Standard Chartered Saadiq saw new product launches, technological innovation and strong financial results during the awards period, and is Pakistan's best international Islamic bank this year.
The bank launched the first Shariah-compliant cashback credit card in Pakistan, named SimplyCash. It achieved record sales in its personal finance operations following a promotion of all its Islamic retail banking products during the month of Ramadan. This offered new customers discounted financing rates, cashback rewards and waivers on processing and annual fees.
The bank has also focused on digital transformation. It was the first in the country to introduce FX digitization and enable person-to-person digital remittances, accommodating small and medium-sized transactions. Overall, 89% of the bank’s transactions took place digitally.
Additionally, the bank has introduced a solution for real-time commodity trading. The service, integrated with the Bursa Malaysia exchange, has achieved a 20% growth in daily volumes since its launch.
The bank’s performance metrics were also strong. It registered 75% year-on-year revenue growth, an 11% increase in its corporate banking assets portfolio, and 18% growth in Islamic personal-finance assets in 2023.