Standard Bank Shari'ah Banking has focused on product innovation during the awards period and has seen impressive growth across its African operations.
The bank grew assets by more than 160% and its corporate loan portfolio has now reached R8.9 million ($460,000). Corporate clients grew by 3%, while retail customers surged by 53%. The head of shari’ah banking at Standard Bank Group is Mohammed Ameen Hassen.
Innovations include the first shariah-compliant charge card in South Africa, in addition to an advanced lending solution allowing clients to access funding within just 48 hours of application.
The bank has also launched the Stanbic IBTC imaan fund in collaboration with its Nigerian subsidiary Stanbic IBTC. This invests primarily in shariah-compliant equities. This partnership has helped the bank cater to a broader client base.
It has also been active in the sukuk space, being involved in various transactions across the continent.
It successfully onboarded two large sukuk deals in Nigeria and facilitated South Africa's R20.386