Saadiq, Standard Chartered's Islamic Banking division, has enhanced its product suite by introducing Saadiq Home Finance for its retail clients in Pakistan. Saadiq Home Finance is a Shariah compliant home finance solution based on the Islamic structure of 'Diminishing Musharakah'. Clients can get up to 75 percent financing of the property value at competitive pricing.
Saadiq Home Finance can be availed for up to 20-year financing tenor with zero processing charges. Clients have four financing options available: Purchasing a new home, renovating their home, transferring their existing home finance facility to Saadiq Home Finance and getting enhancement on their existing Saadiq Home Finance for renovations. Additionally, clients can also benefit from pre-approved Shariah compliant Saadiq Credit Card to help them furnish their home in easy instalments at zero extra charges from the Bank's partner merchants.
To introduce the Saadiq Home Finance to the Saadiq suite, Ali Allawala, Head of Islamic Banking, Retail Clients, comments, "Developing Islamic Banking products based on client needs is a key focus area of the Bank. Our comprehensive range of Islamic banking products and services are innovative and unique in the country. By further catering to the Islamic banking market looking for Shariah compliant home finance, Standard Chartered Pakistan is able to strengthen its position as the bank of choice for clients."
The Saadiq division comprises a team of qualified professionals who design and structure Islamic financial solutions and ensure that they are in line with Shariah principles. All Saadiq products are approved by an independent Shariah Supervisory Committee composed of respected and qualified scholars of international repute. Its operations are reviewed and appraised by a dedicated Shariah Advisor who provides guidance on Shariah related matters. These products aim at providing clients with a convenient, effective and rewarding banking experience, all in line with their beliefs.-PR
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