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