Saadiq VISA Credit Cards

At Standard Chartered, we believe in respecting your values. We are pleased to introduce Standard Chartered Saadiq VISA Credit Cards – Pakistan’s first Shariah-compliant Riba Free Credit Cards, which combine the international acceptability of VISA with worldwide reliability and excellent service.

The Saadiq VISA Credit Cards have been carefully developed by an international team of professionals with Islamic financial expertise, who ensure that our products are within the guidelines of Islamic finance. Saadiq Credit Cards operate on the ‘Ujrah’ concept which is based on a fixed fee structure, meaning that only fixed fee will be charged to the customer. The Card would not be levied with any floating percentage fee dependent upon the outstanding balance. The entire fee structure is based on fixed fee unlike conventional credit cards where fee is a percentage of the outstanding amount or transaction amount.


How it works Service AccountExampleChargesSaadiq VISA Credit Cards give you the option of either paying the entire outstanding amount or pay only a minimum amount of the outstanding balance by the payment due date.
Incase, you opt to pay any amount less than the total outstanding balance, the remaining balance gets transferred to the Service Account which is a non-interest and non-profit bearing account, linked to your Saadiq Credit Card.
A fixed monthly maintenance fee will be levied only for the month the Service Account is used and reflects an outstanding balance.

Service Account is a non-interest and non-profit bearing account which is maintained by the Bank for the Saadiq VISA Credit Card members.
Any amount of the current balance which is due and unpaid after the relevant payment due date, is transferred from the Card Account into Service Account.
A fixed monthly maintenance fee will be levied when the customer has balance on his Service Account irrespective of the outstanding balance.


Suppose you have a Saadiq VISA Classic Blue Credit Card with a limit of Rs 100,000. You utilize the entire Card limit, taking your outstanding balance to Rs 100,000 at the end of the month. Now you have the option of either paying the entire outstanding amount or paying only a minimum amount of the outstanding balance by the payment due date. Incase you pay the entire outstanding amount of Rs 100,000, no extra charges will be levied upon you. If, however, you choose to pay any amount less than the total outstanding balance, suppose you pay minimum amount due (5% of outstanding balance) i.e. Rs 5,000, the remaining outstanding amount of Rs 95,000 will be transferred to your Service Account and an account maintenance fee of Rs 2,000 will be charged.

Month 1
Opening Balance NIL
Retail Purchases 79,500
Cash Advance 20,000
Cash Advance Fee 500
Closing Balance 100,000
Month 2
Card Account
Opening Balance 100,000
Payment (5,000)
Transferred to Service Account (95,000)
Maintenance Fee 2,000
Closing Balance 2,000
Service Account
Opening Balance NIL
Transferred from Credit Card Account 95,000
Closing Balance 95,000


A fixed fee is charged for maintenance of the Service Account and continued usage of the Card. The fee would vary for different card types (Classic, Classic Blue, Gold and Gold Plus), however, would remain the same for a particular card type. Maintenance fee will be charged only if the Service Account is utilised and/or reflects a balance for that specific month. The fee is not dependent on duration of the Service Account maintained and/or the amount of the outstanding balance. No fee will be charged for the months when the Service Account is not utilised.

For more information on the choices availablehttp://getcreditscorereports.com/