FAQ’s

FAQ’s

FAQ’s

Value Added Tax (VAT)

What is VAT?

The Value added Tax (VAT) is an indirect tax that applies to goods and services within the Kingdom of Saudi Arabia except for those goods and services which have been explicitly exempted from such tax or are zero rated.

Why did the government decide to implement VAT?

This reform will allow the government to diversify its sources of revenue, ensure financial sustainability and increase its revenues in the future.

Which government entity is responsible for VAT?

The General Authority for Zakat and Tax (GAZT): www.gazt.gov.sa/en

When will the VAT increase be applied? And what is its percentage?

VAT will be calculated at the rate of 15% on qualified goods and services starting 1 July 2020.

Will VAT be applied to all products and services?

VAT, as a General Consumption Tax (GCT), will be imposed on many transactions related to goods and services within the Kingdom, if such product or service has not been explicitly exempted or zero rated from the tax.

Will VAT raise the cost of living?

The cost of living is likely to rise slightly, but this increase will vary depending on an individual’s lifestyle and spending behavior. For example, if your expenses are concentrated primarily on goods exempted from VAT, you will probably not see a significant increase in the cost of living.

Will the tax include the Bank's products and services?

VAT will be applied to some but not all of the Banks’ products and services.

Saudi Aramco IPO

When will the retail subscription process start? And how long it will be?

The retail subscription process will start from 20/03/1441H (corresponding to 17/11/2019G) and ends on 01/04/1441H (corresponding to 28/11/2019G). Branches of local banks will be available during the working hours from 9:30 AM until 4:30 PM, in addition to any further opening hours that may be specified. Alternative channels such as phone banking, online banking and automated teller machines (ATMs) will be available for 24 hours a day, 7 days a week until the last day of the retail subscription period, which will be available until 11:59 AM on 01/04/1441H (corresponding to 28/11/2019G).

When will the bookbuilding close for institutional investors?

07/04/1441H (corresponding to 04/12/2019G)

In case of allocation below subscription amount, when will the excess cash be returned to my account?

The excess cash amount, if any, will be returned by no later than 15/04/1441H (corresponding to 12/12/2019G)

In case the final offer share price is lower than the top end of the range, when will the excess cash be returned to my current account or additional shares be deposited in my portfolio?

The excess cash shall be returned to retail investors no later than 15/04/1441H (corresponding to 12/12/2019G), along with refund amounts due from the final allocation. Additional shares will be deposited in your portfolio, along with your initial number of shares subscribed for, ahead of trading on.

It is expected that the Company's shares will start trading in the market after all the requirements have been fulfilled and all related regulatory procedures have been completed. The date of the trading will be announced on the Tadawul website (www.tadawul.com.sa).

When will be the first day of trading?

It is expected that the Company's shares will start trading in the market after all the requirements have been fulfilled and all related regulatory procedures have been completed. The date of the trading will be announced on the Tadawul website (www.tadawul.com.sa).

How many shares are being offered in the IPO?

3,000,000,000 shares, which represents 1.5% of Saudi Aramco’s total issued shares.

Who can subscribe to the Retail Tranche of the IPO?
  • Saudi Arabian nationals, including:
    • any Saudi female divorcee or widow with minor children from a marriage to a non-Saudi person who can subscribe for her own benefit or in the names of her minor children, on the condition that she proves that she is a divorcee or widow and the mother of her minor children,
  • Any non-Saudi natural person who is resident in the Kingdom and who has a bank account with one of the Receiving Entities.
  • GCC nationals who have a bank account with one of the Receiving Entities.
Can non-Saudi Residents or GCC Nationals subscribe on behalf of their dependents?

No, only Saudi nationals are able to subscribe on behalf of their dependents.

What is the offering share price?

32 SAR per offered share.

Why is there an offer price range and not a single offer price?

There is no offer price range used for subscription by retail investors.
However, the offer price range is given to the institutional investors to submit their bids during the institutional book-building period, while retail investors will subscribe at the top end of the range, and the final offer price will be determined after the book-building period.
In previous IPOs listed on Tadawul, the retail subscription period only started once Institutional Book-building was completed and the final offer price was set, which is why those IPOs had a single price offer for retail investors.

The Saudi Aramco IPO retail subscription period is commencing and running concurrently with Institutional Book-building. Therefore, at the beginning of the retail subscription period, the only reference point will be the announced offer price range.

What is the offer price range for the offering? At what price shall the retail investor subscribe?

The offer price range is from SAR 30 to 32 SAR, which is only relevant for the book-building exercise undertaken by the institutional investors. However, retail investors will subscribe at the top end of the offer price range which is 32 SAR..

Retail investors will specify the total amount in Saudi Riyals for which they are willing to subscribe and the equivalent number of shares based on the top end of the offer price range. Accordingly, the shares will be allocated based on the total demand and the final offer price.

What is the final offer price per share?

The final offer price per share will be determined following the end of the institutional book-building period due to the concurrent offering for institutional and retail investors, and will be within the offer price range.

What is the objective of the concurrent offering?

The concurrent offering will reduce the time lag between the final allocation of shares to investors and the first day of trading.

What if the final offer share price is lower than the top end of the offer price range?

If the final offer price is set at a level lower than the top end of the offer price range, then, in respect of the surplus amount of subscription (i.e. the difference between the final offer price and the top end of the offer price range), the retail investors may elect to either:

  1. receive a refund of the surplus amount refunded in cash; or
  2. to be considered for an allotment of additional shares calculated based on the final offer price

In case of fractional shares, an amount will be refunded to investors equal to the value of the fractional shares – in any case, if no additional shares are available, the investor will receive a refund of the surplus amount in cash (by way of credit to account).

Each retail investor must record his/her irrevocable option in the Retail Subscription Application Form.

When or how can an investor determine its refund options (cash/shares) if the final offer share price is lower than the higher end of the offer price range?

Each retail investor must exercise and record this irrevocable option early in the process in writing and as part of the completion of the Subscription Application Form.
To the extent a retail investor elects to receive additional Shares instead of cash refund, but such allotment is not made by the Selling Shareholder and the Company in their sole discretion, the remaining surplus subscription amount will be refunded in cash (by way of credit to the bank account of the relevant retail investor). In case of fractional shares, the surplus amount will be refunded to investors equal to the value of the fractional shares – in any case, if no additional shares are available, the Investor will receive a cash refund for surplus amounts (by way of credit to account).

Would it be possible for the final offer price to end up being higher than the offer price range for the offering?

No, the final offer price for the IPO should be priced between the lower end and top end of the announced offer price range.

Is there any chance for the subscription period to be extended?

No, the subscription process will follow the dates as published in the prospectus.

What is the Min / Max subscription per retail investor?

The minimum subscription per retail investor is 10 shares. However, there is no maximum limit for retail investors as they may choose to apply for as many shares as they wish to , in multiples of 10 shares (e.g. 10, 20, 30, etc).

What are the banks from which I can obtain the subscription form and subscribe through?

Receiving banks participating in the IPO, the names of which are disclosed in the prospectus and the Company’s website.

Are the retail offer shares subject to any lock period?

The retail offer shares are not subject to any lock up period and the retail investors may sell their shares as soon as they are listed on Tadawul.

What is the retail IPO incentive mechanism?

Each Eligible Retail Bonus Investor who continuously and uninterruptedly holds the allocated offer shares for the Bonus Holding Period will receive one Bonus Share for every 10 allocated offer shares held, up to a maximum of 100 Bonus Shares. The Bonus Shares will be allocated from shares owned by the Selling Shareholder.

What is the Bonus Holding Period?

180 days from the first date that the Shares begin trading on the Saudi Stock Exchange (the “Exchange” or “Tadawul”) (the “Bonus Holding Period”).

Who are the Eligible Retail Bonus Investor from the retail tranche?

“Eligible Retail Bonus Investor” means a Saudi Arabian national, including Saudi female divorcee or widow with minor children from a marriage to a non-Saudi person; provided that if a Retail Subscription Application Form is submitted for a Saudi Arabian national applying for himself or herself and other persons appearing on such Saudi Arabian national’s family book, then each such family member who is a Saudi Arabian national will be considered to be an Eligible Retail Bonus Investor.

Each Eligible Retail Bonus Investor is entitled to this incentive only if they subscribe to shares during the subscription period and not after the first day of trading.

How will the bonus shares be deposited for the eligible dependents?

“The bonus shares for the eligible dependents will be deposited to the prime investor’s investment portfolio where all the IPO shares will be deposited. 

How is the entitlement to bonus shares determined?

The offer shares allocated from retail investors that have been continuously and uninterruptedly held for the Bonus Holding Period will be separately determined for each Eligible Retail Bonus Investor.

Any determination of whether a person is an Eligible Retail Bonus Investor and the number of Bonus Shares to which each Eligible Retail Bonus Investor is entitled will be determined by the Selling Shareholder in its full discretion.

Would a purchase of additional shares subsequent to sale of allocated offer shares be eligible for a bonus share award?

No.
In addition, if the offer shares allocated from retail investors are sold, transferred or otherwise disposed of from the Eligible Bonus Retail Investors’ portfolio account (either in full or in part) for any reason, even for part of the day, whether within the same National Identification Number (NIN) or to another NIN, then such transferred shares shall become ineligible for the award of Bonus Shares.

How would the bonus share be monitored?

The Exchange will apply a last-in-first-out approach to monitor the shares transactions in order to determine the number of offer shares in an Eligible Retail Bonus Investor’s portfolio that remain eligible for a Bonus Share award.

The Exchange shall maintain a record of Eligible Retail Bonus Investors who are allocated offer shares from retail investors and monitor their eligibility to receive Bonus Shares.

How will the bonus shares be deposited?

The Exchange will transfer the Bonus Shares into the portfolio of all persons entitled thereto as soon as practicable after the end of the Bonus Holding Period, within a time period not longer than 75 calendar days following the end of the Bonus Holding Period.

For how many times the Eligible Retail Investor is entitled to the bonus shares?

Each Eligible Retail Bonus Investor is entitled to this incentive only once at the subscription period and not after the first day of trading.

When will the Eligible Retail Investor be entitled to the rights of the bonus shares?

It is expected that the Bonus Shares shall be deposited into the investment portfolios of the investors within 75 calendar days after the end of the Bonus Holding Period.

Therefore, no person will have any rights with respect to the Bonus Shares until such Bonus Shares have been deposited into the portfolio of such person.

What is the class type for bonus shares awarded?

Each of the Bonus Shares will be the same class and have all the same rights as the offer shares.

Can you clarify the last-in-first-out methodology?

Illustrations of last-in-first-out methodology for the IPO Retail Incentive:

 

  1. An Individual Investor is allocated 100 Offer Shares from retail investors. During the Bonus Holding Period, the investor sold 100 shares and following that, bought 100 shares. What is the number of Shares eligible for the Bonus Shares award?
    Answer: Zero, because the allocated Offer Shares were sold.
  2. An Individual Investor is allocated 100 Offer Shares from retail investors. During the Bonus Holding Period, the investor purchases 100 additional Shares and later sells 100 shares. What is the number of Shares eligible for the Bonus Shares award?
    Answer: 100, because the allocated Offer Shares have remained in the account and the most recently purchased Shares are deemed to be the Shares that are sold.
  3. An Individual Investor is allocated 100 Offer Shares from retail investors. During the Bonus Holding Period, the investor purchases 10 additional Shares and later sells 50 Shares. What is the number of Shares eligible for the Bonus Shares award?
    Answer: 60, because the most recently purchased Shares are deemed to be the first Shares that are sold, with the remaining 40 Shares that are sold reducing the number of originally allocated Offer Shares.
  4. An Individual Investor is allocated 100 Offer Shares from retail investors. During the Bonus Holding Period, the investor sells 50 Shares and later purchases 10 Shares. What is the number of Shares eligible for the Bonus Shares award?
    Answer: 50, because the balance of Shares eligible for Bonus Shares is permanently reduced to a maximum of 50 upon the initial sale.
  5. An Individual Investor is allocated 1,000 Offer Shares from retail investors. During the Bonus Holding Period, the investor purchase 1,000 Shares and later sells 500 Shares. What is the number of Bonus Shares awarded to the individual investor?
    Answer: 100 and not 150, because investors are only entitled to maximum of 100 bonus shares. In addition, the allocated Offer Shares have remained in the account and the 500 shares that are sold are from the most recently purchased Shares.
  6. An Individual Investor is allocated 1,500 Offer Shares from retail investors. During the Bonus Holding Period, the investor did not purchase or sell Shares. What is the number of Bonus Shares awarded to the individual investor?
    Answer: 100 and not 150, because investors are only entitled to maximum of 100 bonus shares

 

Is the offer Shariah-compliant?

The Offer is supported by a full range of Receiving Entities.

Is the company Shariah-compliant?

As per our bank’s guidelines, it is a Sharia-compliant company.

Will investment in the company's offered shares be applicable to Zakat tax? And how will the Zakat tax be calculated?

Pursuant to Royal Order No. 16712, dated 11/3/1441H (corresponding to 8/11/2019G), the Zakat obligations resulting from investments in the shares when listed on the Exchange will be settled as follows. The Zakat amounts resulting from such investments will be calculated and deducted from tax payments by the company and transferred to the Zakat account at the Ministry of Finance for transfer to eligible Zakat recipients in accordance with applicable law.

