How does this Standard Chartered Saadiq Term Deposit-i work?
The Standard Chartered Saadiq Term Deposit-i operates on the Shariah concept of Tawarruq.
Your profit rates will be determined by the bank, based on the buying and selling of commodities following the principles of Islam, which Standard Chartered Saadiq will identify and perform on your behalf.
I'm interested in applying. Am I eligible?
This savings plan is open to all Malaysian citizens who are 18 years of age, both Muslims and non-Muslims.
All you need to do is to deposit a minimum amount of RM1,000. For 1-month placements, you will need a minimum of RM5,000.
This Standard Chartered Saadiq Term Deposit-i account is also offered for private limited companies, sole proprietors, clubs, societies, cooperatives and associations.
For corporate or non-profit organisations, including private limited companies, a minimum deposit of RM5,000 is required for a one-month placement or RM1,000 for over 3 months of placement.
How long can I save my money?
You can choose a savings period according to your needs (and patience), with placement periods of up to 60 months.
Does PIDM protect this Islamic term deposit?
Yes, the Standard Chartered Saadiq Term Deposit-i is eligible for protection by PIDM, as long as your deposit does not exceed RM250,000.
What documents do I need to open a Saadiq Term Deposit-i?
For individual or joint accounts:
- Copy of your IC
For sole proprietor or partnership accounts:
- Business Registration (Form A)
- Company license (Form D)
- Copy of IC of all partners as an individual customer
For corporate or non-profit organisation accounts:
- Copy of IC
- Certified copy of rules and regulations
- Certified copy of a Resolution to open the account signed by the chairman and secretary
- Certified copy of the certificate of registration
For private limited companies accounts:
- Identity documents of all directors and signatories
- Certified copy of the certificate of incorporation (Form 49)
- Certified copy of the return of allotment of shares (Form 24)
- Certified copy of memorandum and articles of association
- Certified copy of a board resolution regulating the conduct of the account
- Certificate by the registrar of company that the company is entitled to commence business
- Certified copy of a resolution to open the account signed by the chairman and secretary
