Standard Chartered Appoints New Islamic Window Head


News: London-based Standard Chartered has made an internal appointment for its new head of Islamic banking, according to CPI Financial. The lender said that its existing regional chief executive for the Middle East, North Africa and Pakistan - Christos Papadopoulos - would be placed as chairman for its s hari ' a-compliant Saadiq brand. Papadopoulos will continue to be based in Dubai , UAE , the bank added.

BMI View : We continue to hold a relatively cautious outlook for the commercial banking sector in the UAE as growth will be tempered by deleveraging ahead of the 2014 funding cliff. There is a significant divergence between the outlooks among the emirates with the housing market in Dubai looking more attractive than Abu Dhabi. Overall, we forecast loan growth to come in at 6.0% in 2013 and 9.0% on 2014.