Islamic finance awards: Most improved Islamic bank in Asia
Most improved Islamic bank in Asia
Standard Chartered launched its Islamic arm, Saadiq, in 2007 and just under two years later it launched Standard Chartered Saadiq Berhad, Saadiq’s Malaysian unit. Since then Standard Chartered has continued to invest in its Islamic franchise in Asia and the results have been especially clear in 2010.
A good example is the S$750 million ($582 million) syndicated murabaha facility for Singapore-based Parkway Holdings Limited, one of southeast Asia’s largest health care providers. Standard Chartered was joint arranger on the deal, and the transaction is one of the largest Singapore dollar murabaha facilities completed in Singapore, with a group of banks.
It was Parkway’s first Islamic funding exercise and a symbolic debut following the firm’s recent acquisition by Health care Holdings Limited, a subsidiary of Khazanah Nasional Berhad, the Malaysian government holding company.