Standard Chartered wins four islamic banking awards at Islamic Finance News Awards 2007

Standard Chartered, a leading international bank in the UAE, received four distinguished awards for Islamic Banking excellence during an award ceremony held by Islamic Finance News at Shangri-La Hotel in Dubai Monday 12th March.

Standard Chartered’s strong expertise in structuring customised Islamic financial solutions catering to customer needs and complying with Shariah principles was recognised by the organisers and ensured Standard Chartered’s recognition at the awards ceremony.

Standard Chartered was presented with awards for:-

Musharakah Deal of the Year - Qatar Real Estate Investment Company Sukuk; Qatar Deal of the Year - Qatar Real Estate Investment Company Sukuk; Pakistan Deal of the Year - Sitara Chemicals Industry Ltd. Sukuk; and the Corporate Finance Deal of the Year - Kuwait Finance House Syndicated Facility.

“Standard Chartered has a reputation for innovation in Islamic Banking, and it’s our ambition to become known as the best Islamic International Bank in the world,” said Afaq Khan, CEO Islamic Banking Standard Chartered. “We currently lead the marketplace by being the first bank to devise product solutions that transcend industry segments as well as geographies, and that comply with Shariah principles.”

These principles were demonstrated in the Bank’s execution of numerous notable deals throughout the last 12 months, several of which were industry firsts. The Qatar Real Estate Investment Company (QREIC) Sukuk transaction, for example, is the longest tenor sukuk issue (ten years) to be issued in the international market and is the first corporate Sukuk to be issued out of the State of Qatar.

Another landmark deal for Standard Chartered was the Sitara Chemicals Industries Limited (SCIL) Sukuk in Pakistan, which saw the Bank appointed as the Lead Manager and Sole Bookrunner for the first local currency sukuk to be issued by a local corporate in the country. This was also Standard Chartered’s first sukuk issue in this market.

“A diminishing Musharaka structure was used as the basic structure for this transaction,” explains Ahsan Ali, Head of Islamic Origination. “The success of this transaction has significantly raised Standard Chartered’s profile as a provider of innovative Islamic capital markets solutions, exemplified by other corporates in Pakistan now using this as a model for similar sukuk issuances.”

Other notable deals in the Islamic banking field from Standard Chartered include the first Islamic profit swap deal in South East Asia with Bank Muamalat; the first commodity Murabaha facility in Singapore with BAITAK Asia Real Estate Fund and the first syndication facility for Kuwait Finance House, the world’s second largest Islamic bank.

“The Islamic banking industry is going from strength-to-strength,” added Afaq Khan. “We have identified this industry as a key emerging market. Robust Islamic products have exactly the same risk and reward dynamics that are required by Standard Chartered, global banking and international regulatory standards. Standard Chartered Islamic Banking has significantly grown in the last 12 months and we’re on track to continue to grow the business, it’s our aim to assist our customers to tap into this potential.”

With over 150 years of international experience in the banking and financial sector, Standard Chartered has developed a comprehensive portfolio of Islamic products including basic transactional banking, FX and ALM, sukuks, syndications, structured finance, structured trade finance as well as Islamic TrAin and Derivatives (profit rate swap, cross currency swap, forward rate agreement).

The Bank’s strong network across the Middle East, Asia and Africa uniquely place it to arrange seamless global transactions for customers.

Notes and contacts

About 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.
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