Standard Chartered ‘Saadiq’ launches $ 100 million to support Islamic finance companies

Standard charter ‘Saadiq’ announced, together with the Malaysian Halal Development Company, the launch of a $ 100 million Islamic finance program dedicated to supporting SMEs, companies and multinationals in Asia, the Middle East and Africa, with a focus on some of the major halal markets such as the Emirates United Arabs, Saudi Arabia, Malaysia, Bahrain and Bangladesh and Pakistani.

The program, which was announced during Halal Week taking place at the UAE Expo, is part of Standard Chartered’s Halal360 proposal and aims to expand the Halal ecosystem across Asia, Africa. and the Middle East.

Khurram Hilal, Managing Director of Islamic Banking and Head of Group Islamic Products at Standard Chartered, said: “The halal economy is expected to grow exponentially and as a leading player in Islamic banking we are honored to support halal businesses across our global footprint. . We leverage our network in high growth markets to help businesses succeed by providing innovative financial solutions; thus contributing to the overall growth of the Halal business ecosystem. ”

Hairol Ariffein Sahari, CEO of HDC said, “This is indeed a great opportunity for HDC to meet one of the most vital needs of halal businesses, including multinationals (MNCs), enterprises and small and medium enterprises ( MSME), and that’s halal funding. The funding will enable Malaysian companies to enter the Middle East, Asia and other global markets, become self-reliant and more competitive at the national level with the ultimate goal of becoming Malaysian Halal Champions ”,

Halal Development Corporation Berhad (HDC) is spearheading the development of Malaysia’s integrated and comprehensive halal ecosystem and infrastructure to position Malaysia as the most competitive country and leader in the global halal industry. Established on September 18, 2006, HDC is also known as the central coordinator which promotes participation and facilitates the growth of industry players in the development of Malaysia’s halal ecosystem. An agency under the supervision of the Ministry of International Trade and Industry (MITI); it is the world’s first government-backed halal industry development company

Standard Chartered Saadiq is the only international Islamic banking network present in Asia, Africa and the Middle East. Standard Chartered “Saadiq” was named “Best Islamic Supply Chain Bank” at the Asset AAA Islamic Finance 2021 awards and offers a range of trade finance and liquidity management solutions that halal businesses can tap into to grow their businesses. activities and their footprint.