FAQs

What is Shariah banking?
Shariah banking is based on the rules and principles of Shariah law. Shariah refers to laws that govern the life of Muslims. Shariah law prohibits the taking and receiving of interest, and also rules out certain other practices of conventional banking. It also helps to actively achieve the goals and objectives of an Islamic economy.

May a non-Muslim bank with us the Shariah way?
Certainly. Shariah banking may be seen as an ethical banking option by non-Muslims and is open to members of all faiths and cultures.

Do I pay bank charges on the Shariah TransactPlus account and the Shariah current account?
Yes, bank charges do apply on these accounts. Contact your branch for details of these charges or complete the contact form and we will call you.

Do I earn profits on the Shariah accounts?
The Shariah TransactPlus account and the Shariah current account is based on the Shariah concept of Qardh, which is a loan where repayment is equal to the amount advanced. You will therefore not earn any profits on these two accounts.

Would the bank use funds received from Shariah accounts to invest in non-Shariah compliant transaction?
Stanbic Bank is committed to a complete and true Shariah banking solution. We will not use funds received from Shariah deposits to fund any non-Shariah compliant transaction.

What products and services do we offer?
We currently offer you a Shariah TransactPlus account and a Shariah current account.
 
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