Finance
A Sabah impetus for Islamic banking
Starting them young, Stanchart Saadiq banks on Sabah
It is, of course, to be expected of Standard Chartered to open an Islamic bank in Sabah. It is after all, the first foreign bank to offer Islamic banking services in Malaysia in 1992. But coming on the heels of Saudi Arabia’s Al Rajhi, the world’s biggest Islamic bank which opened its first branch in Kota Kinabalu last December, Stanchart Saadiq’s first branch at 1Borneo Hypermall in Kota Kinabalu underscores the scope of Islamic finance in the resource-rich Borneo island state.
Saadiq has eight branches alongside Stanchart’s other banks since it started in 2008. But it has a market share of the Islamic banking business of about 5%, according to Osman Morad, Stanchart’s chief executive officer and managing director. Sabah thus would help its growth.
Chief minister Musa Aman was happy as he opened the branch on February 24. He said Sabah is set to help Malaysia become an international Islamic financial centre.
Saadiq will be the first bank in Sabah to open its doors seven days a week except on public holidays. It has a programme to teach children all about Islamic finance. Known as the Minda Wang Saadiq, the first week-long learning started with a workshop for pupils at the Mutiara primary school in Kota Kinabalu and orphans of the Yayasan Kebajikan Suria in Tuaran.
Banking officials say Islamic finance has become popular in Sabah with customers attracted to higher yields and lower borrowing costs. – Insight Sabah
Posted on February 25, 2012
Explore more:
Musa Aman, islamic banking, Standard Chartered bank, Al Rajhi
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If we wish to become a more developed and more inclusive society, employee welfare must be prioritised. I ask all employers to commit to pay their workers a living wage.
Prime Minister, Datuk Seri Najib Tun Razak, said in his keynote address at the Invest Malaysia 2013 in Kuala Lumpur, yesterday. Malaysia had introduced the Minimum Wage Policy in July last year, and employers were given until early this year to begin complying with the new regulation.
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We strive to empower all members of society, including women to ensure they reach their fullest potential and play a greater role in driving Sabah's future development
Chief Minister, Datuk Seri Panglima Musa Haji Aman, said in his address at the swearing-in ceremony for members of the Sabah Women Advisory Council (MPWS) held at his official residence in Seri Gaya yesterday.
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The government has established ILTP to fill the void and to produce quality and competent human capital in various fields to meet the labour market. The institute offers various choices for youths to learn and equip themselves with vocational skills that are in great demand in the employment market in Sabah
Datuk Siringan Gubat Minister of Resource Development and Information Technology said this during his working visit to the Commerce and Technical Training Institute (ILTP) in Papar.
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I hope all elected representatives will make full use of the State Assembly sitting as the best platform to not only participate actively in debates, but also more importantly, every word said represent the voice of the grassroots
Chief Minister Datuk Musa Aman speaking at the State dinner in conjunction with the opening of the State Assembly sitting in Likas.
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Before we move further ahead in developing the Oil and Gas industry in Sabah, it is important that we gain better knowledge of and a full understanding on the approach taken by the nation as a whole in this sector of the economy
Deputy Chief Minister cum Minister of Industrial Development Datuk Raymond Tan said at the 17th Asia Oil and Gas Conference in Kuala Lumpur. Tan led the delegation from Sabah to the Conference.