Saadiq VISA Credit Cards is standard Chartered’s Islamic Credit Card that allows its customers to allow riba free transactions. It is similar to any VISA or MasterCard, but in the case of Saadiq VISA card the customer is charged a flat rate irrespective of the outstanding balance. This is considered as the maintenance fee for the individual.
The customers maintaining a high cash have benefitted the most from this service s instead of a high cash pay up, they have to only pay a small fee in the name of maintenance charge. The card has been developed by an international team of professional with expertise in the Islamic finance. In addition, the customers of Saadiq card are given additional services in terms of saving on fuel, shopping, etc.
There has been much criticism on the Saadiq card, as people are confused whether this card can be truly termed as Islamic or not. When pioneers of Islamic banking such as, Meezan bank have not launched such sort of a service, then is it advisable to trust Standard Chartered on such a service. In addition, according to some, Islam does not deem credit as Halal. Soon what basis has credit in his case been termed as Islamic?
Standard Chartered should clear such issues by consulting the Islamic scholars on this matter.
