Sadaqa can be an Islamic response to a pandemic

The global pandemic has made an overwhelming urge to extend helping hands and considering that Sadaqa is an Islamic answer to this situation as it is the suitable and sustainable means at the call for help. 

Based on this concept, Standard Chartered has introduced a new product in the Saadiq line - the ‘Saadiq Sadaqa Account’, which is a first in the market.”

Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh said this at a recent global webinar, titled "Understanding how Sadaqa can be an Islamic response to a pandemic", reflecting on how individual actions can collectively bring financial relief to communities. 

The second of its kind, the webinar of the Living Islam series was hosted by Standard Chartered Saadiq Bangladesh. Living Islam is a platform which brings Islamic scholars and experts to talk about Islamic topics that are part of everyday life.

Naser Ezaz Bijoy said, Saadiq Sadaqah aims to support various local charitable causes such as female well-being, education for underprivileged children, climate change and health care which will lead to sustainable development of society. Clients would be able to select the charity of their choice at the time of opening a deposit account with Standard Chartered. The profit earned from that account would go to the pre-assigned charity organisation, in compliance with Shariah principles. This is another first in the market and in fact the first among all Standard Chartered markets.

Standard Chartered Saadiq’s distinguished Shariah Supervisory Committee’s member, Dr Aznan Hasan (Malaysia), shared his thoughts on how aspects of faith such as Sadaqa can be an Islamic answer to this pandemic. Rehan M Shaikh, CEO of Standard Chartered Pakistan and Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh also spoke.

Rehan M Shaikh, CEO of Standard Chartered Pakistan, said “As we strive to harder tobe trusted advisors in the financial industry, we would like to make a contribution to bring Islam into everyday life. In this regard, we have been organizing sessions of the Living Islam series, a homegrown concept that started from Pakistan and is now gaining momentum in our co-markets of Malaysia, Bangladesh and also UAE.”

Dr. Aznan Hasan, Shariah scholar and keynote speaker at the webinar, said, “This is a time for global solidarity and support, especially with the most vulnerable people of the society. The time has come to help. From Islamic perspective, helping others is recommended and rewarded, even more so during times of need. So, particularly in this pandemic, Sadaqa plays a very important role.”

Standard Chartered Saadiq has led the way in Islamic Banking by introducing a number of ‘firsts’, from introducing the first Islamic credit card in 2007 to arranging the first Sukuk transaction in the market in 2019. Its continuous focus on excellence has seen it being recognized with a host of international awards, including the Asset Triple A Islamic Finance Award, The Banker Islamic Bank of the Year and Global Finance Best Islamic Financial Institution recently.