StanChart ‘Saadiq’ offers $100mn Islamic finance for key halal markets

By Amirtha P S, Desk Reporter
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British multinational banking and financial services company, Standard Chartered ‘Saadiq’, in association with the Malaysian Halal Development Corporation Berhad (HDC), have launched $100 million Islamic financial programs across Asia, the Middle East and Africa region.

The financial program is mainly focused on supporting small and medium-sized enterprises (SME), corporates and multinationals in some of the key halal markets such as the UAE, Saudi Arabia, Malaysia, Bahrain, Bangladesh and Pakistan.

The program, which was announced during the Halal Week taking place at the UAE Expo, is part of Standard Chartered’s Halal360 proposition and aims at expanding the Halal eco-system across Asia, Africa, and the Middle East.

Khurram Hilal
Khurram Hilal
CEO – Group Islamic Banking
Standard Chartered

“The Halal economy is projected to witness exponential growth and as a leading player in Islamic Banking, we are honored to be supporting Halal businesses across our global footprint. We are leveraging our network in high growth markets to help businesses succeed by offering them innovative financial solutions; thereby, contributing to the overall growth of the Halal trade-ecosystem.”

Mr. Hairol Ariffein Sahari, Chief Executive Officer of HDC stated, “This is indeed an excellent opportunity for HDC to facilitate one of the most vital needs of the Halal companies including multinationals, corporates and small and medium-sized enterprises, and that is halal funding. The funding will ease Malaysian companies to penetrate the Middle East, Asia and other global markets, self-reliance and be more competitive domestically with the ultimate goal to become Halal Malaysia Champions.”

Standard Charted ‘Saadiq’ is the only international Islamic banking network with a presence spanning across Asia, Africa, and the Middle East. ‘Saadiq’ was named ‘Best Islamic Supply Chain Bank’ at the Asset AAA Islamic Finance awards 2021 and offers a range of Trade Finance and Liquidity Management solutions that halal companies can tap onto to grow their business and footprint.

Halal Development Corporation Berhad (HDC) spearheads the development of Malaysia’s integrated and comprehensive halal ecosystem and infrastructure to position Malaysia as the most competitive country leading the global halal industry. Established in 2006, HDC is also known as the central coordinator that promotes participation and facilitates the growth of industry players in the development of Malaysia’s halal ecosystem. 

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