In a record-breaking year that showcased the full strength of its international Islamic finance network, Standard Chartered Saadiq has firmly established itself as the world’s leading global Islamic bank. With a footprint spanning more than 30 countries and offerings across retail, wealth, corporate and capital markets, Standard Chartered Saadiq’s value proposition stands out among its peers.
The bank’s Islamic finance business – active since 1993 and formally branded as Saadiq in 2003 – achieved its best-ever performance in 2024. Revenue, deposit growth, return on tangible equity and operating profit all reached record highs. This momentum was broad-based, spanning both retail and institutional banking across its core markets and key international corridors.
“We are proud to offer the most comprehensive Islamic banking platform of any international bank – and we do so in over 30 markets,” says Khurram Hilal, Group CEO of Standard Chartered Saadiq. “Clients come to us not just for the products, but for our unique combination of scale, authenticity and robust Shariah governance.”
Standard Chartered Saadiq’s distinction lies in its integrated model. It delivers a full suite of Shariah-compliant services across personal banking, corporate finance, trade, capital markets, treasury and wealth management – at scale and with local relevance. The bank has five dedicated Shariah boards, including a global board featuring some of the world’s most eminent scholars, giving it one of the most robust governance frameworks in the industry.
In corporate and investment banking, Standard Chartered Saadiq remains the undisputed global leader in sukuk issuance. It ranked number one in Bloomberg’s international sukuk league table for the 10th consecutive year, leading 54 transactions worth over $6 billion in 2024. Landmark mandates included deals for the Kingdom of Bahrain, Islamic Development Bank, Türkiye Wealth Fund, Aramco and the government of Sharjah, many of which featured innovative structures and record investor demand.
The bank has also played a pivotal role in fostering consensus on the implementation of AAOIFI standards for Islamic finance institutions and continues to lead discussions with regulators on Shariah standardisation globally.
Retail and wealth performance was equally impressive, achieving double-digit growth in revenue, assets and deposits across global operations. In the UAE, Standard Chartered Saadiq introduced 48 new sukuk and two new Islamic funds for retail investors. Saudi Arabia, where Standard Chartered began onshore operations in 2021, doubled its Islamic banking business in 2024, driven by the kingdom’s deep and growing demand for Shariah-compliant services.
Standard Chartered Saadiq plays an active role in shaping the future of Islamic finance, including through its collaboration with the International Islamic Financial Market
Standard Chartered Saadiq also stands out in the integration of ESG into Islamic finance. It participated in many major sustainable sukuk transactions during the year and helped banks such as Warba Bank in Kuwait and Qatar International Islamic Bank establish their sustainable finance frameworks. Green mortgages, sustainable deposits and charity-linked sadaqah accounts are among its growing suite of ethical finance offerings.
Digitally, the bank is aiming to provide a seamless experience for conventional and Islamic clients via a unified platform. In the UAE, 100% of Islamic credit card onboarding is now digital. Clients can invest in mutual funds with minimums as low as $200-$300, automate FX trades via a live trading platform, and open accounts digitally. The digital net promoter score in the UAE rose to 72 in 2024 from 64.9 the previous year, reflecting rising customer satisfaction.
Beyond financials, Standard Chartered Saadiq plays an active role in shaping the future of Islamic finance, including through its collaboration with the International Islamic Financial Market on the development of standardised master agreements for derivatives. It also runs high-impact thought leadership platforms such as the Global Shariah Majlis and FI Forum, which bring together scholars and market practitioners to discuss emerging issues and solutions.
In the words of Hilal: “What sets Standard Chartered Saadiq apart is not just scale, but authenticity. From our Shariah governance to our product structuring and client delivery, we’re committed to Islamic finance in its truest sense – as a force for ethical, inclusive and sustainable growth.”
For its outstanding 2024 performance, pioneering role in sustainable and structured Islamic finance, and unmatched international scale, Standard Chartered Saadiq is a clear and deserving winner of Euromoney’s 2025 award for the world’s best Islamic bank.
