Bank which started as the Chartered Bank opened its first office in Karachi in March 1863. The bank serves both Corporate Institutional and retail clients provides credit cards personal loans mortgages deposit taking and wealth management services to individuals and small to medium sized enterprises trade finance cash management lending securities services foreign exchange debt capital market and corporate finance to corporate institutional clients. It also offers a complete suite of Islamic Banking solutions under its Standard Chartered Saadiq brands.
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Publication:Pakistan & Gulf Economist
Geographic Code:9PAKI
Date:Dec 7, 2014
Words:885
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