TEKS UCAPAN

YB MENTERI KEWANGAN II

OFFICAL OPENING CEREMONY OF

STANDARD CHARTERED SAADIQ SHAH ALAM BRANCH

2 August 2010, Shah Alam , Selangor D.E.

2

PROGRAMME

10:30 a.m. Arrival of Guest of Honour Y. B. Dato’ Seri Haji Ahmad Husni Bin Mohamad Hanadzlah, Minister of Finance II

10:45 a.m. Doa recital Opening remarks by

Azrulnizam Abd Aziz Chief Executive Officer Standard Chartered Saadiq Malaysia

10:55 a.m. Speech by YB Minister of

Finance II

Opening ceremony

Souvenir presentation 11:30 a.m. Press conference Refreshments 12:00 p.m. End

3

i. YBhg. Tan Sri Sheriff Kassim Chairman Standard Chartered Bank Malaysia Bhd and Standard Chartered Saadiq Bhd

ii. Encik Osman Morad

Chief Executive Officer and Managing Director Standard Chartered Bank Malaysia Bhd

iii. Encik Afaq Khan

Chief Executive Standard Chartered Saadiq

iv. Encik Azrulnizam Abdul Aziz

Chief Executive Officer Standard Chartered Saadiq

Members of the Media Ladies and gentlemen

4

I thank the Standard Chartered Saadiq Bank for inviting me here today.

1. As one of the oldest foreign bank in

Malaysia, Standard Chartered’s expansion into syariah compliant financial services is commendable. I must also congratulate Standard Chartered Saadiq for expanding into this beautiful city of Shah Alam. The establishment of Standard Chartered Saadiq’s branch here is a testament of Shah Alam’s economic vibrancy and future potential.

The Financial Services Industry and the New Economic Model Ladies and gentlemen

2. Shah Alam has one of the highest concentrations of middle class population in the country. The city has a large student community, a vibrant

5

industrial base, a strong commercial sector and an enviable list of cultural and civic institutions. These sectors now flourish due to the policies that were introduced many years ago.

3. However, as all of you very well know, YAB the Prime Minister is now embarking this country on an exciting journey for us to achieve high income status by the year 2020. This involves an intensive transformation of the country’s economic structure. We want the private sector to be the primary engine of growth. We want the services sector to take up 70% of the economic pie. The financial services industry needs to be a major component of this pie. In this regard, the Islamic finance is to be the most prominent of all our value propositions.

(This space is left intentionally blank).

6

4. Moving forward, the economic sector can only be dynamic when there is new growth and innovative ideas that can emanate from the small and medium size enterprises. It is critical that the domestic financial industry provide them with the necessary resources.

Banking Industry Must Provide Social Value

5. Malaysia is a fertile ground for commercial retail banking. Malaysia has a sizeable middle class economy that is ideal for the introduction of innovative products. The potential for banking groups to cross and up-sell retail products to a brand-loyal customer base is enormous.

6. Nevertheless, we must recognise that the relationship between a bank and its host economy is far more complex than that. It is my unshakeable belief that the

7

financial industry’s primary role is not to generate revenue for the sake of producing revenue. There is a far bigger role for banks in society. A bank should not only provide value to the financial industry it is operating in but also to the society as a whole. There must be social value to the banking enterprise.

The Role of the Banking Industry Need to Expand Beyond Traditional Banking Practices Ladies and gentlemen

7. Business is not as usual. We are taking the Malaysian economy into a higher gear to move our economy from Point A to Point B. We expect our financial industry to be in-step with this. Bankers need to be more innovative in its ability to provide greater access to capital. Asset lending cannot be the only method of providing capital to our small

8

and medium-sized industry. For an innovative economy to fully flourish, the financial industry must provide vibrant alternatives in the provision of capital to the market.

8. We would like to see the banks develop unique Malaysian stories that extend beyond the 1Malaysia commercial campaigns. We wish to see banks supporting, not only in terms of capital but also technical and managerial expertise and know-how, to the owners of our small and medium-sized enterprises. The Government and its agencies have thus far taken the responsibility to undertake this role. The private sector can serve as a far more effective role than the public sector ever can.

(This space is left intentionally blank).

9

9. As we move towards a high income economy, the Government will gradually remodel itself to play a more facilitative role, less the dominant actor, in the economy. It is timely for the private sector to play a more prominent role in mentoring new ventures and developing them into viable businesses. The traditional roles in both the public and private sectors need to be swept away. New paradigms need to be established.

Assurance that assistance will continue

Ladies and gentlemen

10. The Federal Government is moving forward. We have instituted measures to ensure public procurement is transparent and we will introduce an outcome-based national budgetary system, we have increased allocations to houses of worship of all major faiths

10

and we have made our policies to be more inclusive than ever before.

11. Nevertheless, we recognise that the playing field is not always equal. Assistance will be focussed on those in need. We will structure a sufficient social net to support those in need. We will continue to provide assistance to those in need - providing them tools to enter the mainstream economy.

12. In the years to come, with the reduction of the Government’s involvement in the economy, the country’s financial institutions will need to fill in the gap in providing capital for the country’s financing needs. There will be greater public-private partnerships and PFIs. There must be, too, a greater number of platforms for emerging businesses to access capital.

11

13. I am confident that Standard Chartered Saadiq, as a fully paid-up member of our Malaysian community, will fully share the Government’s commitment to ensure our nation’s future success.

Closing

14. It is with this hope, in the name of Allah, the Most Gracious and Merciful, I declare Standard Chartered Saadiq Berhad’s Shah Alam branch open. May Allah S.W.T.’s grace bless those who work in it and to everything that is associated with it.

Wassalamualaikum Waramatullahi Waabarakatuh.