Karachi: Standard Chartered Bank, the country’s largest and longest serving international bank, is celebrating 10 years of Saadiq in Pakistan. Saadiq, which means ‘truthful’, is Standard Chartered’s global Islamic banking brand.
Standard Chartered was the first international bank to get an Islamic Banking license in 2004 and to open the first Islamic Banking branch in Pakistan. The franchise in Pakistan comprises 116 branches in 22 cities out of which, the Bank has 10 dedicated Islamic Banking branches across the country.
Standard Chartered was one of the lead advisors to the Government of Pakistan (GOP) in the recently concluded International Sovereign Sukuk transaction. The Bank played an instrumental role in resolving a roadblock around asset structuring. This enabled smooth execution of International Sovereign Sukuk which raised USD 1 billion for the country for 5 years at 6.75 percent per annum (50 bps less than conventional sovereign bond issue).
Our Islamic Banking innovation capability is reflected by being the first and only bank to launch and offer a Shariah Compliant Credit Card in the country.
Shahzad Dada, Chief Executive Officer, Standard Chartered Pakistan, said “Standard Chartered Bank, consistent with our brand promise here for good, stands committed to strengthening our commitment to Saadiq for the long term growth and development of Pakistan. The future of Islamic Banking is very promising and we are thankful to both the State Bank of Pakistan and the Government, for creating a conducive environment for the growth of Islamic Banking in the country.”
Azhar Aslam, Head of Islamic Banking, Standard Chartered said, “Islamic banking has been growing faster than conventional banking owing to the rising client demand, wide product offerings, and strong government support. Independent recognition by the Banker (an affiliate of financial times) as the Islamic Bank of the year in 2013 is a testament of successful execution of our strategy and commitment to our clients.”
In 2012, we won Best Islamic Deal in Pakistan award for being appointed by Pakistan International Airlines (PIA) as the sole arranger and structuring bank for a USD35 million structured Islamic finance facility by The Asset, Triple A Award. In the same year the Bank also won Best Islamic Deal in Pakistan award as joint lead advisor and joint arranger for Pakistan Mobile Communications USD 70mn syndicated finance facility by Islamic Finance.