Standard Chartered Saadiq is here as your financial, social, and spiritual companion. Saadiq brings along the opportunity of Shariah compliant banking for the community. This is the first and only international Islamic banking program in Bangladesh. Standard Chartered Saadiq is more than just a Banking solution; it is beyond that. Saadiq brings you financial solution based on Shariah compliant process.

Saadiq Islamic doesn’t invest in goods and services contrary to Islamic shariah; such as investments in brands of alcohol, pork products, pornography, gambling, military equipment, tobacco, interest lend banking or weapons. In this way, it can be considered a culturally distinct form of ethical investing.

Standard Chartered Saadiq products avoid:

Riba = interest 
Defined as any benefit derived from a transaction of loan

Gharar 
Speculation or Uncertainty in terms & conditions of a contract

Misyar 
Chance or Gambling

Conventional Banking 

Islamic Banking 

Money is a product besides medium of exchange

It is only used as a medium of exchange. 

 

Profit is earned by charging interest on capital.

Profit is earned through trade of goods or charging for providing services.

Conventional banks may offer non-Shariah compliant products.

Islamic Banks do not offer non-Shariah compliant products

Penalty for defaults awarded to Bank.

Charges on late payment are given to charity. Bank is only allowed to deduct any recovery expenses

Qard: (Saadiq Current Account)

A non-interest-bearing account offering full transactional benefits and convenience.

 

Mudarabah: (Saadiq Savings Account and Term Account) 

Mudarabah is essentially a portfolio performance based arrangement wherein one party (Customer) provides funds while another party (Bank) invests those funds to earn profits to be shared between the two parties. Conceptually, the resulting profit from the venture is shared between the parties as per an agreed ratio while loss if any has to be borne solely by the investing party/parties. Profit is calculated on the average monthly balance maintained in your accounts. Saadiq Savings Account and Term Account use Mudarabah.

Diminishing Musharaka: (Saadiq Home Finance)

Avail reasonable Rent Rate in Saadiq home finance. You can further reduce the rent expense if you avail our Saadiq Mortgage One Variant.

 

  • Standard Chartered Saadiq offers Saadiq Home Financing solution based on Diminishing Musharaka 
  • Under the concept of Diminishing Musharaka, client enters into participation 
  • As part of the agreement, Bank allows the client to use the property over a period of time and the bank requires the client to pay rent on monthly basis for the usage
  • Client purchases part of bank’s share in the property with the monthly payment
  • Gradually client’s share of the property and ownership increases with each payment
  • Once the payment is completed, client becomes clear title owner of the property

Goods Murabaha: (Saadiq Personal Finance)

Saadiq Personal Finance is based on the Shariah structure of “Goods Murabaha”. The Bank finances the actual goods the customer requires. The mechanism is similar to the buying and selling arrangement where the customer identifies the asset which is bought by the Bank at cost price and sold to the customer at a higher price. These are fixed price products with no option of re-pricing.

Ujrah: (Saadiq Credit Card)

Based on the Islamic product concept of Ujrah Saadiq credit cards are based on monthly fee structure. However, Bank will follow relevant Regulatory Guideline applicable for charging maintenance fee. Bank can waive the monthly maintenance fee as per its discretion.

Key features include:

  • First bank in Bangladesh to launch Shariah-compliant credit card 
  • There is no interest element in Saadiq Credit Card. In place of interest, the bank charges a monthly maintenance fee. However, bank will follow relevant Regulatory Guideline applicable for charging maintenance fee. Bank can waive the monthly maintenance fee as per its discretion 
  • No maintenance fee required if full outstanding amount is repaid within due time
  • Saadiq credit card is funded by Islamic Deposit
  • Shariah based card: Customers are not allowed to use Saadiq Card for non-halal/non-shariah Transactions (e.g. alcohol, gambling, pubs, bars, casinos)
  • Ujrah is the most popular structure and is used in other big Islamic banking markets like Malaysia, Pakistan and UAE
  • Year-round offers and many more- with airlines, electronic shops, clothing, restaurant etc. You can also enjoy “Zero Fee” InstaBuys from a range of our alliance partners
  • Saadiq credit card can be used both locally and internationally through Visa network from Travel Quota limit

Saadiq offers two variants of credit cards:

Saadiq Visa Platinum Credit Card features

Platinum Dining Privileges card entitles you to fabulous discounts at restaurants around the country.

