Standard Chartered has introduced a new feature in their Islamic banking scheme the Saadiq line,‘Saadiq Sadaqa Account’, which aims to support various local charitable causes such as female well-being, education for underprivileged children, climate change and health care.
Clients will be able to select the charity of their choice at the time of opening a deposit account with Standard Chartered. The profit earned from that account would go to the pre-assigned charity organisation, in compliance with Shariah principles, said a press release.
Standard Chartered Saadiq hosted a global webinar, titled "Understanding how Sadaqa can be an Islamic response to a pandemic" on Sunday where Naser Ezaz Bijoy, CEO of the bank in Bangladesh among others attended.
“The global pandemic is seeing an overwhelming urge amongst all of us to extend that helping hand – it has brought out an altruistic side that has never been seen so clearly before," Naser told the webinar.
He said that the bank created a sustainable means that can address the call for help of those in need with the introduction of ‘Saadiq Sadaqa Account’.
Aznan Hasan, Shariah scholar and keynote speaker at the webinar, said: “This is a time for global solidarity and support, especially with the most vulnerable people of the society. The time has come to help."
He said, helping others is recommended and rewarded in Islam and even more so during times of need. Sadaqa plays a very important role in serving the poor in times of a crisis.
