StanChart launches account for donating profit to charity

Standard Chartered Bangladesh has launched Saadiq Sadaqah Account on Sunday for donating profit directly to charity organizations of customers' choice.

StanChart Bangladesh, in association with Jaago Foundation, UCEP Bangladesh, Friendship, CRP and PFDA- Vocational Training Centre came out with this new product in the banking system.

Officials of StanChart said, customers can now help fund a child's education, support social inclusion of Persons with Autism through skill-building, participate in climate change initiatives, help in the rehabilitation of the disabled or skill development for women, even help an artisan continue their craft.

To avail the service a customer will need to open a "Saadiq Sadaqah Account" and then instruct the Bank to donate all profits from the account automatically to the charities of their choice after applicable tax deduction each month. Money didn't make this such good sense before, StanChart said.

Naser Ezaz Bijoy, CEO at Standard Chartered Bangladesh said, "The human response to the Covid-19 pandemic has shown us at our best– we can clearly see a greater urge among the privileged to give back to society. The launch of the Sadaqah account is our effort to ensure that the positive changes in individual philanthropy sparked by the Covid-19 pandemic can take root and grow. I would like to thank our value partners for working with us on this unique initiative, for helping our clients make a meaningful difference to our society."

Sabbir Ahmed, Head of Consumer, Private & Business Banking, Bangladesh, Standard Chartered said, "If ever there was a time for us to consider permanently accelerating the pace and volume of giving, it is now. The Sadaqah account can help do just that. It is a new way of giving, which will allow our clients to leave a lasting impact on our communities."

In the launching ceremony, Founder and Chairman of Jaago Foundation Korvi Rakshand said, "Education for the under privileged was a dream in past, now its reality. Even in the pandemic Jaago provides online education for almost 1200 students. We are working for them in the field level and you people are paying for them in charity. We are working together for making the world better."

Praising the initiative Rakshand added, "This is good to see that StanChart has taken this initiative to collaborate among the stakeholders and looking forward to enhance such program in future, we are now in right track, as the government has taken up the decision of school openings."

Founder and Executive Director of Friendship Runa Khan said, "Twenty years back, when we had started our journey at Char area that was really shocking to us that the people of such underprivileged society were almost out of fundamental rights."

"Now the scenario is changing, but we have to invest more to make their life better. We are very happy today that a global banking network collaborating with us to raise fund. Hope so, it will enhance our capacity in collecting donation," she added.      

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

Where "Saadiq Sadaqah Account" is a mudaraba-based savings account, profit (donation) will be transferred to customers' selected charity after applicable tax deduction every month based on the account balance and customers will enjoy priority and premium client facilities.

Minimum balance requirement to open the account is BDT 50,000. Minimum BDT 50,000 monthly average balance is required to earn profit in this account. All other facility like cheque book, debit card and i-Banking will also be offered in this banking facility.