Are GCC individual nationals allowed to subscribe?

If GCC investors are able to open a bank account with any of the receiving entities, then they can subscribe through their bank accounts taken into considerations Saudi Arabian Monetary Authority’s (“SAMA”) regulations.

What are the required document(s) to complete the subscription process?

The original and copy of the valid ID card .

What are the available channels for GCC investors to subscribe?
  • Branches of the Saudi Receiving Entities
  • Internet, telephone banking or ATMs of any of the Saudi Receiving Entities

However, in case the GCC investor does not have a bank account with any of the receiving entities, then the GCC investor shall visit any of the receiving entities branches to open a bank account.

Where will the final excess amount or additional shares be deposited?

It will be deposited to the investor’s Saudi current bank account.

Are GCC investors eligible for bonus shares?

No, only the Saudi national investors.

Aseel FAQ's

What is the “Aseel” program?

It is one of SAIB’s loyalty programs which offers you instant discounts and deals at more than 250 partners kingdom wide.

Who are the “Aseel” program partners and how can I familiarize myself with them?

The partners of the “Aseel” program are diverse and can be found on The Saudi Investment Bank website, SAIB Flexx application, Social Media Channels or through “Aseel” brochures available in our branches.

Is it required to open an account to benefit from the “Aseel” program?

Yes and to be issued with a SAIB card.

Is it mandatory to transfer your salary to benefit from the “Aseel” program?

No

Do these offers have a validity period?

Yes, there is a validity per offer mentioned under the respective terms and conditions of each partner.

How to communicate with the “Aseel” Loyalty support team in case of any inquiries?

You can communicate with the Loyalty support team by calling the toll free number: 8001248000

Does the customer have the right to get a discount from the same merchant more than once?

Yes.

In case the customer does not get the discount, what should he/she do?

He/she can submit a formal complaint to the customer care unit by calling the toll free number: 8001248000 within 14 days.

How can the client know the expiry date of the offer?

All offer details are available on the SAIB website and in case the offer expires, it will be removed from the website.

Are there any adverts in the partner stores that communicate the discount to SAIB customers?

Yes, every partner has a paper holder that communicates the “Aseel” offer, and there is also an “Aseel” sticker on the door of each participating partner.

Which categories of partners are available in the “Aseel” program?

Restaurants, travel and tourism, shopping, lifestyle and others offering a wide range of services.

Are SAIB customers entitled to an additional discount with SAIB cards if the partner has an ongoing promotion?

No, the “Aseel” discount does not apply if the partner has an ongoing promotion.

Is there a minimum purchase amount required in order to benefit from the “Aseel” offers?

No.

Is it mandatory to go to the branch in order to register for “Aseel”?

No.

Is the percentage of discount unified across all partners?

No, each partner has a specific discount percentage and all discounts are available on the SAIB website, SAIB Flexx application and our Social Media Channels.

Will there be a charge to register for “Aseel”?

No, it is a free service.

How can I benefit from the “Aseel” program?

By paying with your mada Debit Card from The Saudi Investment Bank or credit card.

Can the customer benefit from the “Aseel” program if he/she has financial obligations such as a loan or credit card?

Yes

Can the customer benefit from the “Aseel” Program by paying in installments?

No, installment type payments are excluded

What differentiates this program from other loyalty programs?

“Aseel” is the only program that offers you instant discounts with the use of any mada Debit Card from The Saudi Investment Bank or credit card and facilitates locating partners thanks to the SAIB Flexx application.

Which SAIB cards are included in the program?

All SAIB credit and mada Debit Cards from The Saudi Investment Bank.

How long does it take to benefit from the discount?

It is instant, immediately during the purchase transaction.

In case of not updating your account information due to the expiry of your ID or Iqama, can you benefit from the “Aseel” program?

No, because your card, which is linked to your account, will not be active. Please ensure that you visit your nearest branch to update all you latest information.

Can take the discount amount in cash?

No

Are there certain dates or seasons when I cannot benefit from the “Aseel” discount program?

Yes and they are mentioned under the terms and conditions.

WooW FAQ

What is "WooW Program" and how does it work?

It is one of the loyalty programs offered by The Saudi Investment Bank where WooW members are rewarded with WooW points for their banking transactions. The earned WooW points can then be redeemed with various gifts and options through WooW e-catalog .

Who are SAIB customers eligible to join WooW program?

Individual personal banking customers who meet the terms and conditions of the program.

How can I become a member of WooW?

You can become a WooW member by simply accepting the program terms and conditions. Login to your banking account through SAIB Internet Banking “Flexx Click”, or Mobile Application “Flexx Touch”, choose “WooW Rewards” and read then accept the terms and conditions (click here to login to your banking account).

How can I earn points?

As soon as you become a WooW member, by accepting the program terms and conditions, you will start earning WooW points for making all eligible banking transactions.

What is WooW e-catalog?

It is a catalog exclusive to WooW members through which you can view available WooW gifts through Internet Banking “Flexx Click”, or through Mobile Application “Flexx Touch”. To redeem your points, you have to login to your banking account through “Flexx Click” or “Flexx Touch” and make the redemption from the tab “WooW Rewards” (click here to login to your banking account).

What is meant by Welcome Points?

They are welcome reward points offered by The Saudi Investment Bank –one time only- for the customer when he joins the program. The number of points differs according to the customer program segmentation (Silver, Gold, or Platinum customer).

What are the eligible banking transactions through which I can earn WooW points?

You can earn WooW points through most of your SAIB banking transactions, such as the payment of SADAD bills, banking transfers, average account balance, SAIB Credit Cards purchases (inside and outside the Kingdom) and SAIB mada Debit Cards purchases (inside and outside the Kingdom).

How can I enquire about the total points I can earn on the eligible banking transactions?

Through WooW points calculator which enables you to calculate the points you can potentially earn for making banking transactions or applying for SAIB products (click here to use the calculator).

Are there any limits for the number of banking transaction through which I can earn points?

There are some limits that apply to some transactions, which for example, could be conducted many times in a short period of time, such as the payments of SADAD bills.

I have a current account, but I do not have a SAIB loan or deposits, and I do not make banking transactions frequently; can I still earn points?

Yes, when making other banking transactions, such as the payment of SADAD bills, banking transfers, Credit Card and mada Debit Card purchases, etc.

How can I enquire about the number of WooW points I have earned?

You can do so by logging into your banking account via the Internet Banking “Flexx Click” or Mobile Application “Flexx Touch”, choose “WooW Rewards” then choose “My Account”.

Is there a maximum number of WooW points that I can earn?

No, there is no maximum number of WooW points that you can earn.

Can I buy WooW points?

No, you cannot buy WooW points

When do my WooW points expire?

end of the third year after the points were earned. For instance, if the customer earned 5,000 points on May 15, 2015, and 10,000 points on June 14, 2015, the customer’s total 15,000 points earned within the year 2015 will expire at the end of December 31, 2018

How can I redeem my WooW points?

You can redeem the WooW points you earned through WooW e-catalog after logging into your banking account via SAIB Internet Banking “Flexx Click” or Mobile Application “Flexx Touch”(click here to login to your banking account).

Where can I find WooW e-catalog?

You can find WooW e-catalog on SAIB website (click here to view the catalog) or by logging into your bank account through SAIB Internet Banking “Flexx Click” or Mobile Application “Flexx Touch”.

What can I redeem with my WooW points?

There is a large number of exclusive and distinguished gifts and vouchers which you can find in WooW e-catalog (click here to view the catalog).

The gift item that I want is no longer available. Will SAIB bring more of that item?

The catalog is continually updated with new and exclusive items; however, this does not mean that the item you wanted will be provided again.

How can I transfer my "WooW" points?

You can transfer the points to another WooW beneficiary by logging into your banking account through SAIB Internet Banking “Flexx Click” or Mobile Application “Flexx Touch”, click on "WooW rewards" icon, then choose "WooW beneficiaries" and enter the account number and short name to activate the beneficiary. Select "WooW point transfer", enter the number of points and the name of the activated beneficiary, and then click on “Transfer”.

What is the minimum and maximum number of WooW points I can transfer?

You can transfer a minimum of 50 WooW points, but there is no maximum number of the points you can transfer.

Is there a limit on the number of transfers I can make during a month?

You can transfer up to 10 times per month.

How many beneficiaries can I add?

There is no limit on the number of beneficiaries you can add.

How long does it take to transfer WooW points?

Points are transferred immediately to the beneficiary upon completion of the transfer steps.

Are the costs of transporting the reward items covered? And who will pay the delivery costs?

As a valued customer of SAIB, the gifts are delivered to you at no cost.

I redeemed my points for some gifts through WooW e-catalog. When should I expect delivery?

The gift will be delivered to you through “Aramex” carrier within a maximum of 14 working days,It must be received by you within a maximum of 45 working days from the date of request.

What if I am not home when the gift item is delivered?

You will receive an SMS of the shipment tracking number to ease tracking down your shipment and contacting the courier. The courier company shall attempt to contact you to deliver the reward to you at least 3 times.

The gift I received is not as ordered or is broken or damaged. What shall I do?

If the WooW gift item is not as ordered or is broken or damaged when received, please do not sign the delivery receipt and promptly inform SAIB by calling our “Flexx Call” Phone Banking on 8001248000, accordingly we shall replace the gift with a new one. If you signed the delivery receipt accepting the gift item, we apologize since we will not be held liable to compensate you for that incorrect, broken or damaged gift.

Can I cancel my redemption request?

No, you cannot cancel the request

Where can I review my redemption history?

You can review your previously redeemed transactions by logging to your banking account through SAIB Internet Banking “Flexx Click” or Mobile Application “Flexx Touch”.

Can I cancel my WooW account? How?

Yes, by calling SAIB Phone Banking “Flexx Call” on 8001248000, or by visiting the nearest SAIB branch (to view branches’ locations and to locate the nearest branch, please click here). Please be informed you will not earn any points in the future on your banking transactions, and that your current WooW points will be cancelled.

How can I submit an inquiry or file a complaint?

You can submit an inquiry or file a complaint through any of the following channels:

  • Phone Banking “Flexx Call” on 8001248000
  • Internet Banking “Flexx Click”
  • Mobile Application “Flexx Touch”

Your questions will be answered as soon as possible.

When will the redeemed amount of WooW points be added to my SADAD Online Account?

The amount will be added to your SADAD Online Account within (2) two business days.

How can I redeem my WooW points to fund my SADAD Online Account?

Click here to view the steps of redeeming your WooW points to fund your SADAD Online Account.

What is the amount of cash I can redeem my points with in SADAD Online Account?

Each 5,000 WooW points equal SAR 10 as follows:

  • The customer who has less than 10 million WooW points may redeem them with a minimum cash amount of SAR 10 and a maximum of SAR 3,000 per year
  • The customer who has 10 million WooW points or more, at the time of redemption, may redeem them, in part or whole, with no limitation to the cash amount redeemed
When will the redeemed amount of WooW points be added to my EasyShopping Card?

The amount will be added to your EasyShopping Card within (2) two business days.

How can I redeem my WooW points to fund my EasyShopping Card?

Click here to view the steps of redeeming your WooW points to fund your EasyShopping Card.

What is the amount of cash I can redeem my points with in EasyShopping Card?

Each 5,000 WooW points equal SAR 10 as follows:

  • The customer may redeem his/her WooW points with a minimum cash amount of SAR 10 and a maximum of SAR 3,000 per year.

Banking Awareness

What are the benefits of using credit cards?

One of the reasons behind the widespread use of those cards on an international level is the special characteristics that these cards offer to the card holder, the vendor accepting the card, or the issuing bank. If it is maintained well and used when necessary in an elaborate way, it will offer many benefits to its holder, the most important of which are as follows:

  1. An easy instrument to use and keep.
  2. A secure instrument that spares the trouble of carrying cash money.
  3. You can use it daily to carry out any transaction.
  4. All executed transactions can be reviewed and checked through obtaining a monthly account statement.
  5. You can benefit from the grace period and repay after a period of 20-50 days from the execution date of the latest transaction.
  6. A useful financial instrument that helps in financial planning when used in a well deliberated way.
  7. Many shops and centers accept those cards (some of those cards are accepted by more than 25 million shops centers on an international level).
What are the risks of using credit cards?

Using a credit card in a careless way may lead to significant risks that affect the customer's credit record and his ability to repay and manage his financial liabilities. The most significant risks are as follows:

  1. It is an easy financial instrument that encourages consumption, if its use is not controlled.
  2. The possibility of being used by others, especially relatives (son, daughter, husband, or wife) if it is not safeguarded. The cards can be used to carry out transactions through the telephone.
  3. The possibility of it getting lost, stolen, and used by another person.
  4. Paying additional amounts as fees in case of default or repaying part of the amount.
  5. Increased commission and interest rates linked to the use of credit cards.
  6. It is considered one of the financial instruments that require ongoing monitoring, sound management, and compliance with repayment dates.
What does an applicant need to know when applying for a credit card?

