StanChart launches 'Saadiq' Islamic banking in country
Friday, 6 July 2007
FE Report
Standard Chartered Bank (SCB) has launched 'Saadiq', its new Islamic banking brand, through a ceremony in a city hotel Wednesday.
The new brand will offer a range of Shariah-compliant financial solutions through the bank's world-class service infrastructure.
Bangladesh Bank Governor Salehuddin Ahmed was present in the launching ceremony as the chief guest, while Bangladesh Central Shariah Board Executive Committee Chairman Shah Abdul Hannan was the special guest.
Among others, SCB Bangladesh Chief Executive Officer Osman Morad, Head of Consumer Banking Vikram Issar and Head of Islamic Banking Abida Ali were also present on the occasion.
SCB confirms that all 'Saadiq' policies and services are free of interest application, and are approved by the bank's Saadiq Global Shariah Supervisory Board for reflecting the values of the Muslim people.
Under the 'Saadiq' programme, SCB is offering current account, savings account, term deposit, personal finance and auto finance services. All 'Saadiq' customers will also enjoy the bank's ATM network, online banking, and call-centre facilities.
SCB also introduced 'Saadiq' credit cards - the country's first Shariah-compliant, interest-free credit card. The credit card is being operated on 'Ujrah' principle, where the cardholders will have to pay a fixed monthly fee, only if they do not clear their outstanding balances. 'Saadiq' card will not charge any interest on outstanding balances.
Currently SCB has one dedicated Islamic banking centre in the city. The booth is located alongside its Gulshan branch.
The launching of 'Saadiq' in Bangladesh underscores SCB's commitment on Islamic banking following the launching in the UAE, Malaysia and Pakistan. SCB has a team of Islamic banking professionals for its global 'Saadiq' operations, based in the UAE.
"SCB's global Islamic business has more than doubled since 2006, and continues to grow at a rapid pace," said SCB Bangladesh CEO.
Standard Chartered Bank (SCB) has launched 'Saadiq', its new Islamic banking brand, through a ceremony in a city hotel Wednesday.
The new brand will offer a range of Shariah-compliant financial solutions through the bank's world-class service infrastructure.
Bangladesh Bank Governor Salehuddin Ahmed was present in the launching ceremony as the chief guest, while Bangladesh Central Shariah Board Executive Committee Chairman Shah Abdul Hannan was the special guest.
Among others, SCB Bangladesh Chief Executive Officer Osman Morad, Head of Consumer Banking Vikram Issar and Head of Islamic Banking Abida Ali were also present on the occasion.
SCB confirms that all 'Saadiq' policies and services are free of interest application, and are approved by the bank's Saadiq Global Shariah Supervisory Board for reflecting the values of the Muslim people.
Under the 'Saadiq' programme, SCB is offering current account, savings account, term deposit, personal finance and auto finance services. All 'Saadiq' customers will also enjoy the bank's ATM network, online banking, and call-centre facilities.
SCB also introduced 'Saadiq' credit cards - the country's first Shariah-compliant, interest-free credit card. The credit card is being operated on 'Ujrah' principle, where the cardholders will have to pay a fixed monthly fee, only if they do not clear their outstanding balances. 'Saadiq' card will not charge any interest on outstanding balances.
Currently SCB has one dedicated Islamic banking centre in the city. The booth is located alongside its Gulshan branch.
The launching of 'Saadiq' in Bangladesh underscores SCB's commitment on Islamic banking following the launching in the UAE, Malaysia and Pakistan. SCB has a team of Islamic banking professionals for its global 'Saadiq' operations, based in the UAE.
"SCB's global Islamic business has more than doubled since 2006, and continues to grow at a rapid pace," said SCB Bangladesh CEO.