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Frequently Asked Questions - Answering all your unanswered queries.
Q.Who determines if Saadiq Deposit Products are Shariah Compliant?
The
SCB Saadiq Shariah Advisory Committee, an independent committee of
qualified scholars of international repute, approves all Saadiq
products offered by SCB. The Saadiq liability products are also
approved by the Shariah committee. A Shariah ruling (Fatwa) confirming
the same can be provided on request. Currently, the members of this
committee are:
Dr. Abdul Sattar Abu Ghuddah
Current
member of the Shariah Supervisory Boards for several Saadiq
institutions in various parts of the world including Meezan Bank &
Al Baraka Saadiq Bank in Pakistan. He holds a Ph.D. in Saadiq Law from
Al Azhar University Cairo, Egypt. He is an active member of the
Jeddah-based Saadiq Fiqh Academy and was a member of the Fatwa Board in
the Ministry of Awqaf, Kuwait, from 1982 to 1990.
Shaikh Nizam Yaqubi
Current
member of the Shariah Supervisory Boards for several Saadiq
institutions in various parts of the world including the Middle East
and Europe. Since 1976, Sheikh Yaquby has taught tafsir, hadith and
fiqh in Bahrain. He is also the author of several articles and
publications on Saadiq Finance and other sciences in English and
Arabic. He was educated in the classical Shariah sciences in his native
Bahrain and in Makkah. He is a graduate in Finance from McGill
University, Montreal, Canada.
Mufti Muhammad Abdul Mubeen
Standard Chartered Saadiq products operations are supervised by our renowned and respected Shariah Advisor Mufti Muhammad Abdul Mubeen who regularly reviews and appraises the Saadiq products. Mufti 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. Mufti Abdul Mubeen has also done his Master of Commercial Law from The University of Melbourne, Australia and LLB (Hons) in Shariah and Law from International Islamic University, Islamabad. He has taught different subjects of Shariah such as Usool ul Fiqh, Fiqh and comparative study of law system at different institutions in Pakistan and Australia. Mufti Abdul Mubeen has extensive experience in the field of Islamic finance and insurance.
Q.How does SCB develop Shariah compliant products?
SCB has an international team of professionals with Islamic finance
expertise dedicated to developing Shariah approved financial solutions
for the SCB Group. Additionally, our Shariah Supervisory Committee
provides guidance to our Islamic Banking team and approves the Islamic
products. The process of product development and Shariah review ensures
that SCB’s Shariah compliant products are free of Riba (interest) and
within the guidelines prescribed by the Shariah (Islamic law)
Q. Can a conventional bank, having interest-based products and services, also offer Shariah compliant financial services?
Islamic
law (Shariah) does not require that the seller of a product be Muslim,
or that its other services be Shariah compliant as well. As long as the
product offering is Shariah compliant, the provider can be a bank
committed to providing a full array of banking services.
Q. Does the Bank use the funds deposited in Islamic Accounts in a Shariah compliant manner?
Yes.
Funds deposited in this account are used only in a Shariah compliant
manner as per the guidelines of SCB's Shariah Supervisory Committee.
Q. How do Saadiq Savings Account and Saadiq Term Account work?
Islamic
Savings & Term Account operate on a well known Islamic financing
mode of Mudaraba. Under these products the Customers provides funds to
the Bank for placement in Shariah compliant assets. The Customer acts
as the investor while SCB acts as the working partner in the Mudaraba.
The profit from the portfolio of Assets is shared between the parties
as per an agreed ratio. The agreed ratio for each month is communicated
to Branches and Priority Units by the Liabilities team on a monthly
basis.
Q. How is the Customer’s profit calculated?
Profit
from the pool of Islamic assets is calculated at the end of every
month. SCB keeps a share of the profit as per an agreed ratio (the
agreed ratio for the each month is communicated to Branches and
Priority Units by the Liabilities team on a monthly basis) in
compensation for its services as the working partner in the Mudaraba.
The balance profit is distributed between various categories of
Customers (such as Savings Account, 1 month, etc.) as per predetermined
weightages. The profit amount for each category is used to calculate
the Profit rates for each category of Customers, which are announced at
the end of the each month.
Q.Can there be a loss in the Saadiq Savings & Term Accounts?
In
line with the principles of Mudaraba if there is a loss in the overall
portfolio of Islamic assets, the same will be passed on to the
Customers in the exact ratio of their investment in the portfolio.
However, it must be noted that SCB takes utmost care in extending
financing to Customers and all transactions included in the portfolio
of Islamic assets go through a rigorous credit and risk screening
process.
Q. Are there different charges mandated in the Islamic Banking Service and Price Guide?
Yes. The Bank has eliminated the charges which are not Shariah compliant.
Will the Bank deduct Zakat from Islamic Current Accounts annually?
No.
In clause 7 of the Islamic Banking Terms and Conditions, it is made
clear that the customer will be responsible for his/her Zakat payment
on an annual basis and the Bank assumes no responsibility with respect
thereto.
Q. Can the Saadiq Term Deposit be booked from Conventional Current/Savings Account?
No.
