Escrow Accounts

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Escrow Accounts

This is special account which has highly restricted limitations on usage by the customer. The accounts of these types allow for the collection and disbursement of money into a bank account where the release of funds will not be allowed unless specific conditions are met. The conditions must be in accordance with rules established by SAMA.

Features

  • Can be used under a broad range of circumstances: for real estate projects, for the fund-raising of a company under formation, or for any type of purpose in which the project is specified.
  • MIS reporting (provide quarterly reports to ministry of housing for sale on map).
  • Simple account reconciliation.
  • Controlled account management and transactions handling.

Requirements

  • Permission from the Ministry of Housing (for sale on map).
  • Fill and return the required registration and agreement forms.

Apply Now

To open a SAIB Escrow Account contact our Flexx Call contact center at 800 124 8000 or email us at #Group - Cash Management Sales Team