30 July 2008
The Shariah-compliant version of Standard Chartered Bank's Online Treasury (OLT) proprietary foreign exchange trading and hedging platform has been re-launched under the bank's global brand for Islamic products - Standard Chartered Saadiq.
Standard Chartered is the first bank to launch online services in Islamic FX utilising the Wa'ad structure to allow Islamic companies and institutions to hedge forward FX exposures under a Shariah compliant structure.
OLT is integrated into the bank's industry-leading Straight2Bank platform. The online FX service delivers fast automated prices from Standard Chartered Bank's trading floors straight to any desktop, providing fast, competitive and consistent pricing. It leverages the bank's comprehensive coverage of the global FX markets supporting Spot, Forward and Swap pricing in over 100 currencies, 24 hours a day.
The bank has a sizeable presence in global foreign exchange markets, particularly he Asian, African and Middle Eastern currencies while offering extremely competitive services in all major currencies with specialised onshore and offshore traders providing pricing in many illiquid and restricted currencies.
Online Treasury offers a customer instant access to liquidity to efficiently achieve FX management objectives.
"Being able to service clients' FX requirements in a Shariah compliant fashion is a key requirement in this region, particularly with the sharp growth in the number of corporates and institutions operating under Islamic principles," said Ghazanfar Naqvi, Head of Islamic Products, Standard Chartered Saadiq.
"With rapid adoption of eFX services in the Middle East, it is also essential that our Islamic FX products can be delivered electronically alongside our conventional eFX offering. Bringing the Islamic OLT channel under the Bank's Saadiq brand also serves to unify our Islamic product base under a single name." he added.
Standard Chartered listed on both the London Stock Exchange and the Hong Kong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The group has more than 1,700 branches and outlets located in over 70 countries and derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East.
The Shariah-compliant version of Standard Chartered Bank's Online Treasury (OLT) proprietary foreign exchange trading and hedging platform has been re-launched under the bank's global brand for Islamic products - Standard Chartered Saadiq.
Standard Chartered is the first bank to launch online services in Islamic FX utilising the Wa'ad structure to allow Islamic companies and institutions to hedge forward FX exposures under a Shariah compliant structure.
OLT is integrated into the bank's industry-leading Straight2Bank platform. The online FX service delivers fast automated prices from Standard Chartered Bank's trading floors straight to any desktop, providing fast, competitive and consistent pricing. It leverages the bank's comprehensive coverage of the global FX markets supporting Spot, Forward and Swap pricing in over 100 currencies, 24 hours a day.
The bank has a sizeable presence in global foreign exchange markets, particularly he Asian, African and Middle Eastern currencies while offering extremely competitive services in all major currencies with specialised onshore and offshore traders providing pricing in many illiquid and restricted currencies.
Online Treasury offers a customer instant access to liquidity to efficiently achieve FX management objectives.
"Being able to service clients' FX requirements in a Shariah compliant fashion is a key requirement in this region, particularly with the sharp growth in the number of corporates and institutions operating under Islamic principles," said Ghazanfar Naqvi, Head of Islamic Products, Standard Chartered Saadiq.
"With rapid adoption of eFX services in the Middle East, it is also essential that our Islamic FX products can be delivered electronically alongside our conventional eFX offering. Bringing the Islamic OLT channel under the Bank's Saadiq brand also serves to unify our Islamic product base under a single name." he added.
Standard Chartered listed on both the London Stock Exchange and the Hong Kong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The group has more than 1,700 branches and outlets located in over 70 countries and derives more than 90 per cent of its operating income and profits from Asia, Africa and the Middle East.
© Bahrain Tribune 2008
