The Asian Banker

StanChart launches Islamic version of Straight2Bank
Dec 17, 2012

Singapore, December 13th 2012 – Standard Chartered Bank has announced the launch of an Islamic version of its award-winning online banking platform, Straight2Bank. The enhanced platform expands client access to the Bank’s Islamic products by providing its growing Islamic customer base a secure online portal that is compliant with Shariah laws.

The existing Straight2Bank platform was enhanced to meet the needs of the Bank’s Islamic clients, presenting a convenient, branchless access channel to cash management, trade, securities services and reporting. The introduction of a Shariah compliant Straight2Bank will improve operating efficiency for the Bank’s Islamic clients by enabling them to manage their cash and trade portfolios with the Bank electronically and instantaneously.

Wasim Saifi, Global Head of Islamic Banking, Consumer Bank and Chief Executive Officer, Standard Chartered Saadiq Berhad, said: “Islamic Banking has become a significant part of the mainstream. Today, the gap between conventional and Islamic banking solutions has narrowed substantially. The launch of Shariah compliant Straight2Bank is a natural step in the evolution of the Islamic Banking industry and another addition to the broadening spectrum of financial services offerings for those seeking Shariah compliance.”

Tim Hinton, Global Head of SME Banking, Standard Chartered said: “SMEs are the backbone of economies, particularly in Muslim nations where they have a large involvement in job creation and domestic production. In the Middle East and Africa, they are one of the fastest-growing sectors with notable growth in new enterprises. Shariah compliant Straight2Bank underscores our continued commitment to provide our SME clients with relevant, comprehensive support as they trade in Asia, Africa, the Middle East and beyond.”

Shariah compliant Straight2Bank will be available to customers across all segments, including SMEs, in the United Arab Emirates, Bangladesh, Bahrain, Pakistan and Malaysia.

In June this year, Standard Chartered Private Bank also announced the launch of a comprehensive suite of Islamic financial solutions for its clients. The solutions range from fiduciary deposits, property financing, equities and discretionary services, mutual funds (including Exchange-Traded Funds), Islamic bonds (Sukuks), to third-party structured products and is available to clients across the Private Bank’s booking centres in London, Geneva, Jersey and Dubai.


Re-disseminated by The Asian Banker

Categories: Retail Banking
Keywords: Standard Chartered Bank

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