KARACHI: Standard Chartered Pakistan Chief Executive Officer Shazad Dada has dubbed the issuance of Sukuk bonds an achievement for the country which it accomplished on time in collaboration with different Islamic banks by raising $1 billion.
Standard Chartered Pakistan Chief Executive Officer Shazad Dada said that Pakistan received tremendous response from the international investors. He said that Standard Chartered was one of the lead advisors to the government in the recently concluded International Sovereign Sukuk transaction. The bank played an instrumental role in resolving a roadblock around asset structuring. This enabled smooth execution of International Sovereign Sukuk which raised $1 billion for the country for 5 years at 6.75 percent per annum (50 bps less than conventional sovereign bond issue).
Dada said Standard Chartered was the first international bank to get an Islamic banking license in 2004 and to open the first Islamic banking branch in Pakistan. The franchise in Pakistan comprises of 116 branches in 22 cities out of which the bank has 10 dedicated Islamic banking branches across the country. “The bank is celebrating 10 years of Saadiq in Pakistan. Saadiq, which means ‘truthful’, is Standard Chartered’s global Islamic banking brand,” he said.
“Our Islamic banking innovation capability is reflected by being the first and only bank to launch and offer a Shariah compliant credit card in the country,” he said. Dada said that Standard Chartered Bank, consistent with its brand promise “here for good”, stands committed to strengthening its commitment to Saadiq for the long term growth and development of Pakistan. The future of Islamic banking is very promising and the bank is thankful to both the State Bank of Pakistan and the government for creating a conducive environment for the growth of Islamic banking in the country.”
Standard Chartered Head of Islamic Banking Azhar Aslam said, “Islamic banking has been growing faster than conventional banking owing to the rising client demand, wide product offerings, and strong government support. Independent recognition by the Banker (an affiliate of Financial Times) as the Islamic Bank of the year in 2013 is a testament of successful execution of our strategy and commitment to our clients.”
