Business | Banking

Standard Chartered relaunches Islamic foreign exchange solution

The Shariah-compliant version of Standard Chartered Bank's Online Treasury (OLT) proprietary foreign exchange trading and hedging platform has been re-launched under the bank's global brand for Islamic products Standard Chartered Saadiq.

  • Staff Report
  • Published: 13:49 July 29, 2008
  • Gulf News

Dubai: The Shariah-compliant version of Standard Chartered Bank's Online Treasury (OLT) proprietary foreign exchange trading and hedging platform has been re-launched under the bank's global brand for Islamic products Standard Chartered Saadiq.

OLT is integrated into the bank's industry-leading Straight2Bank platform. The online FX service delivers fast-automated prices from Standard Chartered Bank's trading floors straight to any desktop, providing fast, competitive and consistent pricing.

It leverages the bank's comprehensive coverage of the global FX markets supporting Spot, Forward and Swap pricing in over 100 currencies, 24 hours a day.

Standard Chartered is the first bank to launch online services in Islamic FX utilising the Wa'ad structure to allow Islamic companies and institutions to hedge forward FX exposures under a Shariah compliant structure.

The bank's presence as a major participant in International Foreign Exchange markets gives it the ability to deliver superior FX solutions to its customers. It leads the market in the Asian, African and Middle Eastern currencies while offering extremely competitive services in all major currencies with specialised onshore and offshore traders providing pricing in many illiquid and restricted currencies. Online Treasury offers a customer instant access to liquidity to efficiently achieve FX management objectives.

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