Standard Chartered Bank, a leading multinational banking and financial services company, has announced the launch of Islamic saving accounts for its corporate and institutional clients in the UAE.

The announcement was made at an event hosted by the bank earlier this week for senior professionals from major corporate entities and financial institutions.

Julian Wynter, CEO of Standard Chartered UAE, delivered the welcome speech titled “Digitisation and Innovation Trends”, and also presented shields to the clients having signed up for saving accounts, by Motasim Iqbal, regional head of transaction banking Middle East and North Africa (Mena), said a statement from the company.

Designed to fulfil clients’ day to day banking requirements while simultaneously delivering profits in line with Shariah guidelines, the launch of Saadiq Saving Accounts comes in response to the increasing demand among bank’s clients for Islamic Banking Services, it said.

Standard Chartered Saadiq offers a wide range of Islamic Banking solutions which are reviewed and approved by world-renowned Shariah scholars, it added.

Wynter said: “Throughout our five decade journey in the UAE, we have always strived to leverage our extensive global network and our capabilities to ensure our client’s financial needs are catered to in an efficient and smooth manner.”

“The new savings account not only delivers returns in line with Shariah guidelines but also brings along an element of certainty in terms of returns that is extremely critical to modern day treasurers and finance professionals,” he added.

While Transaction Banking plays a pivotal role in terms of supporting businesses with their working capital cycle requirements, it is extremely important that working capital cycle solutions evolve with the ever growing requirements of modern era businesses.

On his part, Rehan Shaikh, CEO of Standard Chartered Saadiq, said “We are the only international bank offering Shariah-compliant financial solutions across all businesses from an Islamic retail arm, as well as financial markets, debt capital markets and corporate banking.”

“The launch of our new Saadiq Savings Account is a testimony of our commitment to offer products which directly address our client needs and help contribute to the growth of the Islamic banking space,” he said.

“Saadiq has pioneered multiple market leading Islamic solutions over the last decade and continues to play a leading role in the industry,” he added. – TradeArabia News Service