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Car Murabaha Finance

Car Murabaha Finance

The features you need to know:

Compatible with the provisions of Islamic Shariah

Approved by the Bank's Shariah Committee.

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

The Car Murabaha Finance is a scheme based on Islamic Murabaha principles, which allows you to own your dream car. You can repay the value of the car and the Bank's profit in convenient monthly installments.

SAIB has reliable car dealers* across the Kingdom, from whom you can obtain quotations for your desired car.

*Currently only available with specified car deals, please contact SAIB branch or call center for further information.

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 Car Murabaha Finance you 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.
  • Have a basic salary of at least SAR 12,000 per month.
  • Transfer salary, supported by salary assignment letter from your employer, to your account with SAIB.
  • 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 Car Murabaha Finance facilities are subject to SAIB credit approval and SIMAH (Saudi Credit Bureau) verification.

REQUIRED DOCUMENTS

  • Complete SAIB application form
  • Quotation (3 copies), for car value, from approved dealers addressed to the Bank.
  • Introduction letter from your employer which includes your salary, allowance details, and the date of start of employment.
  •  Salary assignment letter in favor of SAIB.
  • Acknowledgment form signed upon receipt of the car.
  • Valid identity card.

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For more information and details, please call us at:

800-124-8000

CHARGES AND MINIMUM REQUIRED BALANCE

Administrative fee not exceeding 1% of the amount of funding or SAR 5,000, whichever is less.

The SAIB Car Murabaha Finance comes with a complementary salary account with no minimum balance requirements. The account also offers 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.

SERVICE STANDARDS

You may receive your finance amount on the same day (provided you submit all the required documents).

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
Car Value
SAR
Finance Tenor
Months
 
Down Payment
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 Phone Banking at 800-124-8000

or visit the nearest SAIB Branch. SAIB Branch.
All personal financing are subject to credit approval.
FAQs

Is SAIB Car Murabaha Finance consistent with Shariah laws?

This is an Islamic financing product approved by the Bank’s Shariah Board.

Who is eligible for a Car Murabaha Finance?

To apply for this finance you need to meet the following eligibility criteria:

  • Be a Saudi Citizen.
  • Work for an employer included in the Bank’s approved list.
  • Have a basic salary of at least SAR 12,000 per month.
  • Transfer salary, supported by a salary assignment letter from your employer, to an account with SAIB.
  • Be at least  18 years old.
  • 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 finance amount is SAR 50,000

What profit rate do I pay?

The profit rate you pay is fixed for the entire tenor of the Murabaha Finance. For our current profit rate, or to enquire about special promotions, please contact our Flexx Call contact centre 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 prodcuts.
  • Debt relief in case of death or permanent disability (God forbids).

What kind of collaterals do I need?

  • You do not need any collateral or guarantors.
  • You also own the vehicle. 

What are the documents required to apply for SAIB Car Murabaha Finance?

  • Complete SAIB application form.
  • Quotation (3 copies), for car value, from approved dealers addressed to the Bank.
  • Introduction letter from employer which would include salary and allowance details and the date of employment commencement.
  • Salary assignment letter addressed to SAIB.
  • Valid National ID Card / Iqama.
  • Acknowledgment form signed upon receipt of the car.

    Kindly note that Saudi Armed Forces personnel may need to provide additional documentation. Please contact us for more details.

How do I apply?

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

What is the maximum financing amount?

Maximum financing amount is SAR 1,500,000.