Saadiq SME Trade products
Saadiq Term Finance
We offer medium to long-term finance to help meet your expansion requirements and to finance acquisition of new or existing assets. The product can be used to acquire fixed assets such as plants, machinery and equipment. Based on your specific circumstances, the financing could be structured using Shariah compliant mode of Diminishing Musharakah.
Saadiq Short Term Finance
We offer short-term finance to complement your working capital requirements. The short term financing is based on the Islamic financing concept of Murabaha. Standard Chartered Saadiq will acquire the goods/assets required by your business and sell them to you with an agreed profit margin. The financing can be provided for purchase of tangible goods such as raw materials, inventories, plants and machinery.
Saadiq LC Issuance & Import Financing
Standard Chartered Saadiq is able to provide financing solutions to pay for the goods you import through our Islamic Letter of Credit. It is based on the Murabaha structure whereby the bank buys the goods from the foreign supplier and sells them to you at an agreed profit margin.
Saadiq Financial Guarantee
Islamic Financial Guarantee / is an undertaking issued by Bank on behalf of a customer. Under this guarantee in the event the customer does not comply with his financial obligations to the beneficiary, which leads to a claim under the guarantee, then Bank will make financial compensation in accordance with the terms of the guarantee. The structure used has been modified to bring them in line with the requirements of Shariah principles (Islamic principles).
The product is based on the Islamic mode of Kafalah under which a contract is made between the Bank and another party whereby the Bank undertakes to pay an agreed sum if the customer fails or defaults in fulfilling his financial obligation to a third party under the terms and conditions of the guarantee.
Saadiq Shipping Guarantee
Islamic Shipping Guarantees, based on ‘Kafalah’, enables the customer to effect clearance of goods with the Shipping Company in the event that the original Bill of Lading is not received by the Bank and merchandise has reached the destination.
Saadiq Export Letter of Credit Confirmation
The customers may deal not only with unknown foreign buyers, but also with their less well known banks whose LC may not give them sufficient comfort. We offer the customers Islamic Letter of Credit Confirmation that gives them peace of mind that their payment is guaranteed by a leading international bank.
Confirmed Export LC is governed by the Islamic principle of “Kafalah” which means guaranteeing an obligation. Kafalah as a concept has varied applications. In this context it would mean that the bank guarantees to pay the beneficiary upon submission of credit compliant documents.
Saadiq Export Bills for Collection
The customers can simplify dispatch, payment tracking, and reconciliation of their export collections when they choose Standard Chartered Saadiq's counter for export collections. We can handle their collections requests the way they want through documents against acceptance, documents against payment or clean collections.
Bank obtains services charges on the above services as per the schedule of charges.
Saadiq Export Bills under LC
The product works on the concept of "Musawamah" which literally means a sale where the price and other terms of the sale are negotiated between the parties.
SME Saadiq Supply Chain Finance
Offers Supply Chain Financing as a solution to the financing needs of your entire supply chain in a Shariah compliant manner
