Benefits

  • Peace of mind in placing funds with a bank that uses it in Shariah compliant (Riba-free) transactions.
  • More Investments – Higher Profits.
  • Option of Automatic Rollover.
  • Flexible profit payment options.

Salient Features

  • Shariah compliant Term deposit account.
  • Minimum deposit placement of PKR 50,000 only.
  • Flexible profit payment options.
  • Available in 1, 2, 3, 6, 12, 24 & 36 month.
  • 3 options at the time of maturity:
    1. Rollover principal only.
    2. Rollover principal with profit only.
    3. Upliftment.
  • No penalty on pre-mature upliftment (early withdrawal).

Product Structure

Saadiq Term Deposit Account is based on the Islamic principle of 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, details of which are available on the bank's website or can be obtained from our branches upon request.

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) on pro rata basis 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 funds remain Riba-free.

Pre-mature Upliftment

In case of pre-mature upliftment, the account-holder will receive profit for the last completed tenure based on respective profit rates for the number of days the funds are held with the bank. However, this is subject to a minimum investment period of 1 month. For upliftment within 1 month, profit will not be payable, only principal will be returned.

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Speaking Up

Standard Chartered Bank (the “Bank”) is committed to maintaining a culture of the highest ethics and integrity, and in compliance with all applicable law, regulation and internal policy. As part of this commitment, the Bank has a ‘Speaking Up’ programme through which genuine concerns in this regard can be raised. Members of the public can securely raise Speaking Up concerns through this hyperlink, which is hosted on behalf of the Bank by a third party ‘InTouch’. Examples of concerns that can be raised through this website are concerns that relate to accounting, internal accounting controls or auditing matters and concerns relating to bribery or banking and financial crime. Concerns received will be forwarded to the Bank’s investigations team for review. Complaints relating to SCB banking services should not be raised through this site in the first instance, but through the SCB branch network, contact centres, Relationship Managers or the ‘Contact Us’ webpage.

Disclaimer

Please note that this hyperlink will bring to you to another website on the Internet, which is operated by InTouch, an independent company appointed by the Bank to support its Speaking Up programme. Please be mindful that when you click on the link and open a new window in your browser, you will be subject to the additional terms of use of the website that you are going to visit.

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