Saadiq Gold Credit Card first Islamic credit card to be launched by the Bank globally

14 May 2007, UAE - 'Saadiq', Standard Chartered Bank's global Islamic Banking business brand, today rolled-out across the Middle East following the scheme's global launch in Malaysia in April this year.  Meaning 'truthful' in Arabic, the regional launch of the Saadiq brand coincided with the unveiling of Standard Chartered's first global Islamic credit card - the Saadiq Visa Gold Credit Card.

"Significant progress has been achieved in Standard Chartered's global effort to build a comprehensive and dynamic Islamic banking business," said Shayne Nelson, Regional Chief Executive Officer, Middle East & North Africa, and Chairman of the Islamic Banking Board, Standard Chartered Bank.

"To continue breaking new ground, the way forward is clearly through innovation, and the UAE is uniquely placed at this time to lead the way globally. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, recently outlined the next stage of Dubai's ambitious growth.

"This includes the vision for achieving leadership in the business and finance sectors, centering on Dubai becoming a worldwide centre of excellence for Islamic banking. We have taken inspiration from this initiative, and intend to be recognised as the leading international bank in the region, offering a complete suite of Islamic banking products and services."

The General Council for Islamic Banks and Financial Institutions (CIBAFI), which looks at Islamic banking mainly in Europe and the Middle East, estimated a market size of US $500 billion in 2005 with growth estimated at 15 per cent per annum.

"Standard Chartered's global Islamic business has more than doubled since 2006, and continues to grow at a rapid pace," said Afaq Khan, Chief Executive Officer of Standard Chartered Islamic Banking. "With the launch of our global Islamic banking brand, Saadiq, we aim to capitalise on all future worldwide growth in this emerging industry for the benefit of our customers and stakeholders alike."

"We have intensified the preparation for Standard Chartered to not only be part of that phenomenal growth, but to lead the way with innovative, best-in-class Shariah-compliant financial products."

In conjunction with the launch of the Saadiq Islamic Banking brand in the Middle East, Standard Chartered unveiled its first global Islamic credit card - the Saadiq Visa Gold Credit Card. Currently available only for UAE customers, the Saadiq Gold Credit Card offering will be rolled-out across the Group's network over the coming months.

"Based on international banking standards, the Saadiq Gold Credit Card is tailored to meet our customers needs for an interest-free credit card, and has been developed in strict accordance with the values of the Islamic faith," said Owen Belman, Head of Consumer Banking, Standard Chartered UAE & Oman.

The Standard Chartered Saadiq Gold Credit Card comprises of a card and service account, and operates on a fixed-fee structure based on the 'Ujrah' concept.  This unique feature provides customers with the flexibility of paying a fixed monthly maintenance fee and does not depend on the outstanding balance or duration of the balance in the service account.

"With the launch of the Saadiq Gold Credit Card, we are delivering continued service excellence to our customers and recognising their needs for financial services that uphold their personal beliefs," continued Belman.

"Internationally-recognised, Shariah -compliant and with an annual fee comparable to that of a conventional credit card, the Saddiq Gold Credit Card offers customers complete peace of mind. It offers them true flexibility and freedom to access interest-free credit card services wherever they are in the world."

Other key features and benefits of the Standard Chartered Saadiq Gold Credit Card, along with international recognition and acceptance, is a powerful rewards & loyalty programme - this includes travel privileges including a Shariah-compliant travel protection, discounts on air tickets, a complimentary Marhaba service voucher and Auto Assist services.

As an international bank leading the way in Asia, Africa and the Middle East, Standard Chartered has an established presence in almost 50 per cent of the Muslim world. This provides the Bank with the unique opportunity to understand, structure and deliver Islamic solutions for it customers, without compromising their beliefs.

"Standard Chartered has a reputation for innovation in Islamic Banking," stated Afaq Khan, "With over 150 years of international financial expertise and a true global network, we currently lead the marketplace by being the first bank to devise product solutions that transcend geographies and comply with worldwide Shariah-principles."

In the Middle East and South Asia, Standard Chartered has been strengthening Islamic banking since 2003 and has built extensive experience with sovereign issuers and cross-border bond offerings for large corporate in Islamic financing.

These include a US600 million Malaysia Global Sukuk (2002), a US700 million Sukuk for the State of Qatar (2003), US1 billion Sukuk for the Government of Dubai (2004), a US600 million Syndicated Project Financing for Equate Petrochemicals  (2004), a US550 million Sukuk for Emirates Airlines (2005) and a US850 million Syndicated Murabah Facility for Kuwait Finance House (2006).

Standard Chartered is amongst the leading banks in the region offering a comprehensive range of Islamic Banking products and services - including property financing, personal financing and corporate term.

-Ends- 

Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.

Standard Chartered has a history of over 150 years in banking and operates in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.

As one of the world's most international banks, Standard Chartered employs almost 60,000 people, representing over 100 nationalities, worldwide. This diversity lies at the heart of the Bank's values and supports the Bank's growth as the world increasingly becomes one market.

With strong organic growth supported by strategic alliances and acquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emerging trade corridors of Asia, Africa and the Middle East.

Standard Chartered derives over 90 per cent of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award-winning solutions.

Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensure that the Bank builds a sustainable business through social inclusion, environmental protection and good governance.

Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.

For more information on Standard Chartered, please log on to www.standardchartered.com

For further information please contact:
Sanjoy Chowdhury
Senior Manager,
Regional Corporate Affairs,
Standard Chartered Bank
Tel: +971 (0) 4 5070518
Fax: +971 (0) 4 3594174
Mobile: +971 (0) 50 4579720
Email: sanjoy.chowdhury@ae.standardchartered.com

Nimmi Kamal
Senior Manager,
Corporate Affairs,
MENA Region,
Standard Chartered Bank
Tel: +971 (0) 4 5083220
Fax: +971 (0) 4 428 2555
Mobile: +971 (0) 50 4526725
Email: Kamal.Nimmi@ae.standardchartered.com

© Press Release 2007