Every person wishing to apply for a credit card has to make sure that he/she has an answer for the following questions:

  1. Why should I have a credit card?
  2. Have I understood the conditions and controls of the agreement for careful use and dealing therewith? For example, do I know the amount of the various fees, card interest rate in case of a delayed repayment, annual issuing fees, default fees, cash withdrawal fees, and fees for exceeding credit limit?
  3. Can I repay the total amount of purchases with the credit card every month? Or the minimum amount only?
  4. If I did repay the minimum amount, can I repay additional commissions on the existing balance?
  5. What is the bank's procedure towards me in case of default?
Where can I find the terms and conditions for my bank product or service?

provided to new consumers or at the request of existing consumers, through the channels available from the bank and in accordance with the consumer’s preference. They are also detailed either by way of a general terms and conditions booklet or by individual brochures. Consumers should be encouraged to read these terms and conditions before committing to a product or service.

The bank has changed the terms and conditions on my product/service. Are they allowed to do that?

A bank must communicate to the affected consumers any changes in terms and conditions at least 30 business days in advance of any such changes being implemented.

When I asked for a copy of the terms and conditions, the bank said they would send them later. Is this the correct procedure?

A copy of the terms and conditions should be provided to consumers at the appropriate time in order to enable the consumer make an informed decision on whether they wish to purchase the product or service.

What happens if I do not comply with the terms and conditions of a product or service?

Banks must include specific ‘warning statements’ in all terms and conditions, application forms, and advertisements, stating clearly the potential consequences for the consumer in not meeting the product or service conditions as agreed in the product or service application form.

What fees, charges, or commissions can a bank deduct from me?

A bank will only deduct the approved fees, charges, and commissions that are detailed in the schedule of fees, charges, and commissions.

When can I ask for a list of the fees, charges, and commissions?

A bank should provide consumers with a copy of the schedule of fees, charges, and commissions when they provide a product or service, when signing a contract or as requested by a consumer at any time.

Can the bank increase its fees and charges without informing me?

No, a bank must inform the affected consumers of any changes in fees and charges 30 business days in advance of any such changes being implemented.

I don’t understand how the bank calculates my fees. What can I do?

A bank should clarify to consumers the methodology for calculating fees, commissions, and the amount of profit earned by the bank for the products and services held by those consumers.

I applied for a credit card, but have now decided that I do not want it. Will I have to pay any fees and charges?

You can cancel your credit card without payment of a fee or charge to a card issuer within ten days after receipt of the card, provided that you have not used the card after receipt.

Do bank advertisements show the fees or charges for a product or service?

Where SAIB advertising refers to product or service that will incur a fee or charge, the advertisement or promotional material will for sure show the amount of all fees and commissions relating to the use of the service or product.

I find that bank documents have names and titles that I do not understand. How can I understand these?

A bank must ensure that an advertisement that contains any acronyms (for example APR) states clearly what the letters actually stand for.

I am regularly receiving SMS messages and emails from banks advertising different products and services, but I do not want to receive them. How can I stop the bank from sending these messages to me?

Consumers have the right to receive short messages (SMS) or promotional material for services and products provided by a bank, and the bank should obtain the prior approval of the consumer, whether in writing or electronically, according to the preferences of the consumer.

Some banks have refused to open an account for me. Do they have this right?

A bank should accept and fulfil all requests to open new accounts, where the consumer has completed all of the required documents and met the conditions required to complete the account opening process, with the exception of the cases provided for in the rules of opening and operating accounts issued by SAMA.

When I tried to open an account with a bank, they gave me an appointment for another day. But when I called on that day to open the account, they gave me another future appointment. Is this allowed?

A bank must not unreasonably delay the opening of a bank account for a consumer by engaging in delaying tactics.

My bank closed my account without informing me. What is the correct procedure?

A bank should inform consumers of a decision by the bank to close a consumer’s account 60 days in advance of the account being closed and the reasons for this. In cases of fraud or embezzlement by a consumer, a bank can immediately close or block an account without communicating with the consumer.

When I asked to open an account with a bank, they advised that I must make a minimum deposit to open the account.

A bank should not require a consumer to have a minimum deposit to open a personal bank account. However, a bank has the right to close an account if the account balance is zero for a period of 24 months days from the date that the account is opened.

Will the bank explain how I can operate my new bank account?

A bank must inform a prospect consumer of the consequences of opening and operating a bank account. This must include a formal process of ensuring that consumers are fully aware of the consequences of granting access to third parties to their bank accounts.

If I lose my mada Debit Card from The Saudi Investment Bank, where should I go to report the incident?

A bank will provide appropriate electronic channels and free-phone to assist consumers to easily report loss, theft, or misuse of their cards.

My credit card issuer recently increased my credit limit. Why?

A bank should not issue a credit card or increase a credit card limit, except upon the written request of the consumer, according to the regulations and circulars issued by SAMA relating to credit cards and mada Debit Cards from The Saudi Investment Bank.

What happens if someone steals my card and uses it? Will I be liable?

A consumer will be responsible for any transactions made on their credit card before they reported the loss of their card to the bank. The issuing bank is responsible for any fraudulent transactions (transfer of credit card information) without the knowledge of the card holder, whether made before or after the cardholder informs the bank, except in cases which the bank proves the cardholder’s responsibility for these transactions.

I received a telephone call from my bank asking me for personal details in order to update my account. Is this normal practice by banks?

A bank will never telephone, send text messages, or email a consumer for any details regarding their passwords, PINs, or any other account verification methods.

If I take out a loan with a bank, on what date will deductions be made for repayment instalments?

A bank will deduct the instalment on the date agreed upon with the consumer and in line with the date of deposit of the consumer’s salary account with the bank.

My bank agreed to accept a partial payment so that I can apply for a new loan. But my credit record has been affected and now I am unable to obtain approval.

A bank should give clear written information to consumers regarding the consequences that non-payment of their liabilities will have for their credit record in the information held by credit information companies. 

In the event that a consumer partly pays their indebtedness, banks should not issue a letter of ‘final clearance’. They should avoid using any such phrases or words in their communication with the consumer unless the consumer has fully paid off their liabilities, or unless the bank is agreeable to accept a partial payment in full and final settlement of all amounts due.

I want to send money to an overseas beneficiary through the bank, but cannot find details about how much this will cost.

A bank has the right to impose fees on consumers for the transfer of funds outside the Kingdom. These fees should be a fixed amount and not a percentage of the amount being transferred. Any beneficiary bank fees should be included, as well as any fees imposed by the correspondent bank. The consumer should be informed of the amount of all fees before confirming the transfer of funds.

How long does it take for the funds to arrive with the beneficiary?

Before completing the transfer of funds, a bank should advise consumers of the expected arrival time that the funds will be with the beneficiary and the fees or charges deducted and the net amount that will be paid to the beneficiary.

What happens if I send money overseas and it does not arrive in the beneficiary’s account?

A bank should advise a consumer within two business days of return of funds by a correspondent bank. The funds returned should be credited to the consumer’s account as soon as received from the correspondent. Where the consumer is not an account holder, the returned funds should be available in cash or by cashier’s cheque within two business days.

How do I know what hours the bank branches will be open? It seems to vary?

A bank will display the branch hours of business on a fixed notice at the main entrance to each branch and the branch will open and close in accordance with these advertised hours of business.

I have a poor reading ability; will this prevent me from opening a bank account?

A bank will not discriminate against consumers in any way, in the sale or usage of any banking product or service.

Where can I find out how to make a complaint? And what happens after I make it?

A bank should clearly display their complaints procedures in all of their branches and on their websites, as well as provide a hard copy to a consumer if requested.

Mobile Point of Sales

Shall the merchant open an account in Saudi Investment Bank?

Yes, the mPOS has to be linked to the merchant account with The Saudi Investment Bank.

Which cards does the mPOS machine accept?

The following card schemes are accepted:

  • mada
  • Visa
  • MasterCard
  • AMEX
How long will it take to install the mPOS machine?

One business day after receiving the approval.

What are SAIB mPOS charges?

There are NO fees and charges for:

  • Installation
  • Monthly fees
  • Maintenance
What are the business activities which the nature of it would mostly benefit from mPOS machines?
  • Taxi drivers
  • Delivery services providers
  • Seasonal exhibitions
  • External sales representatives
  • Food truck owners
Does the mPOS machine print purchase transaction receipt for the merchant and the cardholder?

No, the purchase transaction receipt will be sent to the merchant and the cardholder by email.

How can I apply for the mPOS machines?

By visiting one of SAIB branches (Click here to view the nearest branch to your location).

(Do not forget to book your appointment to save your time! To book an appointment, please Click Here.)

What are the required documents?
  • Signed POS service agreement at one of SAIB branches
  • Copy of Commercial Registration
  • Copy of merchant national ID

Easy Payment Plan – 0% Profit Rate

How can I convert my purchases into Installment Plan?

You can convert your purchases using SAIB credit cards into equal monthly installments known as 0% Easy Payment Plan Program by calling our “Flexx Call” phone banking service at 800 124 8000 within 5 business days from the date of the transaction and no later than 20 days.

Is there a minimum limit for the transaction enrolled in the program?

Yes, the minimum transaction value should not be less than SAR 1,000 and the maximum limit will be 90% of the Credit Card Limit.

Are there any fees to enroll in the program?

Yes, the card will be charged SAR 50 for each transaction converted under the Program.

Do I still earn WooW points on purchases converted to Easy Payment Plan?

Yes, you will earn WooW points on any transaction on your Credit Card.

How many transactions are allowed to be converted to the Program?

Multiple transactions can be allowed to be converted to the Program within 90% of the Credit Card Limit.

What are the time periods available for Easy Payment Plan?

The tenure for the Program can be 3, 6, 9 or 12 months and cannot change the period after the transaction is transferred to the Program.

Marine Cargo Insurance

What is the advantage of an open cargo policy?

For an affordable cost, it provides coverage for all shipments falling within the terms of the policy. In most cases, you enjoy coverage even if you unintentionally fail to report a shipment and/or report shipment values incorrectly.

What is the basis of valuation for the purposes of insuring my cargo?

The standard basis of valuation is invoice cost plus freight plus 10% or 20% in some cases. Most underwriters will allow a higher mark up that could reach 100%.

Are all of my cargo shipments covered under a marine open cargo policy?

You need to check both the “Goods Insured” clause and the “Voyage” clause in your policy. Certain goods and certain voyages are excluded.

What happens if I forget to declare a shipment on a monthly reporting policy?

You still enjoy full cover for that shipment. However, you must report it as soon as you are aware of the error.

Is bad packing excluded?

As a general rule, it is excluded; however, it depends largely on who did the packing and where it was carried out.

When do I have to issue a certificate of insurance?

It depends on your business needs. Generally, certificates of insurance are issued for export shipments in order to provide the buyer with proof of insurance. The certificate also provides contact information in the event of a claim. Certificates may also be required for letter of credential purposes.

Why is the invoice an important document in a cargo claim?

Many reasons apply:

  • It provides evidence of value of the goods
  • It identifies the parties to the sale and identifies whether the insured is a party
  • It identifies the terms of sale
  • It provides a description of the goods as well as the quantity being shipped
  • It identifies the price the buyer has paid (or is to pay) for the goods in question
  • The invoice price plus freight and charges plus a markup of 10% or 20% is a standard basis of valuation in most cargo policies

Flexx Pay

Does it have to be linked to a Saudi Investment Bank account?

Yes

Which payment services and cards does FlexxPay accept?

The following payment services and card schemes are accepted:

  • MADA Cards
  • VISA
  • MasterCard
  • American Express
  • SADAD Account
How long will it takes?

Within 48 Hours if merchant’s website is ready.

What type of Business FlexxPay needs?

All merchants who sell goods and services online

What type of channels does the FlexxPay support?
  • Online Channel “Web”
  • Mobile Channel
  • Virtual Channel

Points of Sale

Shall the merchant open an account in Saudi Investment Bank?

Yes, the POS has to be linked to the merchant account in Saudi Investment Bank.

Which cards does the POS machine accept?
  • MADA
  • VISA
  • MasterCard
  • AMEX
  • Approved international cards.
How long will it take to install the POS machine?

One business day after approval.

What are SAIB POS charges?

There is NO fees and charges for

  • Installation
  • Monthly fees
  • Maintenance
What type of Business needs POS?

All merchants who sell goods and provide service.

What type of POS is available?

The following types of POS terminals are available:

  • Dial-up
  • GPRS
  • IP
How can I apply for the POS Machines?

POS Requests by filling the above form and visit one of bank branches.

What is the required documents?
  • Sign the POS service agreement.
  • Copy of CR.
  • Copy Of merchant ID.

Unit under construction (off plan)

Am I required to open an account and assign my salary to avail of this product?

Yes, salary assignment to SAIB is mandatory in order to obtain any of SAIB’s home financing products.

Is the REDF approval mandatory on the property that I want to buy?

Yes, there are specific conditions that must be met.

What is the maximum finance amount?

The maximum finance amount is SAR 7,000,000.

Can I make an early settlement of the finance amount with the Bank?

Yes, you can, provided that you meet the Bank’s terms and conditions (To learn more about these terms, please call us at 800 124 8000).

Is this finance available for expats, too?

No, this product is only for eligible Saudi nationals listed on the REDF’s and Ministry of Housing’s finance lists.

If I am not listed on the REDF’s and Ministry of Housing’s finance lists, can I obtain this product?

No, only those who are listed in REDF’s and Ministry of Housing’s finance lists can get this product. If you are not eligible to get this product, you may apply for SAIB Murabaha Home Finance instead. To learn about Murabaha Home Finance, please click here.

Is this product Shariah-compliant?

Yes, this product is Sharia-compliant and based on Murabaha principle.

