Tagged: Wasim Saifi

Islamic banking nears its big breakthrough in Africa

Islamic banking nears its big breakthrough in Africa

<p>While Islamic banking assets have grown rapidly around the world to stand at more than USD1.3 trillion at the end of 2012, the industry has remained in its infancy in Africa. However that could be about to change. By the end of this decade it&rsquo;s quite possible that banking complying with Shariah law could grow to account for up to 10 per cent of banking assets in five or six sub-Saharan African countries, including Kenya and Nigeria. Behind the buzz is real demand from African domestic consumers for the choice to bank in accordance with their faith. Governments and regulators in Africa no longer view Islamic banking as a niche industry, but actively seek to encourage its development. There&rsquo;s also growing awareness of the significant liquidity pool now available in Islamic finance, particularly across the Middle East, as a source of funding for crucial infrastructure investment. Sub-Saharan Africa has a great opportunity to develop a healthy Islamic banking eco-system much faster than other regions of the world.</p>
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<p><a href="http://www.cpifinancial.net/features/category/islamic-finance/post/22307/islamic-banking-nears-its-big-breakthrough-in-africa" title="http://www.cpifinancial.net/features/category/islamic-finance/post/22307/islamic-banking-nears-its-big-breakthrough-in-africa">http://www.cpifinancial.net/features/category/islamic-finance/post/22307…</a></p>
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Standard Chartered to launch Islamic banking in Kenya, Indonesia

Standard Chartered to launch Islamic banking in Kenya, Indonesia

<p>Standard Chartered Plc will start offering Islamic banking in Kenya as a springboard into the rest of Africa, Wasim Saifi, its global head of Islamic consumer banking said. Moreover, it may expand services in Indonesia. He said the bank would offer the services through its Islamic banking brand, Standard Chartered Saadiq, targeting the country&rsquo;s official Muslim population of 4 million people, as well as non-Muslims. The new products will first be launched in Kenya, then in other countries in east Africa and west Africa, as well as further afield. Especially Indonesia is interesting to the bank because Islamic finance is set to triple or quadruple in the next five-ten years in the country. Standard Chartered currently offers Islamic banking in Indonesia through associate Bank Permata</p>
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<p><a href="http://www.euronews.com/business-newswires/2016068-standard-chartered-to-launch-islamic-banking-in-kenya-indonesia/" title="http://www.euronews.com/business-newswires/2016068-standard-chartered-to-launch-islamic-banking-in-kenya-indonesia/">http://www.euronews.com/business-newswires/2016068-standard-chartered-to…</a></p>
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‘Convergence in global syariah interpretation’

‘Convergence in global syariah interpretation’

Differences seen in interpretation of syariah compliance among various Islamic finance markets are disappearing as there has been inter-market convergence of respective interpretations on a global scale moving forward. According to the chief executive …

Standard Chartered launches first Saadiq branch in S’wak

Standard Chartered launches first Saadiq branch in S’wak

Standard Chartered Saadiq Bhd (Saadiq), a wholly-owned Islamic bank subsidiary of Standard Chartered Bank Malaysia, launched its first branch in the state Sarawak. Saadiq chief executive officer (CEO) Wasim Saifi opened the branch located in Kuching, which was witnessed by Standard Chartered Malaysia consumer banking country head Sonia Wedrychowicz and government officials as well as the bank’s customers, partners and staff. Saadiq stated that the new branch opened seven days a week, extending its operations to weekends in order to improve customer access to the bank’s facilities and services.

Banks ‘need to attract GCC wealth’

Banks ‘need to attract GCC wealth’

The next area Islamic finance sets as a goal to develop is wealth management. So far, Muslim high net worth individuals have very limited possibilities in terms of availability of suitable products and services. According to consumer banking global hea…