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Arzaq Murabaha Finance

Arzaq Murabaha Finance

Arzaq Murabaha Finance is an Islamic financing product approved by SAIB's Shariah Committee. You can buy a certain quantity of goods owned by the Bank at an agreed profit and repayment plan. You can take possession of the goods, and if you choose not to, we have made it easier to sell the goods on your behalf by signing a procuration (WAKALA) to the merchant. Proceeds will be credited into your account. The goods offered by SAIB include rice and flour.

The features you need to know:

Compatible with the provisions of Islamic Shariah

Approved by the Bank's Shariah Committee.

Refinance

Customer can refinance after paying the required financing amount .

Additional Finance

Eligibility for an additional finance after having an increase in monthly salary.

Debt Relief

Debt relief in case of death or permanent disability (God forbids).

Sponsor/Guarantor

No Sponsor/ Guarantor required.

Financing Amount Disbursement

Get the finance on the same day*
*In case all applicant documents are complete

*In case all applicant documents are complete

Arzaq Murabaha Finance is an Islamic financing product approved by SAIB's Shariah Committee. You can buy a certain quantity of goods owned by the Bank at an agreed profit and repayment plan. You can take possession of the goods, and if you choose not to, we have made it easier to sell the goods on your behalf by signing a procuration (WAKALA) to the merchant. Proceeds will be credited into your account. The goods offered by SAIB include rice and flour.

 

Payment period

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Finance amount

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Please make sure you have the following requirements:

ELIGIBILITY CRITERIA

To apply for SAIB Arzaq Murabaha Finance, applicant must meet the following eligibility criteria:

  • Be a Saudi Citizen
  • Be at least 18 years of age
  • Maximum age at maturity of 60 for males and females
  • Work for an employer included in the Bank’s approved list
  • The customer must have a salary account at The Saudi Investment Bank
  • Service period:
    For Government Sector: 1 months with current employer
    For Private Sector: 3 months with current employer

 

*Terms and conditions apply

Kindly note that all Arzaq Murabaha Finance facilities are subject to SAIB credit approval and SIMAH (Saudi Credit Bureau) verification.

REQUIRED DOCUMENTS

  • Complete SAIB required application form.
  • Introduction letter from employer which would include basic salary, allowance details and the date of employment commencement.
  • Salary assignment letter in favor of SAIB.
  • We can also buy-out your facilities from other banks. The following additional documents are required: Debt letter from existing bank / institution with which you currently have a loan
  • A copy of a valid ID card. We will certify the authenticity of the copy to the original one.

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For more information and details, please call us at:

800-124-8000

CHARGES AND MINIMUM REQUIRED BALANCE

Standard SAIB finance administration fees will apply.
Administrative fee not exceeding 1% of the amount of funding or SAR 5,000, whichever is less.

Arzaq Personal Finance product comes with a complementary salary account with no minimum balance requirements. The account also offers a free cheque-book, mada Debit Card from The Saudi Investment Bank and access to SAIB Flexx Click Internet Banking, Flexx Touch Mobile Banking, Flexx Call contact center and SMS Banking facilities.

 

An example of information that will be obtained when applying for a product

Finance amount (SAR) 100,000
Tenor (Years) 5
APR % Starting from 4.71
Installment amount (SAR) 1,849.79

*The Annual Percentage Rate (APR) may differ based on the amount and maturity period.

We are pleased to provide you with a financial calculator to assist you in your financial planning.
The calculator provides estimates only and shall not be considered an approval for the financing application.
Result
=
00,000
Your Age
 
18 Years
Your Salary
SAR
Employer Sector
Finance Tenor
Months
 
Result
=
00,000
Your Age
 
18 Years
Your Salary
SAR
Finance Tenor
Months
 
Amount Needed
SAR
PLEASE NOTE THAT THESE ARE SIMULATED AMOUNTS REPRESENTING APPROXIMATE NUMBERS ONLY, WITHOUT TAKING INTO ACCOUNT YOUR MONTHLY OBLIGATIONS AND CREDIT BUREAU RESULTS.
For exact figures, please contact Flexx Call contact center at 800-124-8000

or visit the nearest SAIB Branches.
All finance products are subject to credit approval.
FAQs

Is the SAIB Personal Finance consistent with Shariah law/?

Yes, this is a shariah compliant financing product approved by SAIB’s Shariah Board.

Who is eligible for a Murabaha Arzaq?

  • Saudi Citizens
  • Work for an employer included in the Bank’s approved list.
  • Be at least 18 years of age.
  • Maximum age at maturity of 60 for males and females.

How long does it take to get the finance?

SAIB guarantees disbursal on the same day (subject to complete documentation).

What is the minimum financing amount?

Minimum financing amount is SAR 50,000.

What is the maximum financing amount?

Maximum financing amount is SAR 1,500,000.

What profit rate do I pay?

Our profit rate is extremely appealing and is fixed for the entire tenor of the Murabaha finance.
For our current profit rate, or to enquire of special promotions, please call our Flexx Call contact center at
800 124 8000.

Would I get any special benefits?

You automatically get a host of free benefits:

  • Sharia compliant Salary Account with no minimum balance requirement.
  • mada Debit Card from The Saudi Investment Bank with SPAN, GCC Net and Maestro capabilities for ATM withdrawals and retail transactions.
  • Access to re-financing products.
  • Debt relief in case of death or permanent disability (God forbids).

Any collateral is required?

You do not need any collateral or guarantor to avail to this product.

I have a loan with another bank, am I able to transfer the debt?

Yes we can buy-out your existing debt.

What are the documents required to apply for SAIB Personal Finance?

  • Complete the required application form.
  • Introduction letter from your employer which would include basic salary, allowance details and the date of employment joining date.
  • Salary assignment letter in favor of SAIB.
  • Copy of National Identity Card / Iqama – this will be verified against the original by our staff.
  • For loan buyouts: Debt letter from the Bank / Financial Institution with whom you currently have a loan.

How do I apply?

Please click here or contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.