Standard Chartered is in discussions with regulators to offer Islamic banking services in Nigeria and Oman, now that both countries are revamping their regulatory environments to encourage Islamic finance, the bank's global head of Islamic banking said on Sunday.
Wasim Saifi said the company, which already has a strong conventional presence in both markets, was waiting for the countries to finalise their regulatory frameworks for Islamic banking but could offer the services in the two nations as early as next year.
"We are definitely evaluating the possibility of offering Islamic banking in Nigeria and Oman," Saifi told reporters. "The opportunity is tremendous. We are in discussions with regulators."
Nigeria's central bank, according to Reuters has been pushing to boost Islamic banking in West Africa's largest economy. The central bank has approved the creation of the country's first Islamic bank, Jaiz Bank, and Nigeria will seek to launch a debut sovereign sukuk next year.
Oman said in May that it would open the door to Islamic banking and let conventional lenders run sharia-compliant operations in a bid to keep investment funds in the Gulf state. The central bank has given banking licences to two new banks under formation.
Saifi said that as Islamic banking was growing in sophistication, the gap between conventional and Islamic finance was narrowing and the industry would take more market share from the traditional banking sector.
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