The move marks the next phase in the Bank’s rollout of Shariah-compliant solutions already offered in more than 25 countries.
Standard Chartered today announced its plans to introduce its Islamic Banking Account in the UK.
As the only international bank with a global Islamic banking franchise, Standard Chartered Saadiq provides Shariah-compliant solutions to financial institutions, corporates, wealth, retail, and private banking clients across more than 25 countries.
The Saadiq Account has been approved by an independent Shariah Supervisory Committee. All funds are segregated and invested solely in Shariah-approved activities, ensuring trusted, compliant banking and allowing clients to earn returns on their available balances.
The Bank’s new UK product will be available to Standard Chartered’s global clients seeking Islamic banking services in the country. It responds to growing demand for alternatives to conventional banking products, offering tailored solutions that support institutional growth alongside ethical and inclusive finance. The launch also reflects increasing market appetite and a supportive regulatory environment for Shariah-compliant services in the UK.
Built on the core principles of Islamic finance – including the prohibition of interest (riba), risk and profit-sharing (Mudarabah and Musharakah), and investment in ethical, asset-backed activities – the offering enables clients to align their financial choices with their values, while promoting greater financial inclusion.
Standard Chartered’s recent report, Islamic Banking for financial institutions: unlocking growth amidst global shifts, forecasts that global Islamic finance assets will grow from USD5.5 trillion in 2024 to USD7.5 trillion by 2028, highlighting the rising significance of Shariah-compliant finance worldwide. The report also explores the drivers of growth, regulatory changes, market expansion opportunities, and the ongoing challenges of regulation, liquidity, and risk management.
Joanne Fraser, Head of Transaction Banking, UK and Regional Head of Cash Product, UK & Europe, said: “Standard Chartered is incredibly well positioned to meet the growing appetite for Islamic Banking products in the UK, with our global presence and unique network enabling us to connect our clients with dedicated Islamic banking teams, as we progress towards offering our full suite of Islamic cash management products whilst adhering to Shariah-compliant principles.”
Khurram Hilal, CEO of Group Islamic Banking at Standard Chartered, added: “Islamic Banking is no longer seen as an exclusive proposition. As solutions become more sophisticated, it has become increasingly appealing to a wider client base, who recognise the benefits of a profit-sharing, non-interest alternative to conventional banking.”
Standard Chartered has already welcomed its first pilot clients to Saadiq in the UK. Serhan Yıldırım, Executive Vice President, Treasury and International Banking at Albaraka Türk Katılım Bankası A.Ş., said: “Unlocking access to a global network with a longstanding history in Islamic Banking gives us great confidence in collaborating with a trusted partner like Standard Chartered.”
Tarık Börekci, Executive Vice President, Treasury and Strategy at Vakif Katilim Bankasi A.S., said: “We are pleased to be working with Standard Chartered to access their Saadiq offering, with their expertise in Islamic Banking alongside their unique cross-border network, this announcement marks a positive step in Islamic Banking product innovation which we are proud to play a role in.”
