Saadiq Account Services
Introducing Standard Chartered Saadiq Accounts, world-class Shariah compliant solutions for your financial needs.
At Standard Chartered, we believe that banking should come with peace of mind. That's why we are pleased to present Standard Chartered Saadiq Accounts that offer you convenient banking without compromising on your beliefs.
The range of Standard Chartered Saadiq Accounts provide you an integrated approach to managing your finances in line with Shariah principles. Our international team of Islamic finance experts are dedicated to developing Shariah approved solutions for you. We offer a wide range of innovative products* certified by the Shariah Supervisory Committee. Standard Chartered Saadiq Accounts are thus designed to create, grow and protect your wealth.
Saadiq Current Account
Enjoy convenient, fast-moving and unlimited transactions with your Saadiq Current Account along with a international Debit Card**.
- Unlimited transactions Saadiq Current Account is all about flexibility and convenience. You can make withdrawals and deposits without any restriction on the number of transactions.
- Unrestricted cheque writing Your personalised cheque book gives you the flexibility to write as many cheques as you want.
Saadiq Savings Account
The Saadiq Savings Account pays profit, allows you to transact, provides an international Debit Card and gives you the convenience of accessing your funds at all times.
Earn attractive profit
Saadiq Savings 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. Profit
is calculated on the average monthly balance maintained in your Account,
hence the more you save, the higher profit you can earn. Profit is credited
to your account on a half-yearly basis.
Flexible and rewarding
Carry out as many transactions as you want without missing the opportunity
to earn profit in a Shariah compliant manner on the average balance
maintained in your Saadiq Savings Account.
Saadiq Term Account
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
based on pre-agreed weightages. The profit rates will be announced
monthly and credited to your Account at maturity.
Opening up the world for you
Your international Debit Card with Saadiq Savings or Current Account will give you access to your funds anywhere in the world. You can use your international 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 (ATMs) available at convenient locations
- Cash and Cheque Deposit Machines (CDMs) at select branches in Bahrain
Important Notes:
1. 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 his share in the Mudaraba.
2. On early withdrawal in Saadiq Term Account, the customer will receive profit rate for the last completed tenure (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.
* These products are governed by the Standard Chartered Saadiq Terms & Conditions available at the Bank's branches across Bahrain.
** Subject to the Bank's tariff / charges as applicable.