What is the maximum finance amount on which I can receive as subsidy from the REDF under (Madoom) program?

The maximum finance amount for subsidy is SAR 500,000.

What is the administration fee amount?

1% of the finance amount up to SAR 5,000 (whichever is lower).

What is the minimum length of service?

Government Sector: 1 month with current employer.
Private Sector: 3 months with current employer.

What is the down payment requirement?

10% for first house or 30% for any additional property.

When shall the title deed get transferred?

MOH shall ensure that the title deed is transferred to the customer (with mortgage to Bank) within 60 days of customer receiving possession of the property from developer.

How can I apply for this finance?

Please click here or contact our Flexx Call contact center at 800 124 8000 .

Self-Construction Finance

Am I required to open a salary account and transfer my salary to avail of this product?

Yes, salary transfer to SAIB is mandatory in order to obtain any of SAIB home finance products.

Do I need to mortgage my land to the Bank?

Yes, the land owned by you has to be mortgaged to the Bank in order to avail financing.

Is this finance available for expats, too?

No, this product is only for eligible Saudi nationals listed on the REDF’s and Ministry of Housing’s finance lists

If I am not listed on the REDF’s and Ministry of Housing’s finance lists, can I obtain this product?

No, only those who are listed in REDF’s and Ministry of Housing’s finance lists can get this product. If you are not eligible to get this product, you may apply for SAIB Murabaha Home Finance instead. To learn about Murabaha Home Finance, please click here.

Is this product Shariah-compliant?

Yes, this product is Sharia-compliant and based on Murabaha principle.

What is the maximum amount I can receive as subsidy from REDF and the Ministry of Housing under Madoom Program?

The maximum finance amount is SAR 7,000,000.

What is the maximum finance amount?

The maximum finance amount is SAR 5,000,000.

What is the administration fee amount?

1% of the finance amount up to SAR 5,000 (whichever is lower).

What is the minimum length of service?

The minimum service period:
For Government Sector: 1 month with current employer
For Private Sector: 3 months with current employer

Is joint finance eligible?

Joint finance is not eligible as per REDF’s criteria.

Can I make an early settlement of the finance amount with the Bank?

Yes, you can, provided that you meet the Bank’s terms and conditions (To learn more about these terms, please call us at 800 124 8000).

How can I apply for this finance?

Please click here or contact our Flexx Call contact center at 800 124 8000 .

Military Down payment

Am I required to open an account and transfer my salary to avail of this product?

Yes, salary transfer to SAIB is mandatory in order to obtain any of SAIB home finance products.

Is this product for military personnel only?

Yes

Is this product for a specific military sector?

This product is for all military sectors.

Is this finance available for expats, too?

No, this product is only for eligible military personnel listed on the REDF’s and Ministry of Housing’s finance lists.

If I am not listed on the REDF’s and Ministry of Housing’s finance lists, can I obtain this product?

No, only those who are listed in REDF’s and Ministry of Housing’s finance lists can get this product. If you are not eligible to get this product, you may apply for SAIB Murabaha Home Finance instead. To learn about Murabaha Home Finance, please click here.

Is this product Shariah-compliant?

Yes, this product is Sharia-compliant and based on Murabaha principle.

What is the maximum amount I can receive as subsidy?

The maximum subsidy amount is SAR 140,000, depending on REDF’s criteria.

What is the administration fee amount?

1% of the finance amount up to SAR 5,000 (whichever is lower).

What is the minimum length of service?

The minimum service period with current employer is 1 month.

What is the down payment requirement?

If the down payment amount exceeds SAR 140,000, the remaining amount is to be paid by the customer to fulfill down payment requirement of the Bank.

How can I apply for this finance?

Please click here or contact our Flexx Call contact center at 800 124 8000 .

REDF Civilian Down Payment

Am I required to open an account and transfer my salary to avail of this product?

Yes, salary transfer to SAIB is mandatory in order to obtain any of SAIB’s home finance products.

Is this product for civilian personnel only?

Yes. But there is similar product for the military which you can view from here

Is this product for a specific civilian sector?

This product is for all civilian sectors.

Is this finance available for expats, too?

No, this product is only for eligible civilian personnel listed on REDF’s and Ministry of Housing’s finance lists.

If I am not listed on the REDF’s and Ministry of Housing’s finance lists, can I obtain this product?

No, only those who are listed in REDF’s and Ministry of Housing’s finance lists can get this product. If you are not eligible to get this product, you may apply for SAIB’s Murabaha Home Finance instead. To learn about Murabaha Home Finance, please click here.

Is this product Shariah-compliant?

Yes, this product is Sharia-compliant and based on Murabaha principle.

How much is the maximum amount I can receive as down payment subsidy?

The maximum subsidy amount is SAR 140,000, depending on REDF’s criteria.

How much is the administration fee amount?

1% of the finance amount, up to SAR 5,000 (whichever is lower).

What is the minimum length of service?

The minimum service period:
Government Sector: 1 month with current employer
Private Sector: 3 months with current employer

What is the down payment requirement?

If the down payment amount exceeds SAR 140,000, the remaining amount is to be paid by the customer to fulfill down payment requirement of the Bank.

How can I apply for this finance?

Please click here or contact our Flexx Call contact center at 800 124 8000 .

Al ASALAH Murabaha Home Finance

Is the SAIB ASALAH home finance product Sharia'a compliant?

Yes. The SAIB ASALAH Home finance product is Sharia’a compliant and has been designed on the basis of Islamic principles.

Who is eligible for AL ASALAH Home Finance?

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

  • Be a Saudi Citizen.
  • Be at least 20 years of age.
  • Maximum age (at maturity) of 65, Considering the retirement age of the military personnel.
  • 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 your account with SAIB.
  • Have a minimum length of service period with current employer of at least 3 months.
What happens if I want to sell the property before the financing is paid off?

You would need to make an immediate repayment of the principal outstanding amount and we may offer you a discount on the outstanding profit.

 

How much Financing am I eligible for?

You can avail financing up to a maximum limit of SAR 5,000,000.

What is the minimum amount I can get?

Minimum amount is SAR 250,000.

What type of properties do you finance?

We provide home finance for the purchase of Lands as well as ready property (Villas, Apartments and Duplex) with no minimum area size required.

How long can the term of financing be?

We can provide financing with tenors up to 30 years.

Can I repay my financing early?

Yes, you may repay your financing early. As this is a Sharia'a compliant product, you do not have to pay penalty charges for prepayment and we can offer you a discount on the outstanding profit .

Do I need insurance, and if so, what kind?

No, as part of our extra benefits, we provide Free "Property Takaful", as well as a Free "Takaful Life Coverage".

What are the documents required?
  • Finance application form
  • Introduction letter from employer.
  • Salary assignment letter addressed to the Bank.
  • Copy of a valid National ID (to be taken after sighting the original).
How long does it take to get the Finance?
  • SAIB guarantees in-principle approval within one business day (subject to complete documentation).
  • Final approval within 12 business days (subject to complete documentation).
How do I apply?

Please click here or contact our Flexx Call contact center at 800 124 8000 .

MOH ready house

Is it required to open a salary account and transfer my salary?

Yes, salary transfer to SAIB is mandatory in order to obtain this product from SAIB.

If I am not listed on the REDF list, can I obtain this product?

No, this product is only for eligible personnel listed on the REDF’s and Ministry of Housing’s finance lists..

Is this product Shariah-Compliant?

Yes, it is a Sharia compliant product based on Murabaha principle.

What is the maximum finance amount on which I can receive subsidy from the REDF under Madoom program?

The maximum finance amount for subsidy is SAR 500,000.

What is the maximum finance amount for this product?

The maximum finance amount is SAR 7,000,000.

How much is the administration fee amount?

1% of the finance amount up to SAR 5,000 (whichever is lower).

Can I make an early settlement of the finance amount with the Bank?

Yes, provided that you meet the Bank’s terms and conditions (to learn more about these terms, please call us at 800 124 8000).

What is the minimum length of service?

The minimum service period is as follows:
Government Sector: 1 month with current employer
Private Sector: 3 months with current employer

When does the title deed get transferred?

Timing of title deed transfer will depend on MOH.

When does the mortgage of property take place?
  • Once MOH is ready to transfer the Title Deed, mortgage to SAIB of Title Deed will take place.
What is the down payment requirement?
  • No down payment to be made by customer as the property is sold at concession, which serves as down payment amount.
How do I apply?

Please click here or contact our Flexx Call contact center at 800 124 8000 .

Madoom and Moyassar home finance

Is it required to open a salary account and transfer my salary to get one of these products (Madoom) or (Al-Rahn Al-Moyassar)?

Yes, salary transfer to SAIB is mandatory in order to obtain one of these products from SAIB.

Are these products (Madoom) and (Al-Rahn Al-Moyassar) available for expats, too?

No, these are for only the eligible Saudi nationals listed on the REDF’s and Ministry of Housing’s finance lists.

Can I avail both programs (Madoom) and ( Al-Rahn Al-Moyassar ) together?

Yes, if all criteria are met.

If I am not listed on the REDF list, can I obtain these products (Madoom) or (Al-Rahn Al-Moyassar)?

No, only those who are listed in REDF’s and Ministry of Housing’s finance lists can get these products. You may request SAIB Murabaha Home Finance instead.

What is the maximum finance amount on which I can receive subsidy from the REDF on (Madoom)?

The maximum finance amount for subsidy is SAR 500,000.

Is the REDF approval mandatory on the property that I want to buy?

Yes, there are specific conditions that must be met.

What is the maximum finance amount?

The maximum finance amount is SAR 5,000,000.

What is the administration fee amount?

1% of the finance amount up to SAR 5,000 (whichever is lower).

Can I make an early settlement of the finance amount with the Bank?

Yes, you can, provided that you meet the Bank’s terms and conditions (To learn more about these terms, please call us at 800 124 8000).

What is the minimum length of service?

The minimum service period:
Government Sector: 1 months with current employer
Private Sector: 3 months with current employer

How can I apply for this finance?

Please click here or contact our Flexx Call contact center at 800 124 8000 .

Loan Buy-out (Balance Transfer)

Is SAIB’s Balance Transfer Product consistent with Shariah law/?

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

Who is eligible for Balance Transfer?
  • Saudi Nationals only.
  • Customer must have a salary account with SAIB and outstanding consumer finance in other bank.
  • Customer must be either a current employee or a retiree from private or government sector that is listed in SAIB’s approved employers list.
  • Minimum income of SAR 12,000 required for buy out loans.
  • The length of service must be at least of 3 months with current employer.
  • The minimum applicant age must be 18 years old for employed customers and 38 years for the retirees.
  • Maximum age of 60 years for males and females and 65 years old for retirees at the time of finance maturity.
  • Debt Burden Ratio not to exceed 33% for employed customers & 25% for the retirees
How long does it take to get the finance?

SAIB guarantees disbursement of the finance amount in the same day (subject to complete documentation).

When can I benefit from the remaining amount after settling my previous loan?

SAIB must receive the first salary, before releasing the hold on the remaining amount.

What is the minimum financing amount?

Minimum amount is SAR 50,000.

What is the maximum financing amount?

Maximum financing amount is SAR 1,000,000.

What profit rate do I pay?

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

Would I get any special benefits?

You automatically qualify for a host of free benefits:

  • Sharia compliant Salary Account with no minimum balance requirement.
  • Mada Debit Card
  • Debt relief case of death - God forbids - or permanent disability.
  • WOOW reward points
Any collateral required?

No collateral or guarantor required to avail to this finance.
However, a guarantor for the customer must be available with the same conditions of the customer, in order to be exempted from providing Three-Party Salary Assignment Letter of undertaking (Available only for certain employers).

What is the difference between the outstanding loan amount with the pervious bank and finance amount from SAIB ?

The requested finance amount must cover the outstanding of the previous bank, along with the administration and Wakala fee.

What are the documents required to apply for Balance Transfer?
  • Employer’s salary transfer commitment letter ( Three-Party Salary Assignment Letter of undertaking ), signed by the previous employer on the commitment to transfer salary following the release letter (Some sectors / companies are excluded).
  • Indebtedness letter (letter of no objection) from the previous bank that does not include any existing credit cards at the same bank balance.
  • Account statement of last 3 months. (Showing last 3 salaries which are verified from the previous bank).
  • Copy of the “Work ID Card” specifying rank / position (to be taken post sighting of the original) – this is for military personnel
  • Customer authorization form to deduct installments due if delay in effecting salary transfer
  • Wakala* signature (mandatory, the customer may request to examine the goods but cannot take them).
In case the employer is part of the employers (which are not required to provide salary transfer commitment letter, Three-Party Salary Assignment Letter of undertaking , and settle for only the guarantor) what are the required documents for the guarantor?
  • A valid Identity Card.
  • Guarantee letter form for the continuous joint liability or responsibility which is Irrevocable.
  • Open a salary account with SAIB
  • Salary Introduction letter, which includes basic and total salary and allowance details, making sure that the client is working in the same city where the application has been submitted.
  • Account statement of the last 3 months. (Showing last 3 salaries which are verified from the previous bank).
How do I apply?

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

Refinance

Is SAIB’s Refinance Product consistent with Shariah law?

