Saadiq’, Standard Chartered Bank’s global Islamic Banking business brand, rolled-out across the Middle East following the scheme’s global launch in Malaysia in April this year. Meaning ‘truthful’ in Arabic, the regional launch of the Saadiq brand coincided with the unveiling of Standard Chartered’s first global Islamic credit card - the Saadiq Visa Gold Credit Card.
"Significant progress has been achieved in Standard Chartered's global effort to build a comprehensive and dynamic Islamic banking business," said Shayne Nelson, Regional Chief Executive Officer, Middle East & North Africa, and Chairman of the Islamic Banking Board, Standard Chartered Bank. "To continue breaking new ground, the way forward is clearly through innovation, and the UAE is uniquely placed at this time to lead the way globally.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, recently outlined the next stage of Dubai's ambitious growth. “This includes the vision for achieving leadership in the business and finance sectors, centering on Dubai becoming a worldwide centre of excellence for Islamic banking. We have taken inspiration from this initiative, and intend to be recognised as the leading international bank in the region, offering a complete suite of Islamic banking products and services."
The General Council for Islamic Banks and Financial Institutions (CIBAFI), which looks at Islamic banking mainly in Europe and the Middle East, estimated a market size of US $500 billion in 2005 with growth estimated at 15 per cent per annum. “Standard Chartered’s global Islamic business has more than doubled since 2006, and continues to grow at a rapid pace,” said Afaq Khan, Chief Executive Officer of Standard Chartered Islamic Banking.
“With the launch of our global Islamic banking brand, Saadiq, we aim to capitalise on all future worldwide growth in this emerging industry for the benefit of our customers and stakeholders alike.” “We have intensified the preparation for Standard Chartered to not only be part of that phenomenal growth, but to lead the way with innovative, best-in-class Shariah-compliant financial products.”
In conjunction with the launch of the Saadiq Islamic Banking brand in the Middle East, Standard Chartered unveiled its first global Islamic credit card - the Saadiq Visa Gold Credit Card. Currently available only for UAE customers, the Saadiq Gold Credit Card offering will be rolled-out across the Group’s network over the coming months. “Based on international banking standards, the Saadiq Gold Credit Card is tailored to meet our customers needs for an interest-free credit card, and has been developed in strict accordance with the values of the Islamic faith,” said Owen Belman, Head of Consumer Banking, Standard Chartered UAE & Oman.
The Standard Chartered Saadiq Gold Credit Card comprises of a card and service account, and operates on a fixed-fee structure based on the ‘Ujrah’ concept. This unique feature provides customers with the flexibility of paying a fixed monthly maintenance fee and does not depend on the outstanding balance or duration of the balance in the service account. “With the launch of the Saadiq Gold Credit Card, we are delivering continued service excellence to our customers and recognising their needs for financial services that uphold their personal beliefs,” continued Belman.
“Internationally-recognised, Shariah -compliant and with an annual fee comparable to that of a conventional credit card, the Saddiq Gold Credit Card offers customers complete peace of mind. It offers them true flexibility and freedom to access interest-free credit card services wherever they are in the world.” Other key features and benefits of the Standard Chartered Saadiq Gold Credit Card, along with international recognition and acceptance, is a powerful rewards & loyalty programme – this includes travel privileges including a Shariah-compliant travel protection, discounts on air tickets, a complimentary Marhaba service voucher and Auto Assist services.
As an international bank leading the way in Asia, Africa and the Middle East, Standard Chartered has an established presence in almost 50 per cent of the Muslim world. This provides the Bank with the unique opportunity to understand, structure and deliver Islamic solutions for it customers, without compromising their beliefs.
“Standard Chartered has a reputation for innovation in Islamic Banking,” stated Afaq Khan, “With over 150 years of international financial expertise and a true global network, we currently lead the marketplace by being the first bank to devise product solutions that transcend geographies and comply with worldwide Shariah-principles.” In the Middle East and South Asia, Standard Chartered has been strengthening Islamic banking since 2003 and has built extensive experience with sovereign issuers and cross-border bond offerings for large corporate in Islamic financing.
These include a US600 million Malaysia Global Sukuk (2002), a US700 million Sukuk for the State of Qatar (2003), US1 billion Sukuk for the Government of Dubai (2004), a US600 million Syndicated Project Financing for Equate Petrochemicals (2004), a US550 million Sukuk for Emirates Airlines (2005) and a US850 million Syndicated Murabah Facility for Kuwait Finance House (2006). Standard Chartered is amongst the leading banks in the region offering a comprehensive range of Islamic Banking products and services - including property financing, personal financing and corporate term.
The card will be internationally-recognised, Shariah -compliant and has an annual fee comparable to that of a conventional credit card, said Owen Belman, head of consumer banking, Standard Chartered UAE & Oman