Malaysia: global retail Islamic banking hub for StanChart

Standard Chartered Bank has chosen Kuala Lumpur as its global hub for Islamic consumer banking. Malaysia is an important market for Standard Chartered Saadiq Berhad, which was established as a full-fledged Islamic banking subsidiary in 2008.

Standard Chartered Saadiq Berhad with the newly-incorporated global hub will be headed by seasoned retail banker, Wasim Saifi, who will serve as the CEO and Global Head, Islamic Consumer Banking, Standard Chartered Saadiq.

“The Islamic banking industry has seen tremendous growth in the past decade and today, it is the fastest growing financial segment in the world. Malaysia has established itself as a leading international Islamic financial centre in this space and with Kuala Lumpur as our global hub for Islamic consumer banking we look forward to capitalising on Malaysia’s long-standing experience and expertise in Islamic Banking and further contributing to the scale of Islamic finance activities in the country,” Shayne Nelson, Chairman, Standard Chartered Saadiq, said.

“Malaysia is recognized as a centre of excellence in Islamic banking and a global leader for Islamic capital market. For a committed player like Standard Chartered Saadiq, who has ambitious long-term plans in the Islamic finance sector not just in Malaysia, but also in South East Asia, Middle East, South Asia and Africa, it is important to have on-ground senior management presence to further drive business momentum across our footprint,” Similarly, Osman Morad, Managing Director and CEO, Standard Chartered Bank Malaysia, said.

With only 10 per cent of the country’s population having a family Takaful policy, added Standard Chartered Saadiq in a statement, “the Takaful industry in Malaysia is largely untapped and is poised to benefit in the years ahead on the back of increasingly strong consumer demand. The Takaful industry outlook remains positive for Malaysia, which has grown by over 24 per cent, contributing $1.4 billion to the global Takaful market in 2011.”

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