Saadiq Personal Finance
Introducing Standard Chartered Saadiq Personal Finance, a world class Shariah compliant solution for your financial needs*
Sometimes, meeting your obligations requires some financial assistance. We understand that you also want your principles and beliefs honoured. That’s why we have designed Saadiq Personal Finance, a product that is Shariah-compliant and does not deal in interest in line with your principles. Enjoy the benefits of world-class finance options that are carefully reviewed by a panel of distinguished Shariah scholars to ensure that they strictly follow the Shariah principles.
The financing procedure
Saadiq Personal Finance is based on the Tawaruq concept, which is a widely recognised Islamic finance tool used to generate liquidity for customers through a process of buying and selling goods. Our financing procedure is quick and straightforward, involving two independent transactions.
Transaction 1
Step 1: You approach us with a request to purchase metals.
Step 2: We sell the metals to you at a price that includes a fixed profit margin, and you agree to pay the whole amount in fixed Equal Monthly Instalments (EMI).
Transaction 2
Step 1: We then help you sell the metals at a price to an international trader. The proceeds from the sale will be deposited into your Account.
Finance amounts
You can enjoy loan amounts of up to BD70,000 for Bahrainis and up to BD20,000 for expatriates. Your loan amount will depend primarily on your salary, where you work and length of employment. Expatriates with end of service benefits (EOSB) are eligible for loans up to BD40,000.
Flexible payments
Enjoy convenient monthly instalments that will help you organise your financial commitments and make your payments easy to meet. We offer financial periods of up to 60 months for expatriates and 84 months for Bahraini nationals.
Additional finance
If needed, we can arrange additional finance up to the original amount, during your existing finance tenure, provided your payments have been regular.
Transferring existing finance
Do you already have a financial arrangement with another bank? No problem. We can transfer your existing facility to Standard Chartered Saadiq Personal Finance. Our sales representative will ensure that the process is smooth and hassle-free.
Islamic Credit Life Cover
Your finance amount is fully covered by a Shariah-compliant insurance provider. In the unfortunate event of loss of life, all outstanding payments will be waived completely, so that financial burdens are kept to a minimum.
* Saadiq Personal Finance is granted at the sole discretion of Standard Chartered Bank. In order to qualify you must be working for a Standard Chartered approved employer in Bahrain. Terms and Conditions apply.