Saadiq, meaning truthful in Arabic, is StanChart’s Islamic banking proposition offered across the world to Muslim and non- Muslim clients with Kenya being the group’s first African market for Islamic Banking.
“We feel that for Islamic Banking to grow, we also need to be here for our customers. If the Islamic market starts growing in Africa at the level it is growing globally today, it will become a significant part of the financial system in this region as well,” said Afaq Khan, StanChart’s chief executive officer (CEO) of Islamic Banking.
According to the group, global data indicates that the Islamic finance market is growing with investments now over one trillion US dollars. In Kenya, the Islamic banking industry accounts for 2 per cent of the country’s total banking business in under five years.
(WATCH VIDEO: Islamic products, next battle fronts for Kenyan Markets)
“This shows Kenya’s huge potential and opportunity. As a major international bank with a long-standing heritage and a global network, Standard Chartered is ideally placed to play a prominent role in this ever-expanding market,” added Khan.
Lamin Manjang, CEO of Standard Chartered Kenya, stated that more and more commercial banks are beginning to offer Islamic banking services to satisfy customer demand.
“As a bank we have listened and we have acted to satisfy our customers. It is no secret that Islamic banking is growing rapidly in Kenya even though Kenya’s first Islamic banking licenses were granted just five years ago. We are seeing more commercial banks open their doors to Islamic Banking products in a bid to satisfy a growing demand in the market”, said Manjang.
(WATCH VIDEO: Standard Chartered offers Islamic Banking in Kenya)