StanChart eyes ASEAN-Gulf growth in Islamic finance

Islamic finance is emerging as a key investment frontier, with total assets projected to exceed USD7.5tr by 2028, driven by growing demand in markets across Southeast Asia and the Middle East, according to Standard Chartered. The bank, which operates in countries home to three-quarters of the global Muslim population, sees itself as a “super-connector” between East and West, said Chow Wan Thonh, head of coverage for Singapore and ASEAN. Islamic finance, rooted in Sharia principles such as interest-free lending and ethical investments, is gaining traction beyond its niche origins. Standard Chartered is investing in talent and bespoke solutions to meet surging demand in markets including Malaysia, UAE, and Pakistan. Malaysia’s ASEAN chairmanship may boost Asean-GCC financial integration, the bank said.