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StanChart launches Islamic banking in Africa

Standard Chartered Bank sees great potential for Islamic banking in Kenya with only 2% penetration to the total banking business. The bank’s global head of Islamic banking Wasim Saif says with the population of Muslims being 10% in the country Islamic banking could grow to a double digit number in the next five years. The bank launched Islamic banking offering under the brand name Saadiq in Nairobi. Saadiq which means truthful becomes the first market of Standard Chartered’s African footprint for Islamic banking. The new window will offer Shariah compliant products that include personal banking, home financing, as well as business and corporate banking. Saif says Africa is the next frontier for the Islamic banking sector and will become a significant part of the financial institutions in the country with global Islamic finance market investments worth $ 1.7 trillion.

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