At Standard Chartered Saadiq, we believe that banking should come with a peace of mind. We are pleased to introduce Saadiq Payroll Saving Account that offers competitive profits on your investments without compromising your religious beliefs.
Saadiq Payroll Saving Account is based on the Islamic principle of "Mudaraba Mutlaqa" (Unrestricted Mudaraba) whereby the account-holder is the investor (Rabb-ul-maal) and the bank acts as an investment manager (Mudarib) who invests the account-holders' funds in Islamic assets to earn profits and share with them based on their pre-determined weightages declared at the start of every month.
The product structure is based on a profit & loss sharing concept hence it may lead to a possibility of a net loss in any given period in which case the same will be passed on to the account-holders (investors) and the Mudarib will not be compensated for its efforts and expenses incurred on investment activities performed on behalf of the account-holders.
We at Standard Chartered Saadiq are committed to offering Shariah compliant banking services and ensure that your well-merited funds remain Riba-free.