Standard Chartered makes Islamic banking foray

Standard Chartered Bank sees great potential for Islamic banking in Kenya with only two percent penetration to the total banking business. Standard Chartered Bank’s Global Head of Islamic Banking Wasim Saif says with the population of Muslims being 10 percent in the country Islamic banking could grow to a double digit number in the next five years. That's why the bank launched its Islamic banking offering in Kenya under the brand name Saadiq. Saadiq becomes the first market of Standard Chartered’s African footprint for Islamic banking, and is considered a platform to enter in other African markets that include Tanzania, Uganda, and Nigeria in two to three years. The new window will offer Shariah compliant products that include personal banking, home financing, as well as business and corporate banking.