StanChart Malaysia bags Islamic retail banking award

STANDARD Chartered Bank Malaysia Bhd (StanChart) said it has been accorded the Most Promising New Product for Islamic Retail Banking award by the Dubai-based Islamic Finance Weekly (IFW). 

The award was given to the bank's investment services division, the largest third party distributor of Islamic unit trust funds in the country, managing assets worth RM93mil (as of December 2003). 

StanChart Malaysia's investment services focus on the distribution of third party unit trust funds. The division is the largest distributor of conventional and Islamic unit trust funds, with over 90 funds. 

IFW said the award was accorded in recognition of the bank's creative delivery channel in promoting Islamic unit trust that complemented its customers' financial goals. 

The bank's managing director and chief executive officer, Shayne Nelson, said, “Our plan is to migrate our range of Islamic banking products to other Muslim countries that we operate in. This is a natural process for us as we operate in nearly 80% of the Muslim world.” 

In the last three years, StanChart Malaysia had provided Islamic financial services in private debt securities to local corporates.  

Those which had benefited from these Islamic structured facilities were Ranhill Bhd, Hong Leong Industries Bhd and Expressway Lingkaran Tengah Sdn Bhd. 

StanChart Malaysia, a member of the StanChart Group, was locally incorporated on July 1, 1994 and has been operating in the country for over 128 years. – Bernama 

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