The financial solutions includes fiduciary deposits, property financing, equities, Islamic fixed income instruments (Sukuk), mutual funds (including exchange-traded funds), third-party structured products and discretionary services.
Apart from filling the industry gaps in the availability of Shariah compliant wealth management products, the Islamic financial solutions by Standard Chartered Private Bank will also help in providing additional impetus for growth in the Islamic banking industry as it deepens the product set.
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Khalid El Gibaly, regional head of consumer banking for UAE and Middle East at Standard Chartered Bank said: "We have identified a latent demand among our existing and prospective private banking clients for Islamic private banking solutions."
The Islamic Financial Solutions will be delivered in collaboration with Standard Chartered Saadiq, the bank’s Islamic banking arm, having an experience of over 18 years in Islamic banking and finance, and has onshore presence in six markets.
Referring to the potential of Islamic private banking Stephen Richards Evans, regional head of private banking for Europe, Middle East, India, Africa and Americas at Standard Chartered said, "In the GCC alone, there are more than 500,000 HNWI with net investible assets of over US$1.7 trillion and this number is rapidly growing in light of relatively better economic conditions in the region compared to other parts of the world. However, this segment remains one of the most underdeveloped and underserved amongst all the Islamic banking client segments."
Standard Chartered has an independent Shari’ah supervisory committee comprising of three Shariah scholars in the field of Islamic banking and finance that includes Dr. Abdul Sattar Abu Ghuddah, Sheikh Nizam Yaqubi and Mohammad Ali Elgari.
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By GlobalDataFurther, all the bank’s Islamic products are developed under the guidance of the Shariah supervisory committee and certified by them to ensure strict compliance to Shari’ah requirements.
