Key Requirements
to apply for a Murabaha Personal Finance
Murabaha Personal Finance!
An Islamic financing product approved by SAIB's Shariah Committee. This product allows you to purchase a specific quantity of goods owned by SAIB with an agreed profit margin and repayment plan. If you prefer not to take possession of the goods, SAIB offers the option to sell them on your behalf through a procuration (WAKALA) to the merchant, with proceeds credited to your account.
Investment period
Months
6
Minumum
Months
60
Maximum
Exceptional Investment period
50,000
Minimum
3,000,000
Maximum
Minimum age of 21 years old with a maximum age of 60 at the maturity.
Standard SAIB finance administration fees will apply. Administrative fee not exceeding 1% of the amount of funding or 5,000, whichever is less.
Saudi citizen employed by an entity on SAIB’s approved list.
The customer must have a salary account at The Saudi Investment Bank.
The account offers a free cheque-book, mada Debit Card from SAIB and access to SAIB Flexx Click Internet Banking, Flexx Touch Mobile Banking, Flexx Call contact center and SMS Banking facilities.
Employer’s salary transfer certificate and Account statement of last 3 months (showing last 3 salaries which are verified from the previous bank).
Terms and Conditions
Kindly note that all Arzaq Murabaha Finance facilities are subject to SAIB credit approval and SIMAH (Saudi Credit Bureau) verification.
Service period
For Government Sector: 1 months with current employer
For Private Sector: 3 months with current employer
Product Risk
To view the Personal Finance product risks, click here
Help & Support
For more information and details, please call us at: 800 124 8000.