This innovative product in the banking system was developed by SCB in collaboration with Jaago Foundation, UCEP Bangladesh, Friendship, CRP, and PFDA- Vocational Training Centre.

Customers can now help fund a child’s education, support social inclusion of Persons with Autism through skill-building, participate in climate change initiatives, assist in disabled rehabilitation or skill development for women, and even help an artisan continue their craft, according to bank officials.

To use the service, customers must first create a “Saadiq Sadaqah Account” and then direct the bank to give all profits from the account to the charity of their choosing automatically each month after any required tax deductions. Before, money didn’t make this much sense, according to officials.

With a network spanning Asia, Africa, and the Middle East, Standard Chartered Saadiq is the only international Islamic banking proposition for both retail and corporate clients, providing an unrivalled network advantage to clients seeking access to new markets through Sharia-compliant product offerings.

Where the “Saadiq Sadaqah Account” is a mudaraba-based savings account, profit (gift) will be remitted to customers’ chosen charity every month after relevant tax deductions, and clients will receive priority and premium client services.

The account must have a minimum balance of BDT 50,000 to be opened. To profit from this account, you must have a monthly average balance of at least BDT 50,000. This financial facility will also include additional services such as a chequebook, a debit card, and i-Banking.