Standard Chartered Launches Sharia-Compliant Investment Funds in UAE
Standard Chartered has announced the introduction of a new range of Islamic investment funds, branded as “Signature,” established in the United Arab Emirates. This initiative marks a significant milestone, utilizing the UAE as a global platform for the registration and launch of these financial products within the bank’s portfolio before they are introduced to international markets. This launch answers the growing demand for investment solutions that align with Islamic law and highlights the UAE’s established reputation as a leading center for Islamic finance and financial innovation.
Initial Launch Details
The inaugural launch includes two primary funds: the “Islamic Growth Fund” and the “Islamic Income Fund,” with plans to expand to four investment funds in the upcoming phase. These funds will provide investors with access to a diverse global asset mix, encompassing equities, sukuk, gold, and liquidity instruments, thereby offering flexible and expansive investment opportunities.
Executive Insights
Rola Abou Minia, CEO of Standard Chartered in the UAE, Middle East, and Pakistan, stated, “The UAE has successfully positioned itself as a global leader in Islamic finance through a comprehensive ecosystem that supports innovation, diversity, and responsible investment. With the launch of Islamic investment funds from the UAE to the world, we are leveraging our extensive experience and global network to deliver innovative and Sharia-compliant solutions, reflecting our strong commitment to supporting the UAE’s vision for the development of the Islamic finance sector and leading its growth worldwide.”
Sector Growth Overview
This announcement comes at a time when the Islamic finance sector is experiencing rapid growth. The value of global Islamic assets is projected to reach approximately $5.5 trillion in 2024, with expectations of rising to $7.7 trillion by 2028. The UAE stands out as one of the top five markets driving this growth globally, further solidifying its role as a key hub for innovative and Sharia-compliant wealth management.