What features are offered by Standard Chartered’s Saadiq Visa Credit Card?

The fixed fee is structured on your limit. Typically if you have been allocated say Rs. 100,000, your fees could be fixed for 24% per annum, which would be Rs. 2,000 per month (that you would have to pay, regardless). The balance would still need to be paid.

Its actually more costly, since you pay monthly fees regardless of you topping your credit limit and that credit still has to be paid regardless (which is separate from the fees they charge you).

Islamic banking is a huge eye-wash. Yes, it has it pluses and minuses, but this is what sells, the "Islam" in the banking.

The onus of the entire Islamic banking system lies in the fatwa that they get from a mufti. Once a mufti analyses the financial instrument/vehicle and deems it to be Riba Free / Shariah Compliant, etc. a certificate is offered to the bank.

Now if EVER it comes out it was not Shariah compliant or Riba Free, guess who gets the holy blame - the mufti - not the bank. The bank has been exonerated by the certificate provided by the mufti.

So merely changing the nomenclature - and calling Interest, Profit and Loss or a Fixed fee, doesn't alter the situation.

This is the classic case of putting lipstick on a pig to make it look more beautiful. The end result is - its still a pig.