Saadiq Term Deposit can be booked from either Islamic Savings or
Islamic Current Account. If the customer does not have Islamic
savings/Current account already, then a new account needs to be open
before booking the term deposit.
Q. Can the profit of Saadiq Term Deposit be credited to Conventional Current or Saving Account?
Yes! The profit payment of Saadiq Term Account can be credited in to conventional savings/Current Account.
Q. What are the Saadiq Deposit Products which Standard Chartered Saadiq (SCB Saadiq Banking) offers?
- Saadiq Current Account
- Saadiq Sahulat Online Account
- Saadiq Saver
- Saadiq Term Account - Currently available for 1 month tenure
- Saadiq VISA Shopping Card
Q. Who can apply for Saadiq Deposit Products?
Saadiq Deposit Products are offered to all customers who are eligible
for Conventional Deposit Products. These can be opened as single or
joint account (up to 4 account holders) by individuals over 18 years of
age.
Q. What are the product features of Saadiq Current Account?
- It is Shariah compliant
- Available in PKR
- The minimum average balance is PKR 5,000 per month
- A fall-below fee of PKR 300 will be levied if minimum balance is not maintained
- Saadiq VISA Shopping Card will be issued to the customers, which can be used on ATMs & POS Terminals.
Q. What are the product features of Saadiq Savings Account?
- It is Shariah compliant
- It
is based on the concept of Mudaraba, which is one the most well known
mode of Saadiq Finance. The bank shares the profitability of its Saadiq
Assets portfolio with the customer.
- It is available in PKR
- The minimum average balance is PKR 25,000
- A fall-below fee of PKR 300 will be levied if minimum balance is not maintained
- Saadiq VISA Shopping card will be issued to the customer, which can be used on ATMs & POS Terminals
- Profit is calculated on the monthly average balance and credited half-yearly
- Profit Rates are announced at the end of every month
Q. What are the product features of Saadiq Term Account?
- It is Shariah complaint
- It is available in PKR
- Tenure of the account – 1 month
- The minimum average balance is PKR 200,000
- Profit is calculated on the monthly average balance and credited at maturity
- Profit Rates are announced at the end of every month
- Rollover facility is available
- No overdraft facility is available
Q. What is the profit offered on Saadiq Savings Account and Term Account?
As
per Shariah requirements, profit can not be committed to the customer
upfront. Rates announced at the end of each month will determine the
profit paid. However, the sales person can share the rates announced
for previous months to provide the customer an indicative rate(s).
Q. How can one transact with Saadiq Current and Savings Accounts?
Saadiq Current Account:
- Debit Card transactions (ATM, CDM & POS)
- Cheque book facility
- Remittances
- Standing Instructions
- Counter
- Phone Banking Channel
- iBanking Channel
Saadiq Savings Account:
- Debit Card transactions (ATM, CDM & POS)
- Remittances
- Standing Instructions
- Counter
- Phone Banking Channel
- iBanking Channel
Q. How many transactions are allowed on Saadiq Current and Saving Accounts?
Unlimited transactions
Q. Saadiq Current Account seems to be very similar to Current Account. What are the differences?
- Saadiq Current Account is Shariah compliant
- Saadiq Current Account is offered in PKR only
- No Guarantees can be issued for Saadiq Current Accounts
Q.Saadiq Savings Account seems to be very similar to Savings Account. What are the differences?
- Saadiq Saving Account is Shariah compliant.
- It
is based on the principle of Mudaraba, profit from Islamic Assets will
be paid to the customer, and will be based on profit rates announced
monthly. Our Islamic Assets mainly comprise of Assets generated through
Islamic Home Financing, Islamic Auto Financing & Islamic Murabaha
Financing.
- Profit is calculated on the monthly average
balance in Saadiq Savings Account as opposed to monthly minimum balance
in Savings Account.
Q. Saadiq Term Account seems to be very similar to Fixed Deposit. What are the differences?
- Saadiq Term Account is Shariah compliant
- It
is based on the principle of Mudaraba, profit from Islamic Assets will
be paid to the customer, and will be based on profit rates announced
monthly
- No overdraft facility is available on Saadiq Term Account
Q. What is the account prefix of Saadiq Current Account/Saadiq Savings Account?
Saadiq Current Account - The prefix is '01'
Saadiq Saving Account - The prefix is '18'
Q. What kind of charges can the customer possibly be subjected to and in what situations?
A
fall-below fee PKR 300 will be levied if minimum balance is not
maintained in Saadiq Current Account and Saadiq Savings Account. Other
charges apply as per the Services & Price Guide
Q. How can a customer apply for Saadiq deposit products?
Saadiq
Current Account, Saadiq Savings Account and Saadiq Term Account – New
to Bank customers - Using the Account opening form, tick ‘Saadiq
Current’, ‘Saadiq Savings’ in the account type field. Saadiq Term
Account – existing customers - Using the Saadiq Term Account Services
form.
Q. What is Saadiq Sahulat Online Account?
Saadiq
Sahulat Online Account (SSOA) is a Shariah compliant current account
for highly transactional customers providing them lower transaction
charges through fee waivers. It will function as a normal branch
banking account and will be opened as per the regular account opening
process.
