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Standard Chartered Bangladesh launched “Saadiq Sadaqah Account” for donating profit directly to the charity organisations on Sunday.
“Saadiq Sadaqah Account” is a mudaraba based savings account designed to support philanthropic expectation of Sadaqah (charity) which leads to sustainable development of the society, the bank said in a statement.
The account is designed in to enable clients to donate the profit of this account seamlessly to a charity of their choice. Clients’ profit will be calculated as part of the mudaraba pool completely maintaining Shariah principles and will be transferred to the charity account after applicable tax deduction.
According to the statement, clients would be able to select from up to 5 holistically vetted charitable developmental organizations - each relating to different causes aligned with United Nation Sustainable Development Goals.
Standard Chartered Bangladesh CEO Naser Ezaz Bijoy said, “The human response to the Covid-19 pandemic has shown us at our best -- we can clearly see a greater urge among those who have the ability to give back. The launch of the Sadaqah account is our effort to ensure that the positive changes in individual philanthropy sparked by the Covid-19 pandemic can take root and grow.