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

Who is eligible for Refinance?
  • For Saudis and Expatriates.
  • Customer must have a salary account and outstanding finance.
  • Customers are not allowed to refinance, unless the pay at least 20% of their existing finance amount
  • Customer must be either a current employee or a retiree from private or government sector which is listed in the SAIB’s approved list of employers.
  • The minimum basic salary must be SAR 12,000.
  • The minimum applicant age must be 18 years old for employed customers, 23 years for expats and 38 years for retirees.
  • Maximum age of 60 years for males and females, and 65 years old for retirees at the time of finance maturity.
  • Debt Burden Ratio not to exceed 33% for employed customers & 25% for retirees
How long does it take to get the finance?

SAIB guarantees disbursement of the finance amount on the same day (subject to complete documentation).

What is the minimum financing amount?

Minimum 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 highly competitive and is fixed for the entire tenor of the Murabaha finance. For our current profit rates, or to enquire about special promotions, please call our Flexx Call contact center at 800 124 8000.

Would I get any special benefits?

You automatically qualify for a host of free benefits:

  • Sharia compliant Salary Account with no minimum balance requirement.
  • Mada Debit Card
  • Debt relief case of death - God forbids - or permanent disability.
  • WOOW reward points
Any collateral required?

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

What are the documents required to apply for SAIB Refinance?

 

  • Introduction letter from employer, which would typically include salary, allowance details, and joining date.
  • A commencement letter addressed to the bank including the account number, commencement and ending date for some sectors.
  • Valid National Identity Card.
  • Employer’s Staff identity card (showing the rank/grade of the employer for some sectors).
How do I apply?

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

Expatriates Personal Finance

Is SAIB’s Expatriates Finance consistent with Shariah law?

Yes, this is a Shariah compliant finance product approved by SAIB’s Shariah Committee.

Who is eligible for Expatriates Finance?
  • For Non-Saudi Residents
  • The customer must open a Salary Account with Saudi Investment Bank.
  • Work for an employer which is included in the bank’s approved list.
  • Have a basic salary of at least SAR 12,000 per month.
  • Minimum age requirement is 23 years old.
  • Maximum age requirement at maturity of the finance is 60 years for males and females.
  • Debt Burden Ratio (DBR) should not exceed 33% of the salary
  • Applications are not accepted unless making sure that the last 3 salaries have been credited to the customer’s account at one of the local banks.
  • First salary must be credited into customer’s SAIB account, before providing the finance amount to the customer.
  • The customer’s employer classification in the ministry of labor in “Nitaqat” program must be in green color or above.
How long does it take to get the finance?

SAIB guarantees disbursement of the finance amount on the same day (subject to complete documentation).

What is the minimum finance amount?

Minimum finance amount is SAR 50,000

What is the maximum finance amount?

Maximum finance amount is SAR 200,000.

What profit rate do I pay?

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

Would I get any special benefits?

You automatically qualify for a host of free benefits:

  • Sharia compliant, Salary Account with no minimum balance requirement
  • mada Debit Card from The Saudi Investment Bank
  • Access to re-financing products.
  • Debt relief in case of death or permanent disability (God forbids).
  • WOOW reward points
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’s Expatriates Finance?
  • Valid Iqama
  • Introduction letter from employer, which would typically include the basic salary, allowances, date of joining, End of Service amount and the introduction letter’s date (must be ensured that the guarantor’s name in “Iqama” is consistent), the customer must be on the same sponsorship which issued the introduction letter.
  • Official salary assignment letter in favor of SAIB, which includes all financial allowances, End of Service amount, salary account number and date of salary transfer, job classification in the Ministry of labor (MOL) in “Nitaqat” program (stamp and signature consistent with the bank’s record).
  • A valid Release Letter from the previous bank. (Making sure that the issue date of the transfer letter is aligned with the validity of the release letter).
  • Account statement for the past 3 months showing past 3 salaries stamped from the previous bank.
How do I apply?

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

Retirees Personal Finance

Is SAIB’s Retirees Finance consistent with Shariah law?

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

Who is eligible for Retirees finance?
  • Retired Saudi Nationals.
  • Minimum Pension income of SAR 12,000 per month
  • Minimum age 38 years (according to Hijri Date).
  • Maximum age at finance maturity is 65 years.
How long does it take to get the finance?

SAIB guarantees disbursement of the finance amount on the same day (subject to complete documentation).

What is the minimum financing amount?

Minimum finance 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 highly competitive and is fixed for the entire tenor of the Murabaha finance. For our current profit rates, or to enquire about special promotions, please call our Flexx Call contact center at 800 124 8000.

Would I get any special benefits?

You automatically qualify for a host of free benefits:

  • Sharia compliant Salary Account with no minimum balance requirement.
  • Mada Debit Card
  • Debt relief case of death - God forbids - or permanent disability.
  • WOOW reward points
Any collateral required?

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

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?
  • Completed application form.
  • Introduction letter from Public.
  • Pension Agency which would include pension income for customers who have retired from the public sector or an Introduction letter from General Organization for Social Insurance which would include pension income for customers who have retired from the private sector, (the letter must include PPA or GOSI’s logo, stamped and signed according to the original forms, indicating the names of the signatories).
  • Pension assignment/transfer letter in favor of SAIB.
  • Copy of Identity Card – this will be verified against the original by our staff.
How do I apply?

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

 

Car Murabaha Finance

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.

Shares Murabaha Finance

Is SAIB Shares Murabaha Finance consistent with Shariah law?

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

Who is eligible for a Shares Murabaha Finance Product?

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 your account with SAIB.
  • Be at least 18 years of age.
  • Maximum age at maturity of 60 for males females.

Kindly note that all finance products are subject to SAIB credit approval and SIMAH (Saudi Credit Bureau) verification.

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 is the profit rate?

Our profit rate is extremely attractive and is fixed for the entire tenor of the Murabaha finance.

For our current profit rate, or to enquire of special promotions, please contact 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).
What are the documents required to apply for SAIB Personal Finance?
  • Complete SAIB application form.
  • Introduction letter from employer which would include salary, allowance details and the date of employment joining date.
  • Salary Account .assignment letter addressed to SAIB.
  • Copy of National Identity Card / Iqama – this will be verified against the original by our staff.
  • Portfolio opening form with Al istithmar Capital .
  • Complete investment account opening form with Al Istithmar Capital to facilitate shares trading
How can I apply ?

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

Arzaq Murabaha Finance

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.
  • Have a basic salary of at least SAR 12,000 per month.
  • 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.

Flexx Safe

How to register to FLEXX SAFE?

You can register in the Flexx Safe service by logging into Flexx Click or Flexx Touch and going to the "e-banking" menu, then clicking on the "Flexx Safe Registration

How to activate FLEXX SAFE?
  • Login to your account using FLEXX TOUCH latest version
  • Tap on activate Flexx Safe now
  • Tap on proceed
  • Specify a PIN and re-enter it
  • Enter the OTP sent to your mobile number
I registered and couldn’t activate my FLEXX SAFE. What should I do?

Please ensure that you are using the latest version of the FLEXX TOUCH. If the issue persists, please uninstall the app and install it again from the related stores (App/play store).

What is my FLEXX SAFE PIN?

The FLEXX SAFE PIN must consist of four digits and cannot be easily guessed (I.e. 1111, 1234, etc…). This PIN will be used to protect your FLEXX SAFE.

When do I use my FLEXX SAFE PIN?

You will have to use it every time you want to generate an authentication code.

How can I generate a One Time Password?

When you have completed your FLEXX SAFE activation process, you will be required to enter FLEXX SAFE authorization code as your second factor authentication. You should open The Saudi Investment Bank application on your device, and go to FLEXX SAFE then 'Generate Authorization Code'. Please enter your FLEXX SAFE PIN. This FLEXX SAFE PIN was created by you when you activated FLEXX SAFE on your device.

What are the advantages of using FLEXX SAFE?

FLEXX SAFE increases the flexibility in accessing FLEXX SAFE services, giving you more convenience and improving your online experience. There are also no costs incurred while using FLEXX SAFE

What can I do if I lost my device, forgot my FLEXX SAFE PIN or my device is not available temporarily?

In case you have lost your device or forgotten your FLEXX SAFE PIN on SAIB application and you were not able to used FLEXX SAFE, you will be able to re-activate it following these steps:

  • On the login page, go to registration as if you would like to register to FLEXX CLICK for the first time.
  • After filling the required information and proceeding, click on 'In order to re-activate FLEXX SAFE click here'.
  • You will then be prompt to activate FLEXX SAFE similar to how you have done it before.
Can I use FLEXX SAFE inside SAIB FLEXX TOUCH Native application?

Yes, you can navigate through Retail Internet Banking from your device and using FLEXX SAFE authentication. When a One Time Password will be required, the generation page will be automatically open, entering your FLEXX SAFE PIN, you will be able to generate it and continue with the operation.

Flexx Touch - Mobile App

If I want to login to the App, can I use the same username and password I use in the Internet Banking “Flexx Click”?

Yes, if you have already registered to “Flexx Click”, you can use the same username and password you use to login in our website.

I forgot my username ID. What should I do?

You can retrieve your forgotten user ID from here where you will be provided with your user ID.

I forgot my password. What should I do?

You can generate a new password from here.

Alerts Service

How can I subscribe to the alert service?

You can subscribe through any of our ATMs or by visiting the nearest branch.

How can I deactivate the alert service?

You can deactivate the service by visiting the nearest branch.

Flexx Transfer

How can I register to FLEXX TRANSFER?

You can register by logging in to FLEXX CLICK/TOUCH and click on International transfer. Then click on FLEXX TRANSFER in order to proceed with the registration.

Where the transfer fee will appear?

Before confirming the transfer, the fee will appear on the confirmation page.

If I am an easypay customer, how can I register and transfer?

You must register to easypay online service by clicking here and then you can transfer once you login.

Phone Banking (Flexx Call)

How can I register to Flexx Call Phone Banking service?

You can simply register for this service by calling 800 124 8000 and selecting option 2 after the language option.

I forgot my password. How can I reset it?

To reset your password, simply call 800 124 8000 and select option 2 after the language option followed by 2.

I don’t know my customer number. Where can I find it?

Your customer number is a part of your account number that appears on your statement of account.

For assistance, please contact 800 124 8000 and speak to one of our agents.

“EasyShopping” Card

Are there any conditions for obtaining the card?

The card is available for all SAIB account holders.

How can SAIB customers apply for this card through E-channels?
  • Login to “Flexx Click” or “Flexx Touch”
  • Go to cards section then click on EasyShopping Card
  • Since it is a new card request, click on the “Card Request” option
  • Once you approve the T&C, an issuance fee of SAR100 will be debited from your account. After that, your request will be processed immediately
  • Once you receive your card, you should activate your card through “Flexx Click” or “Flexx Touch” or by calling “Flexx Call” on 8001248000 (if within the Kingdom of Saudi Arabia) or +96114183100 (if overseas)
What is the card credit limit?

The card is issued with a credit limit of SAR 25.

Are there any fees for loading funds to the EasyShopping Card?

No, there are no fees

Are there any fees for unloading funds from the EasyShopping Card to my SAIB account?

No fees when unloading your card.

What are the main currencies in the card?

Saudi Riyal.

Can I add more currency to the card?

No, the card issued with one currency only (SAR).

Can I use this card outside KSA?

Yes, you can. The amount will be exchanged from country currency used to the SAR at competitive exchange rates.

Can I unload money back to my SAIB account?

Yes, you can unload money back into your SAIB account for free.

Can I issue the card to any of my household employees for day-to-day grocery shopping?

Yes, you by simply requesting an additional card.

How long does it take to approve the card request?

Your request will be approved immediately as there is no need to check your credit history.

How can I get an Easyshopping Card?

Both primary and supplementary cards can be requested through internet banking “Flexx Click” or “Flexx Touch” or through phone banking “Flexx Call” and the card will be delivered via courier with 5 business days. You may also request an instant issuance by visiting the nearest SAIB branch.

How can I know the WooW points earned using my EasyShopping Card?

You can know more about the points earned by using WooW calculator by choosing the type of transaction and the number of points earned will appears, click here to use the calculator.

What happens if I lose my card or if my card is stolen and how can I request a replacement card?

In case of loss or theft of your card, immediately call 8001248000 (if within the Kingdom of Saudi Arabia) or +96114183100 (if overseas) to block your card and request a replacement card to be sent to you within 5 business days. You can view your PIN number through “Flexx Click” or “Flexx Touch” and “Flexx Call”.

What is the daily cash withdraw limit?

You can withdraw up to 9,000 SAR.

What is limit to purchase through POS or online?

There is no limit; you can use the all available amount in the card.

What is the maximum loaded amount?

The limit is 90,000 SAR and you can load again anytime after using the amount.

Travel Card

Are there any conditions for obtaining the card?

The card is available for all SAIB account holders.

How can SAIB customers apply for this card through E-channels?
  • Login to internet bankinnew-acc.jpegg “Flexx Click” or mobile application “Flexx Touch”
  • Go to cards section then click on Travel Card
  • Since it is a new card request, click on the “Card Request” option
  • Once you approve the T&C, an issuance fee of SAR100 will be debited from your account. After that, your request will be processed immediately
  • Once you receive your card, you should activate your card through internet banking “Flexx Click” or mobile application “Flexx Touch” or by calling phone banking “Flexx Call” on 8001248000 (if within the Kingdom of Saudi Arabia) or +96114183100 (if overseas)
Is it the first multi-currency card in the Kingdom of Saudi Arabia?

