In the face of growing demand, Standard
Bank today announced the launch of its Shari’ah Business Current Account, an
all-new banking solution that caters to South African businesses, institutions,
and start-ups by offering benefits tailored according to Shari’ah principles.
The account will be incorporated into the
financial services provider’s business online (BOL) platform and be available
to all business banking clients.
It will form part of Standard Bank’s
greater Sharia’h Banking portfolio, which includes innovative products such as
the Shari’ah-approved Trust and Shari’ah compliant Merchant Capital Advance.
“We are proud to offer financial products
that truly reflect our clients and their values,” said Ameen Hassen, Head of
Shari’ah Banking at Standard Bank.
“With this new Business Current Account, we
can provide personalised banking, in every sense of the word, that prioritises
businesses and gives them the tools and facilities they need.”
“We aim to lead by example when it comes to
offering Shari’ah financial services while also helping businesses lay the
foundation for their future success.”
The product will enable clients to manage
their money and offer immediate access to help them keep up with the business
function requirements of the day.
Clients can complete transactions using
issued cheque cards while additional cards are available to account
signatories. They can receive money and customer payments through popular
channels such as EFT, Instant Money, and SnapScan.
They can also pay creditors and payout
salaries via EFT and Instant Money and can arrange Adhoc, urgent, future-dated,
and once-off payments as they require.
In addition, they can complete specific
payments related to SARS eFiling and the unemployment insurance fund (UIF).
Shari’ah Business Current clients are also
eligible for additional benefits thanks to Standard Bank’s industry-leading
UCount rewards programme.
With each swipe of their cards, clients can
collect UCount reward points which they can then redeem for fuel, travel
packages, and other purchases at Standard Bank’s Rewards Retailers.
The Shari’ah Business Current Account is
the latest in Standard Bank’s portfolio of award-winning Shari’ah Banking
solutions, dating back to when the financial service provider first launched
Shari’ah compliant solutions in 2016.
In 2020, Standard Bank’s Shari’ah Banking
solution was awarded the Best Emerging Islamic Banking Window and the
Excellence Award for Premier Islamic Banking Services for three years in a row
since 2020 at the annual Global Islamic Finance Awards.
“A banking solution, even though conceived
to meet specific cultural and financial needs of an enterprise, must offer the
same features and functionalities as any other.”
“Standard Bank is committed to enabling all
of South Africa’s businesses and by taking an informed approach, by rethinking
how we bank, we can help those businesses take themselves to the next level,”
He reiterated the importance of tailored
banking solutions as a means to create new business and economic growth. “It is
up to legacy institutions to lead the charge on offering financial products
that matter to and consider the needs of individuals and groups.”
“Whether you are a start-up that has just
arrived on the scene or a family-run business that serves as the backbone of
the community, there is an opportunity to transform banking like never before.
It starts with us.”