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,” Hassen explained.
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.”