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Islamic banking islamic guidelines masthead

The Islamic banking products offered by Standard Chartered Saadiq Berhad are fully compliant with Shariah law and follow Islamic banking guidelines.

Islamic Banking Guidelines

 Islamic Financial Services Act 2013 (IFSA 2013)

  • IFSA 2013 consolidates the Islamic Banking Act 1983 and the Takaful Act 1984.
  • IFSA 2013 emphasises on governance framework for an end-to-end Shariah compliance in all aspects of regulation and supervision, from licensing to the winding up.
  • For purposes of advising the Bank in ensuring its business, affairs and activities comply with Shariah, Shariah Committee is established to perform such functions:
  • Responsible & accountable for decisions, views & opinion on Shariah matters
  • Perform oversight role
  • Disclosure in annual report state of compliance

Serving Individual Customers

  • Deposits can be accepted from individuals regardless of their faith, occupation, gender or race. Islamic financing may also be extended to individuals on the same basis.

 Serving Business Customers

  • For business customers, dealings both in terms of accepting deposit and extending financing must exclude those businesses whose primary activity or activities are Shariah non-compliant.

Negative list – list of non-Shariah compliant activities;

  1. Alcohol
  2. Gambling
  3. Pornography
  4. Tobacco, dangerous drugs and any prohibited element/potion by government
  5. Entertainment related companies – those proven to engage in specifically in non-Shariah
  6. compliant activities. Examples are karaoke lounges serving alcohol, film production
  7. houses producing mainly illicit movies, cinemas with no evidence of screening films other
  8. than entertainment related movies.
  9. Pork and all its by products
  10. Prostitution
  11. Interest-based lending
  12. Conventional insurance and stock brokering
  13. Hotel – those suspected of condoning to haram activities, and etc.
  14. Production and distribution of idols, statues, and materials and place for non-Muslim worship.
  15. For Food & Beverages, a halal certificate from JAKIM is preferred but not required. Facilities can be extended to restaurants not serving pork, alcohol and non-halal ingredients.
  16. For companies in the beauty related industry, application is to be referred to the Shariah Department for clearance.


  1. The Shariah Committee reserves the rights to add or update the list from time to time.
  2. The Shariah Committee may grant exceptions to the list, depending on the case-to-case basis.
  3. The Shariah Committee through its Secretary should be referred when in doubt about the above list.

The list of Shariah non-compliant companies issued by the Securities Commission will be used to supplement the negative list for Malaysian public listed companies.

Asset Financing

Islamic Banking offers a comprehensive range of asset-financing products and services in order to meet customer’s demand of Shariah compliance.

Deposit products

  1. Deposit from companies which main activities are listed in the above negative list must not be accepted.

Financing products

  1. For all Islamic financing products, companies which main activities are listed in the negative list must be avoided.
  2. For all Islamic financing products, proposal to finance assets which have specific purposes which are Shariah non-compliant are not permitted. For example, proposals to finance brewery, cigarette factory, vape, pub, pigsty, casino, synagogue and etc