Standard Chartered Bank UAE - Saadiq Savings Account

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The Saadiq Savings and Term Accounts are based on the principle of Mudaraba. In line with the rules of Islamic Shariah, in case the Mudaraba assets incur a loss, the customer will have to bear this loss in the ratio of its share in the Mudaraba.
On early withdrawal in Saadiq Term Account, the customer will receive profit rate for the last completed tenor (based on respective rates for each month) for the number of days the funds are held. However, this is subject to a minimum investment period of 30 days. For withdrawals within 30 days, no profit will be payable and only the principal will be returned.
These products are governed by the Standard Chartered Saadiq Terms & Conditions available at the Bank’s branches across UAE.