Yes, it is the first low limit multi-currency credit card launched in the Kingdom of Saudi Arabia which can be loaded with 75 different currencies to avoid the exchange rate fees.

How can I get a Travel Card?

Both primary and supplementary cards can be requested through internet banking “Flexx Click” or mobile application “Flexx Touch” or through phone banking “Flexx Call” and the card will be delivered via courier with 5 business days. You may also request an instant issuance by visiting the nearest SAIB branch.

Can I issue a Travel card for my family members?

More than one Travel Card can be requested for your family members, which will be linked to your account and controlled by main account holder.

How will I benefit from the Travel Card?

Whether I travel often or have a family member who travels often or lives abroad, the Travel Card will help me save significant amounts of money and avoid unnecessary exchange rate fees.

What is the card credit limit?

The card is issued with a credit limit of 1 USD.

Are there any fees for loading funds to the Travel Card?

No fees when loading your card.

Are there any fees for unloading funds from the Travel Card to my SAIB account?

No fees when unloading your card.

How easy it is to load your Travel Card?

No need to visit currency exchange stores any more, Travel Card enables cardholders to load fund to their card through SAIB internet banking “Flexx Click” or mobile application “Flexx Touch” and phone banking “Flexx Call” service.

Are there any fees for adding currencies to the Travel Card?

Yes, there is a fee of SAR 25 for each additional currency as a onetime fee only.

How can I add new currencies to the card?
  • Login to internet banking “Flexx Click” or mobile application “Flexx Touch”
  • Go to cards section then click on Travel Card
  • Select adding additional currencies and choose the desired currencies
  • After confirming the currencies, a fee of SAR 25 will be charged for each currency added and your request will be immediately processed
Can I use my card in countries that don’t accept one of the currencies in the Travel Card?

Yes, you can use the card around the world and the amount will be exchanged from the original currency to USD.

Can I use this card within the Kingdom of Saudi Arabia?

Yes you can. The amount will be exchanged from SAR currency to USD.

Can I unload money back to my SAIB account?

Yes, you can unload money back into your SAIB account for free.

How long does it take to approve the card request?

Your request will be approved immediately as there is no need to check your credit history.

What is the daily cash withdrawal limit?

You can withdraw up to USD 2,500.

What is limit to purchase through POS or online?

There is no limit; you can use the all available amount in the card.

What is the maximum load amount?

The maximum load amount is USD 100,000 or it is equivalent in other currencies. This limit will be covering in all added currencies. You can load again at any time after using the amount.

What if I forget my PIN?

You can view your PIN easily through internet banking “Flexx Click” or mobile application “Flexx Touch” and phone banking “Flexx Call” service.

Are my online transactions secured?

All transactions done online using any SAIB card is supported by 3D secure (verified by visa) security feature.

What online services do I get for Travel Cards?
  • View card balances per wallet/currency
  • View transactions history
  • Load your card with various currencies from your SAIB account
  • Unload funds from each wallet to your SAIB account
  • Access 24/7 and emergency assistance for lost or stolen cards
What happens if I lose my card or if my card is stolen and how can I request a replacement card?

In case of loss or theft of your card, immediately call 8001248000 (if within the Kingdom of Saudi Arabia) or +96114183100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days. You can view your PIN number through internet banking “Flexx Click” or mobile application “Flexx Touch” and phone banking “Flexx Call”.

How can I know the WooW points earned using my Travel Card?

You can know more about the points earned by using WooW calculator by choosing the type of transaction and the number of points earned will appears, click here to use the calculator.

MasterCard Platinum Credit Card

How long does it take to receive my SAIB credit card?

Maximum of 7 business days from the approval date.

How do I know the status of my credit card application?

To check the status of your application, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Will I receive my credit card and the PIN together?

For your security, you will first receive the card separately, and then you will receive the PIN after.

How can I activate my credit card?

To activate your card, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

What are the airports lounges that MasterCard Platinum Credit Cardholders can access for free?

To know more about the airport lounges subscribed to the program, please visit: www.mastercard.com/sa or download “MasterCard For You” Application.

What happens if I lose my card or if my card is stolen and how can I request a replacement card?

In case of loss or theft of your card, immediately call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days. You will also receive a new PIN for the new card. Your credit card will be inactive until you activate it again.

If my credit card expires this month, how can I get a new card?

We will send you a renewed credit card at least 2-4 weeks before the expiry date. If you do not receive a new credit card during that period, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Are my online transactions secured?

All transactions done online using SAIB MasterCard are supported by MasterCard SecureCode security feature.

Can I set a credit limit for the supplementary cards that I have?

Yes, you can set any limit you want (within the primary card limit) by calling 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) or visiting any of SAIB branches.

What are the available channels to pay my outstanding balance on the credit card?

You can pay through the following convenient channels:

  • SAIB Branches
  • SAIB ATMs
  • E-channels: Flexx Click or Flexx Touch
  • Direct debit from your SAIB account
  • Phone Banking Flexx Call
How can I know the WooW points earned using my card?

You can use WooW calculator to know more about the points earned by choosing the type of transaction, and the number of points earned will appears. click here to use the calculator.

MasterCard Titanium Credit Card

How long does it take to receive my SAIB credit card?

Maximum of 7 business days from the approval date.

How do I know the status of my credit card application?

To check the status of your application, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Will I receive my credit card and the PIN together?

For your security, you will first receive the card separately, and then you will receive the PIN after.

How can I activate my credit card?

To activate your card, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

What are the airports lounges that MasterCard Titanium Credit Cardholders can access for free?

To know more about the airport lounges subscribed to the program, please visit: www.mastercard.com/sa or download “MasterCard For You” Application.

What happens if I lose my card or if my card is stolen and how can I request a replacement card?

In case of loss or theft of your card, immediately call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be mailed to you within 5-7 business days. You will also receive a new PIN for the new card. Your credit card will be inactive until you activate it again.

If my credit card expires this month, how can I get a new card?

We will send you a renewed credit card at least 2-4 weeks before the expiry date. If you do not receive a new credit card during that period, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Are my online transactions secured?

All transactions done online using SAIB MasterCard are supported by MasterCard SecureCode security feature.

Can I set a credit limit for the supplementary cards that I have?

Yes, you can set any limit you want (within the primary card limit) by calling 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) or visiting any of SAIB branches.

What are the available channels to pay my outstanding balance on the credit card?

You can pay through the following convenient channels:

  • SAIB Branches
  • SAIB ATMs
  • E-channels: Flexx Click or Flexx Touch
  • Direct debit from your SAIB account
  • Phone Banking Flexx Call
How can I know the WooW points earned using my card?

You can use WooW calculator to know more about the points earned by choosing the type of transaction, and the number of points earned will appears. click here to use the calculator.

Internet Banking (Flexx Click)

How can I register to Flexx Click service?

You can register online

I forgot my password. How can I reset it?

You can generate a new password from here.

I forgot my user identity. How can I reset it?

You can retrieve your forgotten user ID from here where you will be provided with your user ID.

I don’t know my customer number. Where can I find it?

Your customer number is part of your account that appears on your statement of account. It is the 6-digit number that comes after the first 4 digits on your statement, the last 3 digits are not part of your customer number.

MasterCard Standard Credit Card

How long does it take to receive my SAIB credit card?

Maximum of 7 business days from the approval date.

How do I know the status of my credit card application?

To check the status of your application, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Will I receive my credit card and the PIN together?

For your security, you will first receive the card separately, and then you will receive the PIN after.

How can I activate my credit card?

To activate your card, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

What happens if I lose my card or if my card is stolen and how can I request a replacement card?

In case of loss or theft of your card, immediately call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days. You will also receive a new PIN for the new card. Your credit card will be inactive until you activate it again.

If my credit card expires this month, how can I get a new card?

We will send you a renewed credit card at least 2-4 weeks before the expiry date. If you do not receive a new credit card during that period, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Are my online transactions secured?

All transactions done online using SAIB MasterCard are supported by MasterCard SecureCode security feature.

Can I set a credit limit for the supplementary cards that I have?

Yes, you can set any limit you want (within the primary card limit) by calling 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) or visiting any of SAIB branches.

What are the available channels to pay my outstanding balance on the credit card?

You can pay through the following convenient channels:

  • SAIB Branches
  • SAIB ATMs
  • E-channels: Flexx Click or Flexx Touch
  • Direct debit from your SAIB account
  • Phone Banking Flexx Call
How can I know the WooW points earned using my card?

You can use WooW calculator to know more about the points earned by choosing the type of transaction, and the number of points earned will appears. click here to use the calculator.

Visa Signature Credit Card

How long does it take to receive my SAIB credit card?

Maximum of 7 business days from the approval date.

How do I know the status of my credit card application?

To check the status of your application, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Will I receive my credit card and the PIN together?

For your security, you will first receive the card separately, and then you will receive the PIN after.

How can I activate my credit card?

To activate your card, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

How can I benefit from the Concierge Service as a Visa Signature Credit Cardholder?

With Global Concierge Service, you can rest assured you are in good hands. Developed exclusively for Visa Signature Credit Cardholders, this complimentary service provides everything you need for your personal and business life, and is available in several different languages.

The Global Concierge Service saves you precious time and is available 24 hours a day, 365 days a year, employing a network of world-class resources to offer solutions and recommendations tailored precisely to your requirements. The service also keeps track of your profile, ensuring that your individual expectations and preferences are fully understood. Concierge Service categories:

  • Travel: information and reservation assistance for travel and hospitality
  • Entertainment and Leisure: international dining and luxury leisure services
  • Retail and Personal Services: domestic services, delivery services, life event management and emergency services

For more information, contact your Global Concierge Service on 800 844 3488 (if within the Kingdom), or +971 4 361 1234 (if overseas).

Alternatively, you can send an email to concierge@visasignature-mea.com

What happens if I lose my card or if my card is stolen and how can I request a replacement card?

In case of loss or theft of your card, immediately call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days. You will also receive a new PIN for the new card. Your credit card will be inactive until you activate it again.

If my credit card expires this month, how can I get a new card?

We will send you a renewed credit card at least 2-4 weeks before the expiry date. If you do not receive a new credit card during that period, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Are my online transactions secured?

All transactions done online using any SAIB card is supported by 3D secure (verified by visa) security feature.

Can I set a credit limit for the supplementary cards that I have?

Yes, you can set any limit you want (within the primary card limit) by calling 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) or visiting any of SAIB branches.

What are the available channels to pay my outstanding balance on the credit card?

You can pay through the following convenient channels:

  • SAIB Branches
  • SAIB ATMs
  • E-channels: Flexx Click or Flexx Touch
  • Direct debit from your SAIB account
  • Phone Banking Flexx Call
How can I know the WooW points earned using my card?

You can use WooW calculator to know more about the points earned by choosing the type of transaction, and the number of points earned will appears. click here to use the calculator.

How can I benefit from the Meet and Assist Service at international airports?

You can fast track your clearance through customers and immigration at over 380 airports around the world. For more information, please visit: https://cemea.yqnowgroup.com

Visa Platinum Credit Card

How long does it take to receive my SAIB credit card?

Maximum of 7 business days from the approval date.

How do I know the status of my credit card application?

To check the status of your application, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Will I receive my credit card and the PIN together?

For your security, you will first receive the card separately, and then you will receive the PIN after.

How can I activate my credit card?

To activate your card, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

What are the airports lounges that Visa Platinum Credit Cardholders can access for free?

To know more about the airport lounges subscribed to the program, please visit: https://ksalounges.dragonpassuk.com

What happens if I lose my card or if my card is stolen and how can I request a replacement card?

In case of loss or theft of your card, immediately call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days. You will also receive a new PIN for the new card. Your credit card will be inactive until you activate it again.

If my credit card expires this month, how can I get a new card?

We will send you a renewed credit card at least 2-4 weeks before the expiry date. If you do not receive a new credit card during that period, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Are my online transactions secured?

All transactions done online using any SAIB card are supported by 3D Secure (verified by visa) security feature.

Can I set a credit limit for the supplementary cards that I have?

Yes, you can set any limit you want (within the primary card limit) by calling 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) or visiting any of SAIB branches.

What are the available channels to pay my outstanding balance on the credit card?

You can pay through the following convenient channels:

  • SAIB Branches
  • SAIB ATMs
  • E-channels: Flexx Click or Flexx Touch
  • Direct debit from your SAIB account
  • Phone Banking Flexx Call
How can I know the WooW points earned using my card?

You can use WooW calculator to know more about the points earned by choosing the type of transaction, and the number of points earned will appears. click here to use the calculator.

How can I benefit from the Meet and Assist Service at international airports?

You can fast track your clearance through customers and immigration at over 380 airports around the world. For more information, please visit: https://cemea.yqnowgroup.com

Visa Gold Credit Card

How long does it take to receive my SAIB credit card?

Maximum of 7 business days from the approval date.

How do I know the status of my credit card application?

To check the status of your application, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Will I receive my credit card and the PIN together?

For your security, you will first receive the card separately, and then you will receive the PIN after.

How can I activate my credit card?

To activate your card, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

What happens if I lose my card or if my card is stolen and how can I request a replacement card?

In case of loss or theft of your card, immediately call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days. You will also receive a new PIN for the new card. Your credit card will be inactive until you activate it again.

If my credit card expires this month, how can I get a new card?

We will send you a renewed credit card at least 2-4 weeks before the expiry date. If you do not receive a new credit card during that period, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Are my online transactions secured?

