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Standard Chartered eyes Saudi Arabian Islamic banking market
DUBAI - Standard Chartered plans to enter the Saudi Arabia, the biggest market in the Gulf to further boost its Islamic banking revenues, its top executive said.
The lender expects its total revenues from the Middle East to double within next five years to $4 billion annually. The bank wants to grow its Middle East’s share of business to 20 per cent in five years.
“We are doing exceptionally well,” V Shankar, the bank’s chief executive officer for the Middle East, Africa and the Americas, told reporters for bank’s Shariah-compliant operations.
Malaysia and Gulf Cooperation Council countries are main areas of growth for Islamic banking, Shankar said, adding: “The biggest Islamic banking market is Saudi Arabia.”
The British lender has planned to enter two new markets by the end of this year and these are Saudi Arabia and Libya. The banks is eyeing a presence in Saudi Arabia after being granted a capital markets license, he said.
The newly appointed chief executive said Islamic banking recorded an annual growth of 30-35 per cent including retail and wholesale segments.
Shankar said Abu Dhabi and Dubai markets are equally important for the bank as it sees these markets as a country. He mentioned that Dubai corporate sector is under stress while the same sector in Abu Dhabi has low level of stress.
Responding a question on Dubai World’s proposal for its debt restructuring, he said, “We are supportive of the proposal.”
The lender is one of seven senior creditors negotiating the final restructuring of $23.5 billion of debt with Dubai World. The bank is also in talks with Dubai Holding to roll over a $555 million loan due next month.
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