Standard Chartered has launched new Shariah-compliant retail
banking products and services in the United Arab Emirates
(UAE).
The bank said that its new product range, a home and salary
suit, are part of its customer-centric strategy to offer valuable
services according to a customer’s individual requirements.
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Standard Chartered’s home suit and salary package both offer
personal loans, a free credit card as well as life insurance and
automated bill payment.
Standard Chartered’s value-added product range
comes at a time of discontent among retail banking clients in the
UAE.
The latest
UAE-survey by consultants Ernst and Young showed that a quarter
of retail banking clients in the Gulf Cooperation Council, which
includes the UAE, were planning to switch their accounts in
2011.
In March, the Central Bank of the
UAE issued a directive to ban the country’s national banks from
cold-calling potential and existing customers for marketing and
sales purposes after rising customer complaints about banks’
alleged aggressive marketing strategies and telephone calls at
anti-social hours.
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