All transactions done online using any SAIB card is supported by 3D secure (verified by visa) security feature.

Can I set a credit limit for the supplementary cards that I have?

Yes, you can set any limit you want (within the primary card limit) by calling 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) or visiting any of SAIB branches.

What are the available channels to pay my outstanding balance on the credit card?

You can pay through the following convenient channels:

  • SAIB Branches
  • SAIB ATMs
  • E-channels: Flexx Click or Flexx Touch
  • Direct debit from your SAIB account
  • Phone Banking Flexx Call
How can I know the WooW points earned using my card?

You can use WooW calculator to know more about the points earned by choosing the type of transaction, and the number of points earned will appears. click here to use the calculator.

Visa Silver Credit Card

How long does it take to receive my SAIB credit card?

Maximum of 7 business days from the approval date.

How do I know the status of my credit card application?

To check the status of your application, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Will I receive my credit card and the PIN together?

For your security, you will first receive the card separately, and then you will receive the PIN after.

How can I activate my credit card?

To activate your card, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

What happens if I lose my card or if my card is stolen and how can I request a replacement card?

In case of loss or theft of your card, immediately call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days. You will also receive a new PIN for the new card. Your credit card will be inactive until you activate it again.

If my credit card expires this month, how can I get a new card?

We will send you a renewed credit card at least 2-4 weeks before the expiry date. If you do not receive a new credit card during that period, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).

Are my online transactions secured?

All transactions done online using any SAIB card is supported by 3D secure (verified by visa) security feature.

Can I set a credit limit for the supplementary cards that I have?

Yes, you can set any limit you want (within the primary card limit) by calling 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) or visiting any of SAIB branches.

What are the available channels to pay my outstanding balance on the credit card?

You can pay through the following convenient channels:

  • SAIB Branches
  • SAIB ATMs
  • E-channels: Flexx Click or Flexx Touch
  • Direct debit from your SAIB account
  • Phone Banking Flexx Call
How can I know the WooW points earned using my card?

You can use WooW calculator to know more about the points earned by choosing the type of transaction, and the number of points earned will appears. click here to use the calculator.

EDUPAY Student Card

What is EduPay Student Card Program?

EduPay Student Card Program is an automated system to pay allowances to students directly in their prepaid card account.

How many days does it take to receive the cards?

It takes 5-7 working days from the date on which SAIB receives the required data.

How long is the card valid for?

3 years from the date of issuance.

How much is the ATM cash withdrawal limit for easypay cards?

The cash withdrawal limit for easypay card is SAR 5,000 per day.

How many times can the cardholder withdraw cash from the ATM and what are the fees related to this service?

From the SAIB ATMs, withdrawal is free for all transactions. From other banks ATMs, a fee of SAR 2 will apply from the 5th transaction per month onwards.

How many times can the cardholder request a balance enquiry from the ATM and what are the fees related to this service?

From the SAIB ATMs, balance enquiry is free for all transactions. From other banks ATMs, a fee of SAR 0.8 will apply from the 5th transaction per month onwards.

Can cardholder use the card at any PoS machine in the Kingdom of Saudi Arabia?

Yes, the cardholder can use the card at any POS within the Kingdom of Saudi Arabia for free and without any limitation to the number of transactions.

Can easypay cardholders use the card outside the Kingdom of Saudi Arabia?

No, easypay card is mada branded which can only be used within the Kingdom of Saudi Arabia.

What if there is any issue with the salary transfer?

The university may contact its relationship manager or easypay Call Center on 920 025 995. Please note that the easypay Call Center will not process the salary transfer related issues or queries and will direct you to the easypay support team.

If we transfer the funds today, how long will it take to credit the student card account?

The funds will be credited to the student card account as soon as it is processed by the university in Corporate Internet Banking and payment is received by SAIB.

Will the card be blocked if students ID expired?

Yes, the card will be blocked if student ID is expired. Card will be reactivated when university provides SAIB with the new ID.

What if any kind of assistance is needed?

Please, contact SAIB easypay Call Center on 920 025 995 or the easypay support team. You can also contact your relationship manager.

What are the services offered by easypay Call Center?

Services offered by easypay Call Center:

  • Issue a replacement card
  • Issue a replacement PIN
What happens if I lose my card or if my card is stolen and how can I request a replacement card?

Directly call easypay Call Center on 920 025 995 to stop the card and issue a new card.

What if I forget my PIN?

Please, contact easypay Call Center on 920 025 995 to issue a new PIN.

How do I change my PIN?

Through our SAIB ATMs.

"EasyPay" Household Card

What is “easypay” Household Card?

It is a mada prepaid payroll card that allows the sponsor to process the payment of salaries and incentives to their household workers electronically with ease, safety, and comfort. The card is issued for household workers such as drivers, housemaids, etc.

Are there conditions to request the “easypay” Household Card?

The card is available to all SAIB customers and is approved after confirming that the sponsor is the correct sponsor of the household worker and after accepting the terms and conditions.

If I have more than one household worker, can I issue a card for the rest?

Yes, whether you have one or more workers, you may issue a card for each household worker you have under your sponsorship.

Can I use the card abroad?

No, the card is acceptable within the Kingdom of Saudi Arabia only.

What is the difference between the current account and the “easypay” Household Card?

“easypay” Household Card accepts deposits only from the sponsor.

What is the transfer fee from the sponsor account to the “easypay” Household Card?

Free.

How much is the ATM cash withdrawal limit for easypay cards?

The cash withdrawal limit for easypay card is SAR 5,000 per day.

How many times can the cardholder withdraw cash from the ATM and what are the fees related to this service?

From the SAIB ATMs, withdrawal is free for all transactions. From other banks ATMs, a fee of SAR 2 will apply from the 5th transaction per month onwards.

How many times can the cardholder request a balance enquiry from the ATM and what are the fees related to this service?

From the SAIB ATMs, balance enquiry is free for all transactions. From other banks ATMs, a fee of SAR 0.8 will apply from the 5th transaction per month onwards.

Can cardholder use the card at any PoS machine in the Kingdom of Saudi Arabia?

Yes, the cardholder can use the card at any POS within the Kingdom of Saudi Arabia for free and without any limitation to the number of transactions.

What if any kind of assistance is needed?

Please, contact SAIB easypay Call Center on 920 025 995 or the easypay support team. You can also contact your relationship manager.

What are the services offered by easypay Call Center?

Services offered by easypay Call Center:

  • Issue a replacement card
  • Issue a replacement PIN
What happens if I lose my card or if my card is stolen and how can I request a replacement card?

Directly call easypay Call Center on 920 025 995 to stop the card and issue a new card.

What if I forget my PIN?

Please, contact easypay Call Center on 920 025 995 to issue a new PIN.

How do I change my PIN?

Through our SAIB ATMs.

"EasyPay" Payroll Card

What is easypay program?

easypay is a payroll program compliant with the Wage Protection System (WPS) regulatory requirement that provides the service to employers to pay the salaries of their employees who do not hold a normal bank account.

How many days does it take to receive the cards?

It takes 5-7 business days from the date on which SAIB receives the required data.

How long is the card valid for?

3 years from the date of issuance.

How much is the ATM cash withdrawal limit for easypay cards?

The cash withdrawal limit for easypay card is SAR 5,000 per day.

How many times can the cardholder withdraw cash from the ATM and what are the fees related to this service?

From the SAIB ATMs, withdrawal is free for all transactions. From other banks ATMs, a fee of SAR 2 will apply from the 5th transaction per month onwards.

How many times can the cardholder request a balance enquiry from the ATM and what are the fees related to this service?

From the SAIB ATMs, balance enquiry is free for all transactions. From other banks ATMs, a fee of SAR 0.8 will apply from the 5th transaction per month onwards.

Can cardholder use the card at any PoS machine in the Kingdom of Saudi Arabia?

Yes, the cardholder can use the card at any POS within the Kingdom of Saudi Arabia for free and without any limitation to the number of transactions.

Can easypay cardholders use the card outside the Kingdom of Saudi Arabia?

No, easypay card is mada branded which can only be used within the Kingdom of Saudi Arabia.

Will employers have to credit the full salary amount or can they make a partial salary disbursement?

Employer will have to make the 100% salary credit for all the employees as per the WPS law.

 

Do employers need to prepare separate salary files for normal accountholders and easypay cardholders?

No, employers can prepare a single file for both normal accountholders and easypay cardholders. SAIB will process them based on type of account automatically.

What if there is any issue with the salary transfer?

Employers may contact their relationship manager or easypay Call Center on 920 025 995. Please note that the easypay Call Center will not process the salary transfer related issues or queries and will direct you to the easypay support team.

If employers transfer the funds to SAIB today how long will it take to credit to the employees accounts?

The turnaround time for payroll transfer will be as per the agreement. For example: if the funds made available at SAIB before 3:00 P.M, then the file will be processed on the same day.

What if any kind of assistance is needed?

Please, contact SAIB easypay Call Center on 920 025 995 or the easypay support team. You can also contact your relationship manager.

What are the services offered by easypay Call Center?

Services offered by easypay Call Center:

  • Issue a replacement card
  • Issue a replacement PIN
What happens if I lose my card or if my card is stolen and how can I request a replacement card?

Directly call easypay Call Center on 920 025 995 to stop the card and issue a new card.

What if I forget my PIN?

Please, contact easypay Call Center on 920 025 995 to issue a new PIN.

How do I change my PIN?

Through our SAIB ATMs.

Online Payment Service with mada Debit Card from The Saudi Investment Bank

Do I have to activate the service before using my mada Debit Card to pay online?

The service is active by default for mada Debit Cardholders. The customer may deactivate the service thru our e-banking channels “Flexx Click”, “Flexx Touch”, or “Flexx Call”.

How can I activate or deactivate the service?

Thru any of our e-banking channels “Flexx Click”, “Flexx Touch”, or “Flexx Call”.

What shall I do if I received a notification for a transaction that I have not made?

You shall stop the card immediately through any of our e-banking channels, request a replacement card and then file a dispute form.

How much do you charge on online purchases?

None. Only 2.25% will be charged on international payments, which is the same case and fees applied to international POS purchases.

SAIB mada Card with atheer Service

Are there any fees for utilizing mada atheer service?

No additional charges for SAIB mada cardholders for using mada atheer service.

Where is mada atheer service available?

It is available at merchant location who accept the service (where the service sticker at cashier counters is displayed).

When cardholder waves his/her card more than once at the POS terminal, is this considered more than one transaction?

The terminal will only accept a payment once in this scenario.

What are the benefits of mada atheer service?

Fast, safe, and convenient payment method for low value purchases.

Mada

What is mada?

Mada is the new identity of the Saudi Payment Network (SPAN) and the advanced generation of the electronic payments in Saudi Arabia. It connects all automated teller machines (ATMs) and point-of-sale (POS) terminals throughout the country to a central payment switch that in turn re-routes the financial transactions between a merchant’s bank and the card issuer bank.

What is mada card and how it works?

mada card is a mada Debit Card from The Saudi Investment Bank issued by local banks that allows a cardholder to access funds in their accounts. And it works in the same mechanism of regular ATMS cards with newer standards of security and added-value features.

What is scope of using mada?

mada can be used in all automated teller machines (ATMs) and point-of-sale (POS) terminals offered by local banks throughout the country. Additionally, it can also be used regionally and globally through connecting with other payment systems such as GCC Net, VISA, MasterCard, and American Express to provide mada cardholders with a wider acceptance locally and overseas.

What are the new features of mada cards?
  • Increased daily transaction limit on POS terminals from SAR 20,000 to SAR 60,000.
  • Convenience to benefit from Naqd service which allows to withdraw cash from merchants’ cash supply in outlets.
  • A seven-fold enhanced capacity in comparison to the previous generation.
  • An unprecedented standard of enhanced transactions speed and performance.
  • A wider reach of usage.
  • Instant SMS notifications to cardholders on any cash withdrawals or POS transactions.

The mada Debit Card from The Saudi Investment Bank is accepted at every terminal that displays the mada scheme mark whether it is an ATM or POS within Saudi Arabia. It is also accepted in the GCC thru GCC net.

What is the Naqd Service?

This service allows customers to request a cash amount of up to SAR 400 right at point of-sale terminals compatible with mada standards. There is no need to visit the ATM, the cash amount will be deducted directly from your personal bank account along with your purchase amount.

How can I have my new mada Debit Card from The Saudi Investment Bank?

Your bank will either replace your current SPAN card or will issue a new card ( if you currently do not have a SPAN card) upon your request.

Do I have to pay extra fees to receive my mada card?

No. The bank will issue mada card when opening a new account and renewing card free of charge in accordance to SAMA’s rules and regulations.

Is there any extra cost of using the Naqd Service?

No. The service is completely free of charge for both merchants and cardholders.

What do I do if I lose my card?

In cases where mada card is lost or stolen, contact your bank directly to report the incident and to have a new mada card issued for you.

Can I use my mada card outside KSA?

Yes. using of mada cards is permissible regionally within the Gulf Cooperation Council (GCC) through GCCnet, and globally when the card is co-branded with other global payment systems such as “Visa”, “MasterCard”, “Cirrus”, “Plus”, and “Maestro”.

Is there any fees on paying for purchases through POS terminals ?

No. making payments through POS terminals is completely free of charge on cardholders.

