'Islamic US Dollar Nostro Account' facility: Standard Chartered, Meezan Bank sign accord

Standard Chartered Pakistan and Meezan Bank have entered into an agreement for provision of 'Islamic US Dollar Nostro Account' facility. The two will earn Shariah-compliant profits on their account balances at Standard Chartered Bank New York by use of the facility.
Saadiq US Dollar Nostro Accounts will be available globally, including the Middle East and Malaysia. To ensure that Standard Chartered's products comply with the principles of Shariah, the bank would be advised by an independent committee comprising of three of the world's most renowned Shariah scholars - Dr Abdul Sattar Abu Ghuddah, Sheikh Nizam Yaquby and Dr Mohamed Ali Elgari.
Commenting on the agreement, Imran Sarwar, Head of Origination & Client Coverage said, "We believe that the future of the Islamic Banking industry in Pakistan is extremely promising and with the support of our partners we are well positioned to take the lead in this market. Islamic Banking products are very important facilities for our customers and the offering of these products is therefore a key initiative for the bank."
"Saadiq US Dollar Nostro Account is unique, innovative and illustrates our commitment to meeting the core needs of our clients seeking alternative banking such as Shariah-principled," said Azhar Aslam, Head of Islamic Banking, Standard Chartered Pakistan. "By further catering to the Islamic banking market, Standard Chartered Pakistan is able to strengthen its position as the bank of choice for clients."
Speaking about the importance of this product, Ariful Islam, Chief Operating Officer of Meezan Bank Limited said "This will be an addition to Meezan Bank's extensive offering of Islamic banking products and facilitate its Vision of establishing Islamic banking as banking of first choice.'
A Nostro account is established in a foreign country and usually in the currency of that country for the purpose of carrying out transactions. Standard Chartered Saadiq has been at the forefront of developing the Islamic finance sector since its global brand launch in 2007. To date, it has introduced over 150 products and solutions across retail and wholesale banking with over 50 industry accolades.-PR