I Saadiq Term Account I
Your wealth
Your principles
The Saadiq Term Account offers the potential to earn competitive returns on your investment without compromising on your beliefs. If you are a short to medium term investor and want your money to work harder for you, then Saadiq Term Account is the right product for you.
- Earn attractive profit
The Saadiq Term Account works on the concept of ‘Mudaraba’. The Bank places your funds in its pool of Shariah compliant assets. The profits from these Islamic assets are shared between you and the Bank. The profit sharing weightages are assigned based on the various tenures available under this product. So the longer your tenure, the higher the profit sharing weightage and better your chances of a higher return. The profit rates will be announced monthly and credited to your account at maturity.
Opening up the world for you
Your free Debit Card with Saadiq Savings, Current or ACTIV Account will give you access to your funds anywhere in the world. You can use your Debit Card to make purchases at over 12 million merchant establishments and 1 million ATMs under the VISA network worldwide.
Round-the-clock banking convenience
Enjoy the freedom of banking 24 hours a day, 7 days a week, from wherever you are in the world, along with the convenience of:
- Free iBanking- Manage your Account anytime, anywhere in total security and confidentiality with our Internet banking service.
- 24-hour Phone Banking service
- Automated Teller Machines (ATM’s) available at over 50 convenient locations
- Cash and Cheque Deposit Machines (CDM’s) at select branches in the UAE
Shariah Supervisory Committee
Standard Chartered Saadiq products are supervised by the independent Shariah Supervisory Committee. The Committee regularly reviews as well as appraises the products and the transactions structured by Standard Chartered. The Committee currently comprises two of the world's most renowned and respected scholars in Islamic Banking:
Dr. Abdul Sattar Abu Ghuddah
With a Ph.D. in Islamic Law from Al Azhar University, Cairo, Egypt, Dr. Abu Ghuddah is currently a member of the Shariah Board of several Islamic institutions in various parts of the world.
Sheikh Nizam Yaqubi
With a Bachelor’s degree from McGill University, Canada, Shiekh Yaqubi currently holds highly respected positions on the Shariah Boards of many Islamic institutions worldwide.
Important Notes:
- The Saadiq Savings and Term Accounts are based on the principle of Mudaraba. In line with the rules of Islamic Shariah, in case the Mudaraba assets incur a loss, the customer will have to bear this loss in the ratio of its share in the Mudaraba.
- On early withdrawal in Saadiq Term Account, the customer will receive profit rate for the last completed tenor (based on respective rates for each month) for the number of days the funds are held. However, this is subject to a minimum investment period of 30 days. For withdrawals within 30 days, no profit will be payable and only the principal will be returned.
For more information, visit your nearest Standard Chartered branch or call us on +971 4 3138888 or email us.
* These products are governed by the Standard Chartered Saadiq Terms & Conditions available at the Bank’s branches across UAE.
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