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Friday, 14 September 2007

Standard Chartered Bank Malaysia hopes to apply for an Islamic banking licence

KUALA LUMPUR: Standard Chartered Bank Malaysia Bhd (StanChart) hopes to apply for an Islamic banking licence within a year. “We've not yet applied (but) we're hopeful that we will,” chief executive officer Julian Wynter said. “There are a lot of details we have to work through, especially for a foreign bank.” He added that the bank could submit an application in the next 12 months. He was speaking after the launch of StanChart's Islamic trade and supply chain finance proposition yesterday. The London-based lender expected to double its Malaysian Islamic banking assets to 10% of total assets by end-2007, from 5% last year, Wynter said. That number was expected to climb to a fifth of its total Malaysia assets by 2010, he added. In 2006, StanChart Malaysia had total assets of US$12bil, Wynter said. The lender was the first foreign bank in Malaysia to offer an Islamic banking window in 1993. The bank would not grow its Islamic assets by pursuing an acquisition in Malaysia, Wynter added. “Our plan is to grow by organic activities,” he said. “An acquisition is not something that we're looking at right now.” – (Reuters, 14 Sep 07 )
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