IslamicFinance.de

Standard Chartered Bank today announced the launch of the first Islamic US Dollar Nostro Account in the United States.
Islamic banks across the world will now be able to earn Shariah-compliant profits on their account balances at Standard Chartered Bank New York by using this facility.
The facility will operate on the Islamic finance principle of Commodity Murabaha. Profits will be paid on a monthly basis.
The Saadiq US Dollar Nostro Accounts will be available globally, including the Middle East & Malaysia. To ensure Standard Chartered’s products comply with the principles of Shariah, the Bank is advised by an independent committee comprising three of the world’s most renowned Shariah scholars – Dr. Abdul Sattar Abu Ghuddah, Sheikh Nizam Yaquby and Dr. Mohamed Ali Elgari.