Standard Chartered (StanChart) has launched
the industry’s first Islamic Euro Nostro account in Frankfurt,
Germany.

The new Islamic Euro Nostro account allows
Islamic banks across the world to earn Shariah compliant profits on
their balances. Pakistan’s Bank Alfalah is, reportedly, the first
to have signed up for StanChart’s new account.

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StanChart’s ‘Saadiq’ Euro clearing account,
which the lender aims to offer clients across its network soon,
utilises a Shariah compliant account sweep facility that enables
balances in a Saadiq clearing account to be invested at the end of
each business day, using the Islamic finance mode of Murabaha.

The account provides Shariah compliant
reporting statements as well as a range of commercial and treasury
payment capabilities.

There is also a facility to customise
transaction fees by customer, beneficiary, country, branch or code
word.

 

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