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Standard Chartered has appointed Rehan Shaikh as chief executive of its global Islamic banking business, it said in a statement on Wednesday.
Shaikh moves to Standard Chartered Saadiq from Dubai Islamic Bank, where he was senior vice president and business head, private sector and transaction banking. He previously worked for StanChart in Pakistan from 1998 to 2007, the statement said.
He takes over from Sohail Akbar, who was interim chief executive of the Islamic banking operation after the departure of Afaq Khan earlier this year.
StanChart remains committed to the business despite a period of hiatus across other parts of the bank as global chief executive Bill Winters moves to restore profitability. It announced plans this month to reduce costs by $2.9 billion by 2018 and cut 15,000 jobs.
"Islamic finance is an integral part of the business at Standard Chartered and we continue to see growing demand from clients in many of our markets," said Sunil Kaushal, the bank's regional chief executive for Africa and the Middle East.

Saudi Arabia-based Islamic Development Bank (IDB) has hired CIMB (KUL:COMMERZ), Citigroup (NYSE: C | PowerRating), HSBC (LON:HSBA) and Standard Chartered (LON:STAN) to serve as lead-managers of its planned sukuk offer, Reuters reports today, citing a source at one of the arrangers.
IDB will also launch a roadshow ahead of the dollar-denominated debt issue, according to the source.

Saeed Azhar reported on Reuters on 18th March, that Asia-focused Standard Chartered Bank has applied for a license to set up a separate Islamic banking unit in Malaysia, aiming to capture growth in a business that has escaped global credit turmoil.

Standard Chartered had $1.4 billion (699 million pounds) of Islamic banking assets in Malaysia at the end of 2007, more than double the year ago period, he said.

HSBC and Singapore's third-biggest lender, Oversea-Chinese Banking Corp , have already received regulatory approval to set up Islamic banking units in Malaysia.

Source: http://uk.news.yahoo.com/rtrs/20080318/tbs-uk-standard-chartered-malaysi...