Innovative Shariah Compliant Banking Solutions
At Standard Chartered Saadiq our dedicated Islamic banking team combines Shariah expertise with strong business acumen to offer customers the best of both worlds – a comprehensive set of international banking services and a wide range of Shariah-compliant financial products.
Staying close to the Bank’s core values, the word Saadiq (which means ‘truthful’ in Arabic) has been carefully selected for our Islamic banking offering. It represents our commitment to provide innovative banking solutions based on Islamic values.
Leading the way in Islamic banking
With over 1.5 billion Muslims in the world, the global Islamic funds market is predicted to grow exponentially every year. As a major international bank with a heritage of more than 150 years and a global network that covers a vast footprint of the Muslim world, Standard Chartered is ideally placed for a prominent role in this ever-expanding market.
We have been providing Islamic banking products and services across many of our markets across Middle East and Asia where we have offered structured finance and banking solutions to customers in various countries including Saudi Arabia, Bahrain, Kuwait, Qatar, Oman, Jordan, Turkey, Singapore and Indonesia.
For our Consumer Banking customers we offer comprehensive Islamic Banking solutions in key markets which at present include UAE, Pakistan, Malaysia, Bangladesh, and Indonesia (though our subsidiary Permata Bank).
Shariah Supervisory Committee
To ensure that Standard Chartered Saadiq products comply with the principles of Shariah, we have an independent committee comprising three of the world's most renowned Shariah scholars – Dr. Abdul Sattar Abu Ghuddah , Sheikh Nizam Yaquby and Dr. Mohamed Ali Elgari.
We develop all our Islamic banking products with guidance from these independent experts, securing their approval before we offer the products to our customers.
Our Shariah advisors
Sheikh Nizam Yaqubi.
Sheikh Yaqubi currently holds highly respected positions on the Shariah Supervisory Boards for many Islamic institutions in various parts of the world, including the Middle East and Europe. He is also the author of several articles and publications on Islamic finance and other sciences, in English and Arabic. Since 1976, he has taught tafsir, hadith and fiqh in Bahrain. He was educated in the Classical Shariah in his native Bahrain and in Makkah. He received his Bachelor’s Degree in Economics and Comparative Religion from McGill University, Montreal, Canada.
Dr. Abdul Sattar Abu Ghuddah.
With a PhD in Islamic Law from Al Azhar University, Cairo, Egypt, Dr. Sattar is currently a member of the Shariah Supervisory Board for several Islamic institutions in various parts of the world including the Middle East and Europe. He is also an active member of the Jeddah-based Islamic Fiqh Academy and was a member of the Fatwa Board in the Ministry of Awqaf, Kuwait, from 1982 to 1990.
Dr. Mohamed Ali Elgari
Dr. Mohamed Ali Elgari holds a Ph.D. in economics from the University of California and is 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 world-wide.