Chartered Saadiq Signed MoU to Provide USD100 Million Funding Solution for Halal Industry – Halal Cluster Week, Dubai
Dubai, 18 November 2021 – The Halal Development Corporation Berhad (HDC) and Standard Chartered Saadiq (SCS) have entered into a collaboration to commercialize HDC’s Halal Integrated Platform (HIP) via the introduction of Saadiq’s Halal360 as the ‘Islamic Financing Bank of Choice’ for Halal Players.
To commemorate the occasion, a memorandum of understanding (MOU) exchange ceremony was held today within the Halal Cluster Week from 15 – 20 November 2021, at the Malaysian Pavilion, in conjunction with the ongoing World Expo 2020 Dubai in United Arab Emirates (UAE).
Representing HDC was its Chief Executive Officer Hairol Ariffein Sahari while Standard Chartered Saadiq was represented by its Chief Executive Officer, Mr. Khurram Hilal.
As a result of the collaboration, SCS has developed and together with HDC announced a USD 100 million financing made available in the effort to help SMEs, Corporates and Multi-nationals companies grow and succeed, through HDC’s Halal Integrated Program (HIP). Both HDC and SCS are organizing a trade facilitation program in the form of business matching with selected buyers from the Middle East Region.
“This is indeed an excellent opportunity for HDC to play a role in completing the one of the most vital needs of many halal companies. The financing program will enable these companies to enter strategic halal market including Middle East and Africa. We are certainly honoured that a respected global financial institution such as Standard Chartered is willing to be part of this exciting journey,” said Hairol.
The financing program will also assist large corporations involved in producing Halal products to expand their business in markets across Malaysia, Middle East and Africa including investments into the 14 Halal industrial parks in Malaysia.
Khurram Hilal, Chief Executive Officer of Islamic Banking and Head of Group Islamic Product at Standard Chartered, said: “The Halal economy is projected to witness exponential growth and as a leading player in Islamic Banking, we are honoured to be supporting Halal businesses across our global footprint. We are leveraging our network in high growth markets to help businesses succeed by offering them innovative financial solutions; thereby, contributing to the overall growth of the Halal trade -ecosystem.”.
The financing will be able to help halal companies to penetrate the Middle East market and extend and broaden their customer base as well as reducing their reliance on domestic market. This program will also be an advantage to the companies by increasing their scope of business, making them more competitive domestically with the ultimate goal to increase their overall sales and profits.
Standard Chartered Saadiq is the only international Islamic banking network with a presence spanning across Asia, Africa, and the Middle East. The Bank was named ‘Best Islamic Supply Chain Bank’ at the Asset AAA Islamic Finance Awards 2021 and offers a range of trade finance and liquidity management solutions to support halal businesses thrive within the global halal ecosystem.