Standard Bank’s Shari’ah banking allows customers to bank in a way that fits their beliefs and lifestyles.
One that honours their values based on Shari’ah compliance. Though based on Shari’ah principles, these offerings are in no way exclusive to Muslim customers but are for anyone who wants to consume products that are based on the principles of Shari’ah.
Standard Bank is proud to announce the launch of their latest product, the Shari’ah Personal Call Account. This account features no monthly fees and offers immediate access to funds with zero penalties. It is an easy way to save money and earn competitive profits in a manner that allows customers to bank, save, and earn while being conscious of their religious or ethical beliefs.
The Shari’ah Personal Call Account is ideal for casual saving and cash flow management. With this product, customers can save whatever they can and instantly access funds when they need to. There are also no monthly fees and free inter-account transfers within Standard Bank.
Shari’ah banking excludes earning interest but is rather a profit-sharing agreement with the bank. The Shari’ah Personal Call Account gives customers the opportunity to earn a return on their positive account balances, knowing that the profit has been generated from Shari’ah compliant assets.
The profit is calculated and paid monthly based on your average daily balance. And, because there’s no maximum balance on this product, there’s no need to move to additional on-demand investment products as your balance grows. Customers can also nominate profit earned to an account of their choice within or outside Standard Bank, allowing them to share value as they see fit.
“We’re excited to launch this product,” says Ameen Hassen, Head: Shari’ah Banking, Standard Bank Group. “An on-demand savings account is an integral part of a holistic investment or savings plan and the team have been working hard to develop those products and services that meet the financial requirements of our clients across the product continuum, and we hope the Personal Call Account helps make saving that little bit easier.”