Standard Chartered UAE has launched a Shariah compliant home finance solution under Standard Chartered Saadiq, the bank’s global Islamic banking brand.

The move strengthens its already strong line up of Islamic products currently offered across the world. The new Saadiq Home Finance Solution provides potential as well as existing homeowners with a wider variety of choice on property purchases, said a bank official.

Afaq Khan, CEO, Standard Chartered Saadiq, commented, "Islamic banking is of prime importance to Standard Chartered as the industry continues to grow on the backdrop of increasing demand for Shariah-compliant financial products."

"Our product strategy has always been a truly customer centric approach with the aim of setting benchmarks in Islamic Banking," he noted.

Key benefits of Saadiq Home Finance include flexible finance amounts of up to Dh10 million and up to 75 per cent finance to the property’s market value, flexible tenors of up to 25 years, and quick finance approvals.

Chris de Bruin, head of consumer banking, Standard Chartered UAE said, “Being able to offer our customers a financial product that is compatible with their faith is a key requirement across our network."

"In addition to offering finance for ready built properties, existing homeowners are also able to refinance their existing home at extremely competitive prices," he stated.

“The new Saadiq Home Finance is part of a series of product launches planned for 2009. We will continue to roll out a range of financial solutions to help our customers in their financial management planning,” he added.

Standard Chartered Islamic Banking in UAE has grown significantly in the last two years and is projected for another strong year in 2009.

Earlier on in March Saadiq was launched in Bahrain providing the Bank with a platform to further increase its presence in Islamic financial services in another key market.

Standard Chartered Saadiq was also recently voted the Best International Islamic Bank 2009 by Euromoney.-TradeArabia News Service