Standard Chartered launches 'Saadiq'

The Standard Chartered Bank (Pakistan) Limited (SCBPL) on Thursday launched its global Islamic banking business brand, 'Saadiq' in Pakistan. It also launched its global Islamic credit card - the Saadiq Visa Gold Credit Card, which is the first Shariah compliant credit card introduced by any bank in South Asia.
Speaking at the launching ceremony held at a local hotel, SCBPL DEO Badar Kazmi said this launch follows the brand's global launch in Malaysia and the Middle East in April this year.
He said the SCBPL is known as one of the best Islamic banks in the world. "We started our Islamic banking operations in 1993 by opening a window of Islamic banking in Malaysia while we started global banking operation in 2003", he said, adding the SCBPL got license for Islamic banking in Pakistan and started operation here by opening a branch in Karachi in 2004.
He pointed out the SCBPL has 17 percent share in Islamic banking in the country. "We have planned to open new branches in various cities of the country", he added.
Speaking on this occasion, SCB Global Islamic Banking CEO Afaq Ahmed said the way forward is clearly through innovation, and Pakistan is uniquely placed at this time to lead the way in South Asia. "We intend to be recognised as the leading international bank in Pakistan, offering a complete suite of Islamic banking products and services that include credit cards, mortgages, auto finance, finance and syndication, Islamic hedging products, and trade solutions."
He pointed out that the bank's global Islamic business has more than doubled since 2006, and continues to grow apace. He said with the launch of Saadiq, the bank aims to capitalise on all future world-wide growth in this emerging industry for the benefit of its customers and stakeholders alike.
"Based on international banking standards, the Saadiq Visa Gold Credit is tailored to meet our customers needs for an interest-free credit card, and has been developed in strict accordance with the value of the Islamic faith", said SCBPL Consumer Banking head Sameer Chishti.
The Standard Chartered Saadiq Gold Credit Card comprises 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.
The Standard Chartered Bank is the largest international bank in Pakistan. It has been operating in Pakistan for over 140 years since it first established its operations in 1863 in Karachi. Following the recent acquisition of the Union Bank, the Standard Chartered Bank has a combined branch network of 116 branches across 22 cities with access to 119 ATMs. Standard Chartered's core businesses in Pakistan are in Consumer Banking and Wholesale Banking. The bank is a leader in credit cards, personal loans and also a leading provider of transactional banking, trade finance, and treasury products and services. SCBPL Wholesale Banking head Imran Ahad and Islamic Banking head Muhammad Imran also spoke on this occasion.