KUALA LUMPUR: Standard Chartered Saadiq Bhd (Saadiq), the Islamic banking arm of Standard Chartered banking group, opened a new branch in Ampang yesterday as part of its expansion plan to strengthen its presence in Malaysia.

The Islamic banking outfit is also targeting to set up eight more branches in the next 12 months.

Standard Chartered Bank Malaysia Bhd managing director and CEO Osman Morad said Islamic banking was of strategic importance to the banking outfit as it had vast potential.  

Islamic banking provides a viable alternative for many economic and business activities and offers individuals who prefer syariah-compliant banking more choices, he said in a statement yesterday.  

“Opening the Ampang Point branch and another eight more branches in the next 12 months is a logical step to expanding our reach and delivering on our customer-focused strategy,” said Osman.

Saadiq CEO Azrulnizam Abd Aziz said the bank was sharpening its customer value proposition, advancing distribution channels and improving its ability to produce innovative financial solutions that comply with syariah principles.

Additionally, the bank is looking to triple the number of employees to 180 in the next 12 to 18 months, he said.

“All these efforts show that we are optimistic of Islamic finance and its impact on the market and economy,” said Azrulnizam.

The Islamic bank has also added two takaful products — Saadiq Takaful Aman and Takaful Aqil — to its comprehensive range of financial solutions, Azrulnizam added.

This article appeared in The Edge Financial Daily, June 17, 2010.