SCB deploys Islamic Nostro Account

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KARACHI – Standard Chartered Bank (SCB) Pakistan and Meezan Bank have entered into an agreement for the provision of Islamic US Dollar Nostro Account facility. They will earn Shariah-compliant profits on their account balances at Standard Chartered Bank in New York by using this facility. A Nostro account is established in a foreign country and usually in the currency of that country for the purpose of carrying out transactions.
Standard Chartered Saadiq has been at the forefront of developing Islamic finance sector since its global brand launch in 2007. To date it has introduced over 150 products and solutions across retail and wholesale banking with over 50 industry accolades.