StanChart Appoints MENA CEO As Head Of Islamic Arm

Standard Chartered Plc appointed its Middle East, North Africa and Pakistan chief executive, Christos Papadopoulos, to head its Islamic banking arm, the emerging markets-focused lender said on Wednesday.

Papadopoulos will continue to be based in Dubai and take over additional role as the chairman of Standard Chartered Saadiq Islamic Banking unit, the bank said.

He will lead the bank’s expansion in sharia-compliant banking given an increasing demand for Islamic products from emerging markets in Asia and the Middle East.

The Islamic finance industry has become an increasingly important part of the overall banking sector, with assets at commercial banks projected to exceed $2 trillion by 2015, the bank said.