Q. What do you mean by lower transactional charges on Saadiq Sahulat Online Account?
Lower transactional charges are as follows:
| Charges/Fees |
Saadiq Sahulat Online Account |
| Online Banking Transaction |
Free up to I Million worth of transaction/ day. |
| First Cheque book |
Free |
| Subsequent Cheque Book Issuance charges |
Rs. 3 per leaf |
| Issuance of Pay order |
Rs. 50/- |
| Pay Order Cancellation charges |
Rs. 50 |
| Cheque Return Charges |
Rs. 50 |
| Issuance of Pay order through Phone banking |
Rs. 25/- |
Q. Saadiq Sahulat Online Account (SSOA) seems to be very similar to Sahulat Online Account. What are the differences?
- It is Shariah compliant
- All deposits are invested in Shariah compliant pool of assets
- No Guarantees can be issued for Islamic Current Accounts
Q. How is it better than other Current Accounts?
- It is Shariah Compliant
- Lowest charges on issuance of Cheque book
- Lowest charges on issuance of Pay order
- Free online transactions up to PKR 1M on maintenance of a minimum average balance of just Rs. 50,000/- per month
Q. How can one transact with Saadiq Sahulat Online Account?
- Cheque book facility
- Remittances
- Standing Instructions
- Debit Card transactions (ATM, CDM & POS)
- Counter
- Phone Banking Channel
- iBanking Channel
Q. What is online transaction?
All
over, the counter transactions where cash withdrawal or deposit is
involved are termed as Online Transactions. All online transactions
within city are completely free of charge irrespective of the amount.
Intercity online transactions are free up to Rs. 1M for Saadiq Sahulat
Online Account. Within city and intercity account to account transfers
(not involving cash deposit or withdrawal) are free of charge as well.
Q. How and where can I use my Saadiq Sahulat Online Account?
Saadiq
Sahulat Online Account can be opened and used at all the ex-SCB
Branches (where eBBS is available) and 19 ex- Union Branches.
Q. Is there any limit on withdrawals and deposits?
No. There is no limit on deposits or withdrawals. You can avail free online transactions up to PKR 1 Million per day.
Q. What is the Minimum Balance Requirement for the Account?
Minimum balance requirement is PKR 50, 000/-. A fall-below fee of PKR 300 will be levied if minimum balance is not maintained.
Q. Can I convert my existing bank account to Sahulat Online Account?
No your existing bank account cannot be converted into Sahulat Online Account.
Q. Can I open Saadiq Sahulat Online Account maintaining my existing relationship?
If
you wish to maintain your existing relationship, then you will need to
fill out the Link form only. No need for filling an account closure
form.
Q. What do I do if I encounter problems with my Saadiq Sahulat Online Account?
If at any time you face any problem regarding your Sahulat Online
Account, then please contact your respective branch manager or give a
call to our 24 hr help line at 111-002-002.
Q. What is Saadiq Visa Shopping Card (SVSC)?
SVSC
is an internationally accepted Shariah Compliant Visa Debit Card that
is linked to your Standard Chartered Bank account, allowing spending on
shopping outlets and cash withdrawal at ATMs.
Q. What is the difference between a Debit Card and a Credit Card?
A
Debit Card is a “Buy Now Pay Now” option, while a Credit Card is a “Buy
Now Pay Later” option. In a Debit Card there is no monthly repayment so
no interest is charged.
Q. What can I do with my Saadiq Visa Shopping Card (SVSC)?
- Make purchases at shopping outlets
- Withdraw cash at ATMs
Q. How do I make a purchase using my Saadiq Visa Shopping Card (SVSC)?
- On your purchase, the cashier will “swipe” the Card and give you a charge slip
- Check the transaction amount and sign the slip
- Once the transaction is complete, the amount will be deducted from your Standard Chartered Bank Account
Q. How long is my Card valid for?
The validity period is 5 years from the date of issue.
Q. What do I do if I lose my Saadiq Visa Shopping Card (SVSC)?
It is important that you report the loss of your SVSC immediately by calling Phone Banking at 111-002-002.
Q. What should I do if I encounter problems with my Saadiq Visa Shopping Card (SVSC)?
If, at any time, you face any problem regarding your SVSC, call our Phone Banking at 111-002-002.
Q. Who should I contact if I encounter any problems abroad?
You can seek emergency assistance by lodging a lost/stolen card report or obtaining emergency cash from Visa Emergency Assistance Centers. You can get a toll-free contact numbers for Visa Emergency Assistance Centers from our website www.standardchartered.com.pk
Q. What if I have an error in my account statement?
If you notice any error in your bank account statement, please inform Standard Chartered Phone Banking at 111-002-002 within 14 days of receiving the statement. In order to check statement entries, retain all your sales slips and printed receipts. This will help you keep a record of all your transactions.
Q. What is Standard Chartered Saadiq?
Standard Chartered Saadiq is a new brand name of Standard Chartered Islamic Banking.
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