StanChart Saadiq plans more wealth products

 

Standard Chartered Bank Malaysia Bhd's Islamic banking arm, Standard Chartered Saadiq Bhd (StanChart Saadiq), will introduce more wealth management products to meet customers' demand.

Chief executive officer Azrulnizam Abd Aziz said this is in line with the bank's strategy to come out with products that differentiate between Islamic and conventional offerings.

"Through innovative wealth management products we hope to be the right partner for customers, especially in the medium- and high-value segments," he said in a media briefing in Kuala Lumpur yesterday.

Wealth management pro-ducts and services include private banking, estate planning, legal resources and investment management services. The aim is generally to sustain and grow wealth in the long term, using various investments.

StanChart Saadiq now offers 33 syariah-compliant products and services ranging from retail banking, corporate and treasury products.

Meanwhile, StanChart Saa-diq Dubai chief executive officer for Islamic banking, Afaq Khan, who was also present at the media briefing, said: "The economic downturn impact on Islamic finance was not that bad as compared to conventional banking.

"When the economy picks up, it will accelerate the Islamic finance growth further," he said.

Globally, Standard Chartered Saadiq is looking at expansion in markets where it already has presence, including Malaysia.

The group also has operations in Pakistan, Indonesia, the United Arab Emirates, Bahrain and Bangladesh

Locally, StanChart Saadiq plans to open a few more branches next year. Its first branch was opened last year in Taman Tun Dr Ismail, Kuala Lumpur.

StanChart Saadiq's assets accounted for 11.4 per cent of StanChart Malaysia's total assets of RM5.4 billion as at December 31 2007.