12 March 2007
Strengthening the Bank's reputation for industry innovation in this field

Standard Chartered, a leading international bank licensed by the Dubai International Financial Centre (DIFC), has launched a new Islamic Banking course at the DIFC. Strengthening the Bank's reputation for industry innovation in this field globally, the two-day course provides participants with a comprehensive understanding of the fundamental principles of Islamic Finance.

"His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President & Prime Minister of the UAE and Ruler of Dubai, recently outlined the next stage of Dubai's ambitious growth. This includes achieving leadership status in the business and finance sectors," said Malcolm Walker, Senior Executive Officer, Standard Chartered DIFC.

"The financial services sector is a key engine of future growth and the DIFC will be at the Centre of this growth in the region.  Standard Chartered has operated in the Region for over 80 years and works with the DIFC on many levels to develop this market.

The DIFC and Standard Chartered recognise the increasing strategic importance of Islamic Banking & Finance. It's no co-incidence that our global team responsible for structuring customised Islamic financial solutions for Standard Chartered is based in the Centre, together with Regional CEO, MENA Shayne Nelson, who chairs our Islamic Banking Board."

Standard Chartered is also committed to developing national talent in line with Dubai and the broader UAE strategic social agenda. In July 2006 Standard Chartered signed a Memorandum of Understanding (MoU) with the DIFC to train and develop UAE nationals for careers in the financial services industry. The launch of this course further demonstrates the Bank's commitment to this objective. Over 50 per cent of participants attending the course are UAE nationals, working in the industry within either Standard Chartered or the DIFC.

"With over 500 staff moving to the DIFC by mid-2007, Standard Chartered will become the largest employer in the Centre," continued Walker, "We've invested heavily in our new operation and are also deeply committed to developing and harnessing national talent. The 'Fundamentals of Islamic Banking' course is one of our first steps to supporting the expansion of this emerging industry globally, and in educating the financial leaders of the future."

The course provides participants with an insight into the rapidly expanding Islamic Banking industry, assists them in identifying differences between Conventional and Islamic Banking products and profiles Standard Chartered's portfolio of Islamic banking products and transactional expertise.

"Standard Chartered's global Islamic business has doubled since 2005, and our aim is to become the best Islamic international bank in the world," said Afaq Khan, CEO Islamic Banking, Standard Chartered Bank.

"Our Sharia scholar will address the audience during the course, which will give participants a unique insight into how the Bank differentiates itself from its competitors - we understand this emerging market segment because we have lived and worked in many Islamic countries for generations and understand the attractions of Islamic financial products to clients of all faiths. We have devised tailored products and transactions that transcend industry segments as well as geographic boundaries, complying fully with accepted Shariah principles.

This industry is going from strength-to-strength, and only the near-sighted will miss the opportunity to grow market share and expertise for their key stakeholders. This course strengthens Standard Chartered's position as a leader in the field of Islamic banking and people development."

-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:
Niall McLoughlin
Regional Head of Corporate Affairs,
Standard Chartered Bank
Tel: +971 (0) 4 5070467
Fax: +971 (0) 4 3594174
Mobile: +971 (0) 50 6251329
Email: niall.mcloughlin@ae.standardchartered.com

© Press Release 2007