Thursday July 5, 2012
StanChart making KL its global hub for Islamic banking
PETALING JAYA: Standard Chartered Bank is making Kuala Lumpur its global hub for Islamic consumer banking as part of a strategy to grow the Islamic banking business in the country.
The bank said the global head of Islamic consumer banking and a new team of experts would be based at its head office in Kuala Lumpur by year-end to further drive the business momentum in Malaysia as well as other existing and new markets by strengthening the Standard Chartered Saadiq brand.
“The move comes at a time when the Government is pioneering efforts to turn Malaysia into an Islamic finance hub and this focus has resulted in strong growth. Islamic banking assets now comprise more than a quarter of total banking assets,” it said in a statement.
Meanwhile, Standard Chartered Saadiq said the Islamic banking industry was the fastest growing financial segment in the world, adding that Malaysia had established itself as a leading international Islamic financial centre in this space.