Standard Chartered Pakistan Comes Up With Halal Cross Border Trade Solutions

Standard Chartered Saadiq Pakistan is the only international bank in the country that offers Halal cross border trade solutions to its clients. With its strong network, Standard Chartered offers world-class ‘Halal360’ solutions to support local businesses to thrive within the global halal ecosystem.

Announced 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 Pakistan and Malaysia.

The panelists who shared their insights during the webinar included:

  •  HairolAriffein, 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
  • 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 tourism. It is projected that the global halal industry is set to grow to USD 3.1 trillion by 2023 presenting ample opportunities for Pakistani companies to be part of this ever-growing global market.

Commenting on the opportunity, Rehan Shaikh, CEO Standard Chartered Pakistan, said:

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.”

Standard Chartered Saadiq is the only international Islamic bank with a network spanning across Asia, Africa, and the Middle East that provides an unparalleled 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.

Azhar Aslam, Head of Islamic Banking Standard Chartered Pakistan said,

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. This poses an equally growing need for not only utilising Islamic financial services to ensure end-to-end Shariah compliance, but also the need to ensure that every step of the business operation including manufacturing, marketing, distribution & financing is Sharia Compliant. By capitalising on the synergies between the halal industry and Islamic finance, we can foster a truly halal global economy. 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.

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