  • Airport lounge access
  • Platinum Hotel Privilege
  • 360° Reward
  • Monthly Maintenance Fee structure making it simpler and convenient
  • InstaBuys facility

Saadiq Visa Gold Credit Card Features

  • Rewards Point
  • Dining Offers buy 1 get 1 at selected restaurants
  • Monthly Maintenance Fee structure making it simpler
  • InstaBuys facility

Shariah Supervisory Committee

To ensure that Standard Chartered Saadiq products comply with the principles of Shariah, we have an independent committee comprising of world's most renowned Shariah scholars.

Dr Aznan Hasan

Member Shariah Board

Dr Aznan Hasan holds a PhD in Islamic Law from the University of Wales, Lampeter, United Kingdom. He received his degree in Shariah from the University of Al-Azhar and a Masters degree in Shariah from Darul Ulum, Cairo University. He is an Associate Professor in Shariah at the Institute of Islamic Banking and Finance, International Islamic University Malaysia. He is currently the President of the Association of Shariah Advisors in Islamic Finance (ASAS). He serves as a Shariah Advisor and Shariah Consultant to several international and local financial institutions, government bodies and corporations.

Sheikh Nizam Yaqubi

Member Shariah Board

Sheikh Nizam Yaquby was educated in the classical Shariah sciences in his native Bahrain and in Makkah. He received his Bachelors in Economics and Comparative Religion from McGill University, Montreal, Canada. Since 1976, Sheikh Yaquby has taught Tafsir, Hadith and Fiqh in Bahrain. He is a Shariah Advisor to several international and local financial institutions worldwide. He is also the author of several articles and publications on Islamic Finance.

Dr. Mohamed Ali Elgari

Member Shariah Board

Dr Mohamed Ali Elgari holds a PhD in Economics from the University of California. He is also a Professor of Islamic Economics and the Director of the Centre for Research in Islamic Economics at King Abdul Aziz University in Saudi Arabia. Dr Elgari is also an expert at the Islamic Jurisprudence Academy (OIC), Jeddah and has published several articles and books on Islamic Finance. He is a Shariah advisor to several international and local financial institutions worldwide.

Sheikh Muhammad Abdul Mubeen

Head of Shariah

Sheikh Muhammad Abdul Mubeen has done his Takhassus fil Ifta from Jamiah Darul-uloom, Karachi and Shahadat ul Alamiyyah from Jamiat ul Uloom-il-Islamiyyah, Allamah Binnori Town, Karachi. He was born in Pakistan.

Master of Commercial Law from the University of Melbourne, Australia.

LLB (Hons) in Shariah and Law from International Islamic University, Islamabad.

Taught different subjects of Shariah such as Usool ul Fiqh, Fiqh and comparative study of law system at different institutions in Pakistan and Australia. Extensive experience in the field of Islamic finance and insurance.

Standard Chartered Saadiq has received recognitions in recent years:

  • The Asset Triple A Awards "Islamic Bank of the year and Best Islamic Retail Bank" for the year 2018, 2019, 2020, 2021 and 2022 
  • Global Finance World's Best Islamic Digital Bank for 2017, 2018, 2019 and 2021and Global Finance World's Best Islamic Financial Institutions 2020 and 2022 
  • CX Awards 2019, Global Retail Banking Innovation Awards 2021: Best Islamic Retail Bank- Bangladesh and Digital CX Awards 2021, 2022 by The Digital Banker in the category of Best Islamic Bank for Digital CX
  • "The Bankers Islamic Bank of the Year" Awards 2019
  • Best Window Islamic Bank of Bangladesh for 2018, 2019, 2021 and 2022 by IFFSA
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