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Chase Bank ventures into Islamic banking

Updated Friday, July 23rd 2010 at 00:00 GMT +3

By Standard Reporter

Chase Bank has launched a Shariaâh banking product to cater for Small and Medium Enterprises (SMEs) and Muslim faithful.

Presenting a compliance certificate to the bank yesterday, Chairman of the Shariah Board, Sheikh Ibrahim Lethome said Chase Iman offers a variety of current accounts for individuals, businesses, special products for women and children.

Ms Hussein, Head of Islamic Banking said Chase Bank also offers asset financing for SMEs and for mobile phone dealers.

"Chase Iman will offer faith-based saving accounts, one of which is designed to help the customer save for the annual Muslim pilgrimage-Hajj and another to assist the Muslims save money for their annual zakat payments to the mosque," Ms Hussein said.

She reiterated that by launching the product, Chase Bank is keen on giving back to society.

Duncan Kabui, Chase Bank CEO said the new product ensures a fair and transparent form of banking that improves the way of life for all individuals.

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