Thursday, 4 October 2012

Islamic finance : Standard Chartered launches Islamic Euro Nostro Account

Karachi: Standard Chartered Bank on Wednesday announced the launch of the industry’s first Islamic Euro Nostro Account. Islamic banks across the world will now be able to earn Shariah-compliant profits on their account balances at Standard Chartered Bank’s Germany branch in Frankfurt.

Bank Alfalah, one of the leading banks in Pakistan is the first to sign an agreement with the British-based bank for Islamic Euro Nostro Account at the recently concluded Bankers Conference 2012 which was held in Istanbul, Turkey.

The Standard Chartered ‘Saadiq’ Euro clearing Account utilises a Shariah-compliant account sweep facility. At the end of each business day, available balance in client’s ‘Saadiq’ clearing account will be invested using the Islamic finance mode of Murabaha. Profit generated from these transactions will be credited on a monthly basis.

(The Express Tribune / 04 Oct 2012)

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