Standard Chartered to offer Islamic Banking Current Accounts in the UK

Published: September 29, 2025

Standard Chartered has today announced its plans to launch of its Islamic Banking Account in the UK.

As the only international bank with a global Islamic banking franchise, Standard Chartered Saadiq, the Bank offers Shariah-compliant solutions to financial institution, corporates, wealth, retail and private banking client segments in over 25 countries.

The Saadiq Account is approved by an independent Shariah Supervisory Committee, and funds are segregated and used for Shariah approved purposes only, to ensure trusted, Shariah-compliant banking, thereby allowing clients to earn returns on their available balances.

The Bank’s UK product, which will be available for Standard Chartered’s global clients with Islamic Banking needs in the UK, meets growing demand for alternatives to conventional banking products and provides institutions with tailored solutions to enable continued growth, alongside ethical and inclusive finance. The launch also follows increasing market appetite and a supportive regulatory environment for Shariah-compliant solutions in the UK.

Rooted in the principles of Islamic finance, such as the prohibition of interest (riba), risk and profit -sharing (Mudarabah and Musharakah), and investment in ethical asset-backed activities. The offering supports Standard Chartered’s clients in aligning with their’ values while promoting financial inclusion.

Standard Chartered’s latest report: Islamic Banking for financial institutions: unlocking growth amidst global shifts, projects global Islamic finance assets will reach USD7.5 trillion by 2028, up from USD5.5 trillion in 2024, reflecting the expanding relevance of Shariah-compliant finance globally. The report also examines growth drivers, regulatory developments, and market expansion opportunities, whilst addressing challenges in regulation, liquidity, and risk management.

Joanne Fraser, Head of Transaction Banking, UK and Regional Head of Cash Product, UK & Europe said “Standard Chartered is incredibly well positioned to meet the growing appetite for Islamic Banking products in the UK, with our global presence and unique network enabling us to connect our clients with dedicated Islamic banking teams, as we progress towards offering our full suite of Islamic cash management products whilst adhering to Shariah-compliant principles.”

Khurram Hilal, CEO of Group Islamic Banking at Standard Chartered said “Islamic Banking is no longer seen as an exclusive proposition. As solutions become more sophisticated, it has become increasingly appealing to a wider client base, who recognise the benefits of a profit-sharing, non-interest alternative to conventional banking.”

Standard Chartered has welcomed its first pilot clients to Saadiq in the UK. Serhan Yıldırım, Executive Vice President, Treasury and International Banking at Albaraka Türk Katılım Bankası A.Ş. said “Unlocking access to a global network with a longstanding history in Islamic Banking gives us great confidence in collaborating with a trusted partner like Standard Chartered.”

Tarık Börekci, Executive Vice President, Treasury and Strategy at Vakif Katilim Bankasi A.S. said  We are pleased to be working with Standard Chartered to access their Saadiq offering, with their expertise in Islamic Banking alongside their unique cross-border network, this announcement marks a positive step in Islamic Banking product innovation which we are proud to play a role in.”