KARACHI: With strong network, Standard Chartered (SCB) is offering world class 'Halal360' solutions to support local businesses thrive within the global halal eco-system. Standard Chartered Saadiq Pakistan, is the only international bank in Pakistan that offers halal cross border trade solutions to its clients.
Standard Chartered announced this through a virtual client webinar, 'HALAL360: Connecting Halal businesses with Islamic Finance', which was jointly hosted by Standard Chartered Malaysia and Standard Chartered Pakistan, the Bank aims at promoting bilateral trade and exploring investment opportunities between the two Muslim countries of Pakistan and Malaysia.
The panellists who shared their insights during the webinar were Hairol Ariffein Chief Executive Officer Halal Development Corporation Malaysia, Asad Sajjad Chief Executive Officer Halal Development Council Pakistan, Suhaimi Abdul Hamid Chief Executive Officer Standard Chartered Saadiq Malaysia and Azhar Aslam Head of Islamic Banking Standard Chartered Saadiq Pakistan.
Worldwide, the global demand for halal products will continue to increase as the halal market has expanded from food and beverage products to cosmetics, pharmaceuticals, modest fashion and halal tourism. It is projected that the global halal industry is set to grow to USD3.1 trillion by 2023 presenting ample opportunities for Pakistani companies to be part of this ever-growing global market.
Standard Chartered Saadiq is the only international Islamic bank with a network spanning across Asia, Africa and Middle East that provides an unparallel network advantage to clients seeking access to new markets through Sharia compliant product offerings. Through its network, the Bank is poised to be a key driver in facilitating business matching opportunities for local businesses in their global expansion. Halal360 offers the right solutions at each step of the business cycle, whether they trade within a country or across the world.
Commenting on the opportunity, Rehan Shaikh, CEO Standard Chartered Pakistan, said that to achieve the spirit of a holistic and sustainable halal economy, it is essential to ensure that Shariah compliance prevails not only in the financing but also in the entire product and supply chain ecosystem of the participating organisations.
"This creates an appeal and pull for these businesses, which is universal in nature. Standard Chartered, in line with its brand promise of being here for our clients, has the global network to nurture this ecosystem and provide our clients with attractive Shariah compliant solutions," he added.
Azhar Aslam, Head of Islamic Banking Standard Chartered Pakistan said that over the years, there is growing awareness of halal tayyab which calls for Shariah compliance to be assessed throughout the entire supply chain of a halal business. "We look forward to facilitating the growth of halal trade corridor between Malaysia and Pakistan by supporting the halal ecosystem through Islamic financing solutions & products," he added.
Copyright Business Recorder, 2020
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