National Bank for Development signs up to Standard Chartered's Islamic Euro Nostro Product
In cooperation with Abu Dhabi Islamic Bank Group, Egyptian National Bank for Development (NBD) signed up to Standard Chartered Bank's Islamic Euro Nostro Account. Using this Nostro product, NBD will be able to earn Shariah-compliant profits on its account balances at Standard Chartered Bank Germany Branch in Frankfurt. The agreement was made at SIBOS 2012 in Osaka, Japan. The main feature of the Standard Chartered Saadiq EUR Nostro Account is that it utilises a Shariah-compliant account sweep facility. Available EUR balance in NBD's Saadiq clearing account will be used for investment using the Islamic finance mode of Murabaha at the end of each business day.
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