Afaq Khan

UPDATE 1-MOVES-Standard Chartered appoints CEO for Islamic banking business

Standard Chartered has appointed Rehan Shaikh as chief executive of its global Islamic banking business, it said in a statement on Wednesday.
Shaikh moves to Standard Chartered Saadiq from Dubai Islamic Bank, where he was senior vice president and business head, private sector and transaction banking. He previously worked for StanChart in Pakistan from 1998 to 2007, the statement said.
He takes over from Sohail Akbar, who was interim chief executive of the Islamic banking operation after the departure of Afaq Khan earlier this year.
StanChart remains committed to the business despite a period of hiatus across other parts of the bank as global chief executive Bill Winters moves to restore profitability. It announced plans this month to reduce costs by $2.9 billion by 2018 and cut 15,000 jobs.
"Islamic finance is an integral part of the business at Standard Chartered and we continue to see growing demand from clients in many of our markets," said Sunil Kaushal, the bank's regional chief executive for Africa and the Middle East.

Standard Chartered confirms departure of Islamic banking head

Afaq Khan, CEO of Standard Chartered Saadiq, has decided to leave the Bank and plans to take a career break, according to a statement by the bank. Afaq Khan joined Standard Chartered in 2003 and is a well-known and well-respected figure in the Islamic finance industry. Khan is the second senior figure to leave Standard Chartered Saadiq in the last six months. At the end of October last year, Wasim Saifi resigned as Global Head of Islamic Banking for Consumer Banking. Saifi had rejoined Standard Chartered in the role in January 2011. The bank said a successor to Afaq Khan will be announced in due course.

Standard Chartered Saadiq Launches Islamic Financial Education Modules

Standard Chartered Saadiq has launched an Islamic financial education programme this month. This programme aims to educate the UAE Community in the ways of responsibly handling their financial future in a Halal way. This programme comprises of a basic and an advanced module which focus on the prohibition of transactions which involve riba, fair distribution of profit and loss as well as prohibition of transactions which involves uncertainty or speculation. This is an extension of the Financial Education for Youth programme which Standard Chartered Bank has been running since 2013.

Standard Chartered Bank launches first Islamic Euro Nostro Account

The industry's first Islamic Euro Nostro Account has recently been launched by Standard Chartered Bank. It will allow Islamic banks across the world to earn profits on their account balances, respecting the general rules of Murabaha. Bank Alfalah Limited from Pakistan was the first bank which has signed an agreement with Standard Chartered Bank.

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StanChart signs $20m musharaka deal with Incepta Pharma

Incepta Pharmaceuticals Ltd signed a Musharaka deal worth US $ 20 million with Standard Chartered Bank, thus becoming the bank's Wholesale Banking Saadiq client. The money is a term finance for 5 years and will be used for Incepta Pharma expansion projects.

StanChart Saadiq avoids Islamic hedge funds

Standard Chartered Bank sees opportunities in Islamic derivatives products but is steering clear of hedge funds, another grey area of sharia-compliant finance, the head of its Saadiq unit said.

StanChart to launch Islamic commodity derivative: CEO

Standard Chartered Bank Saadiq expects to launch an Islamic commodity derivative in the first quarter, the bank's chief executive told Reuters on Tuesday.

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