Date
24 November 2017
Standard Chartered says its Islamic banking unit will continue to seek opportunities in core markets. Photo: Internet
Standard Chartered says its Islamic banking unit will continue to seek opportunities in core markets. Photo: Internet

Stanchart Islamic banking unit presses on after chief quits

Standard Chartered remains committed to Islamic banking after the the head of its Islamic unit resigned.

It will continue to position itself for further growth in core markets “where the largest Islamic banking opportunities exist”, Reuters reported Monday, citing a spokesman.

Afaq Khan left Standard Chartered Saadiq, the lender’s global Islamic banking business, after 12 years with the Asia-focused bank to take a career break.

A successor will be announced in due course, he added.

Khan’s departure follows the appointment of the group’s new chief executive, Bill Winters, who is expected to oversee a shakeup when he takes over in June in a bid to reverse a two-year slump.

Standard Chartered Saadiq’s core markets include Bahrain, Malaysia, Bangladesh, Pakistan, Indonesia and the United Arab Emirates, where Standard Chartered offers personal banking services.

The bank also offers structured finance for businesses in Bahrain, Jordan, Qatar, Turkey, the United States, Brunei, Malaysia, Saudi Arabia, the UAE, Indonesia, Pakistan, Singapore and the United Kingdom, according to the Standard Chartered Saadiq website.

In 2013, the bank arranged US$20 billion in Islamic financing for its customers, up US$3 billion from 2012, according to its 2013 annual report.

But Standard Chartered is scaling down parts of its global business under a cost-cutting drive. In January, it announced plans to shut its global equities business and axe 4,000 jobs in retail banking.

Khan is the second senior figure to depart from Standard Chartered Saadiq. Wasim Saifi, global head of Islamic retail clients, left last year. He was also the chief executive of Standard Chartered Saadiq Malaysia.

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CG/RA

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