(Insider Stories) - UK's Standard Chartered Plc is looking at expanding its Islamic banking footprint in several countries including Indonesia.

The bank currently offers Islamic banking in Indonesia through associate PT Bank Permata (BNLI.JK).

Stanchart's Global Head of Islamic Consumer Banking Wasim Saifi said with the biggest Muslim population in the world, the country has a five percent penetration rate for Islamic finance, which is set to triple or quadruple in the next five-ten years. Stanchart also looking Africa as the next frontier for the Islamic banking sector.

The two Islamic banks operating in Kenya, Gulf African Bank and First Community Bank, were licensed in 2008.

A Takaful insurance company has also begun operating in the past two years. Saifi said the new products will first be launched in Kenya, then in other countries in east Africa and west Africa, as well as further afield.