Is there a limit on the number of times to make payments through POS ?

No. No limit is set on the frequency of using your bank card as long as the accumulated amount of purchases equal or below SAR 60,000.

How can I file a claim on any POS surcharging from merchants ?

The commercial sector is supervised by the Ministry of Commerce and Industry, and complaints can be filed through the ministry’s website.

https://mci.gov.sa/ServicesDirectory/Pages/CommercialCheatCase.aspx

What is the process to have a mada POS terminal installed in my store?

If you already provide the POS service you may contact your bank directly to upgrade it with mada standards or to enquire on when the bank will approach you to do so. If you want to provide the service for the first time, you can choose to do so through any of the banks listed under the Merchants tab.

How does mada benefit merchants and business owners?
  • Benefit from the increased daily purchase limit made by cards to SAR 60,000.
  • Reduction of the costs associated with cash transactions in terms of time needed to count them, validate paper notes authenticity, and need to always have smaller bank notes available.
  • Limit of risks and human errors related to processes of daily inventories and revenues, and accounting bookkeeping.
  • Less burden on daily cash collections processes and the hazard to transit funds and deposit it with banks.
  • A better position to monitor payment inflows coming into the business and the ability to track sales transactions through different kinds of statements provided by their bank.
  • High tendency for sales volumes and values to increase with the growing number of mada Debit Cards from The Saudi Investment Bank in the community.
  • Speed and convenience in completing purchase transactions in connection to around the clock help service to ensure quality of service.
  • Benefit from banks exclusive offers and rewards programs.
What are the types of POS connectivity available?

Depending on your business sector, your bank will tailor your POS device to suit your business needs through different connectivity options (mobile (GPRS), dial-up, Internet Protocol (IP)) and a wide choice of POS models.

After installing a POS terminal with the mada logo, will I still be able to accept payments made using SPAN mada Debit Card from The Saudi Investment Bank ?

Yes, the terminal will accept whether SPAN or mada Debit Cards.

What is the Merchant Service Agreement (MSA)?

It is a mutually signed document that defines the responsibilities of merchants and the bank detailing all elements in relation to the POS service being offered.

What is POS reconciliation?

Merchants perform the reconciliation activity to ultimately deposit the payments processed during the day into their bank accounts. This process is ideally performed daily when the sales cycle is done.

Who are the Merchant Service Providers (MSPs)?

A merchant service provider (MSP) is a 3rd party agent assigned by the merchants’ banks in accordance to SAMA procedures to provide a full suite of merchant services and support within the context of POS installation and on-going maintenance.

Does the bank have a right to charge merchants for the POS service?

POS service has been offered by banks with specific fees. After all, this fees is subject to the commercial contract signed by both sides. The fees interchange model was recalculated to be in line with global best practices. As a result, acquiring banks are permitted to levy a maximum of 0.80% of purchase value for each transaction up to an Merchant Service Charge (MSC) of SAR 40 (maximum) applies.

What are the value benefits that merchants are entitled to by banks whom provide POS service?
  • Exemption from installation fees.
  • Exemption from terminal fees.
  • Exemption from monthly fees.
  • Provision of maintenance and help desk around the clock.
How is the Merchant Service Charge MSC calculated –if applicable- ?

MSC is calculated (if applicable) on the basis of the transaction value, For example:

  • Example (1): if a customer (cardholder) used his mada Debit Card from The Saudi Investment Bank to pay for goods worth SR 35, then the merchant may be entitled to pay his bank an amount of SR 0.28 only for the service. Customer won’t pay any other fees for using his card to pay.
  • Example (2): if a customer (cardholder) used his mada Debit Card from The Saudi Investment Bank to pay for goods worth SR 20,000, then the merchant may be entitled to pay his bank an amount of SR 40 only for the service. Customer won’t pay any other fees for using his card to pay.
Does the outlet have the right to levy merchant charges (surcharge) on the cardholder when pay through POS ?

No. It is illegal practice and in case occurred then it is a violation of the applicable rules and policies that entail the merchant to its consequences.

Mada Pay Service

What is mada Pay?

mada Pay is a mobile application that provides cardholders a convenient and new way to pay for purchases at stores through Android-based mobile devices by simply adding their cards into the application..

Is mada Pay available for IOS operating devices?

mada Pay is only available on Android devices and can be downloaded from the official Google Play store..

What if my mobile is lost or stolen?

Your mada Pay app will not function unless your mobile is unlocked by one of the authentication methods you have selected in the mobile settings. Therefore, you need to immediately contact your card-issuing bank to suspend the cards and follow their procedure for these issues.

How many cards can I add to my mada Pay?

There is no limit on the number of cards that you can add to mada Pay. All your bank cards can be added in mada Pay.

Can I do payment transactions thru mada Pay while my mobile is locked?

No, you need to use one of the screen unlock methods to identify you as the authorized user to perform the transaction.

Should I always be connected to the internet to perform a transaction?

No need to be connected to the internet when making a transaction except while adding a card into mada Pay. However, from time to time the app will request you to be connected to the internet in order to sync your cards for continuous use.

Enjoy Using Your SAIB Cards with Apple Pay

What is Apple Pay?

It is a fast, easy and secured method to pay via Apple devices that are compatible with IOS.

Are there any fees for utilizing Apple Pay?

There is no additional charges to use Apple Pay.

How do I use Apple Pay? Do I need to install the application on my phone?

You can use Apple Pay through a pre-installed Wallet app on all Apple devices.

Can I pay with Apple Pay everywhere?

Most portals accept Apple Pay, but there are still some merchants that do not offer (mada atheer) service, which is a requirement for accepting payment for Apple Pay

What are the compatible devices with Apple Pay?
iPhone Apple Watch iPad MacBook
iPhone X Apple Watch Series 1 e iPad Pro MacBook Pro with Touch ID
iPhone 8 - 8 Plus Apple Watch Series 2 iPad (5th generation) Any Mac model produced in 2012 or late
iPhone 7 - 7 Plus Apple Watch Series 3 iPad Air 2  
iPhone 6s iPhone 6 Plus Apple Watch First Generation iPad mini 4  
iPhone SE   iPad mini 3  
Is it safe to pay using Apple Pay?

Yes, it is a secure payment method that includes a number of security standards:

  • Apple Pay is secured by biometric authentication method where each process must be authenticated by fingerprint (Touch ID) or face recognition (Face ID).
  • You are required to set the screen lock of your device in order to use Apple Pay.
  • Your phone will be with you during the whole process.
  • Apple Pay is disabled if the screen lock fails to open with the password or when you exit iCloud.
I lost my phone, what should I do?

If you lose your device at any time, you can directly access to your iCloud and delete all details of the lost device.

Is there a maximum limit for a transaction?

There is no maximum payment limit using Apple Pay.

Do I get WooW points when I pay using Apple Pay?

Yes, you get WooW points.

What should I do if my card is renewed?

When you activate your new card, it will be automatically updated in the app.

What should I do if I want to stop using Apple Pay?

Simply delete your card from the app.

How do I delete the card from Apple Pay?

Select the card you want to delete from the application then click on “delete the card” option.

mada “Visa Infinite” Debit Card

What is mada “Visa Infinite” Debit Card and how will it benefit me?

mada “Visa Infinite” Debit Card from The Saudi Investment Bank is a card issued for Platinum segment accountholders which allows instant access to funds available in the account, saving you the need to withdraw cash. Your card will help you manage your finances and monitor your spending, as all transactions made with your card will appear on your bank account statement.

How can I obtain a mada “Visa Infinite” Debit Card?

Visit the nearest SAIB branch if you meet the Platinum segment criteria.

How can I benefit from the Concierge Service as a mada “Visa Infinite” Debit Cardholder?

With Global Concierge Service, you can rest assured you are in good hands. Developed exclusively for Visa Infinite cardholders, this complimentary service provides everything you need for your personal and business life, and is available in several different languages.

The Global Concierge Service saves you precious time and is available 24 hours a day, 365 days a year, employing a network of world-class resources to offer solutions and recommendations tailored precisely to your requirements. The service also keeps track of your profile, ensuring that your individual expectations and preferences are fully understood. Concierge Service categories:

  • Travel: information and reservation assistance for travel and hospitality
  • Entertainment and Leisure: international dining and luxury leisure services
  • Retail and Personal Services: domestic services, delivery services, life event management and emergency services

For more information, or to contact your Global Concierge Service, visit: www.visainfinitecard.com or call 8008443488 (if within the Kingdom), or +966114183100 (if overseas).

Alternatively, you can send an email to concierge@visasignature-mea.com

What is mada “Visa Infinite” Debit Card and how will it benefit me?

A mada debit card is a "buy now, pay now" option, while a credit card is a "buy now, pay later” option. Therefore, when you use your mada “Visa Infinite” Debit Card from The Saudi Investment Bank, there will be no monthly repayments, and hence, no profit rate will be charged.

What do I need to do before I use my mada “Visa Infinite” Debit Card for the first time?

You should activate your mada “Visa Infinite” Debit Card and generate your card PIN before first use. After successful activation, you are ready to start using your card at supermarkets, restaurants and other establishments around the world.

What online services can I benefit from with my mada “Visa Infinite” Debit Card in Flexx Click or Flexx Touch?
  • View account balances
  • View transactions history/statements
  • View your card accounts details and transaction history
  • Transfers between your accounts and other SAIB accounts
  • SARIE transfers within the Kingdom of Saudi Arabia
  • Make transfers to your investment account with Alistithmar Capital
  • Make international transfers
  • SADAD utility payment
  • MOI government payment
  • View all payments history
  • View WooW rewards and redemption

There are many more services provided. For more information, please click here.

What if I forget my PIN?

You can view your PIN easily through Flexx Click, Flexx Touch or Flexx Call.

What happens if I lose my card or if my card is stolen and how can I request a replacement card?

In case of loss or theft of your card, immediately call 8001248000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days, You may also request for an instant issuance by visiting the nearest SAIB branch and your card will be inactive until you activate it again. You can view your PIN from Flexx Click, Flexx Touch or through Flexx Call.

How can I know the WooW points earned using my mada “Visa Infinite” Debit Card?

You can use WooW calculator to know more about the points earned by choosing the type of transaction, and the number of points earned will appears. click here to use the calculator.

mada Gold Debit Card

What is mada Gold Debit Card and how will it benefit me?

mada Gold Debit Card from The Saudi Investment Bank is a card issued for the Gold segment accountholders which allows instant access to funds available in the account, saving you the need to withdraw cash. Your card will help you manage your finances and monitor your spending, as all transactions made with your card will appear on your bank account statement.

How can I obtain a mada Gold Debit Card?

Visit the nearest SAIB branch if you meet the Gold segment criteria.

What are the difference between a mada debit card and a credit card?

A mada debit card is a "buy now, pay now" option, while a credit card is a "buy now, pay later” option. Therefore, when you use your mada Gold Debit Card from The Saudi Investment Bank, there will be no monthly repayments, and hence, no profit rate will be charged.

What do I need to do before I use my mada Gold Debit Card for the first time?

You should activate your mada Gold Debit Card and generate your card PIN before first use. After successful activation, you are ready to start using your card at supermarkets, restaurants and other establishments around the world.

What online services can I benefit from with my mada Gold Debit Card in Flexx Click or Flexx Touch?
  • View account balances
  • View transactions history/statements
  • View your card accounts details and transaction history
  • Transfers between your accounts and other SAIB accounts
  • SARIE transfers within the Kingdom of Saudi Arabia
  • Make transfers to your investment account with Alistithmar Capital
  • Make international transfers
  • SADAD utility payment
  • MOI government payment
  • View all payments history
  • View WooW rewards and redemption

There are many more services provided. For more information, please click here.

What if I forget my PIN?

You can view your PIN easily through Flexx Click, Flexx Touch or Flexx Call.

What happens if I lose my card or if my card is stolen and how can I request a replacement card?

In case of loss or theft of your card, immediately call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days, You may also request for an instant issuance by visiting the nearest SAIB branch and your card will be inactive until you activate it again.
You can view your PIN from Flexx Click, Flexx Touch or through Flexx Call.

How can I know the WooW points earned using my mada Gold Debit Card?

You can use WooW calculator to know more about the points earned by choosing the type of transaction, and the number of points earned will appears. click here to use the calculator.

mada Silver Debit Card

What is mada Silver Debit Card and how will it benefit me?

mada Silver Debit Card from The Saudi Investment Bank is a card issued for Silver segment accountholders which allows instant access to funds available in the account, saving you the need to withdraw cash. Your card will help you manage your finances and monitor your spending, as all transactions made with your card will appear on your bank account statement.

How can I obtain a mada Silver Debit Card?

Visit the nearest SAIB branch if you meet the Silver segment criteria.

What are the difference between a mada debit card and a credit card?

A mada debit card is a "buy now, pay now" option, while a credit card is a "buy now, pay later” option. Therefore, when you use your mada Silver Debit Card from The Saudi Investment Bank, there will be no monthly repayments, and hence, no profit rate will be charged.

What online services can I benefit from with my mada Silver Debit Card in Flexx Click or Flexx Touch?
  • View account balances
  • View transactions history/statements
  • View your card accounts details and transaction history
  • Transfers between your accounts and other SAIB accounts
  • SARIE transfers within the Kingdom of Saudi Arabia
  • Make transfers to your investment account with Alistithmar Capital
  • Make international transfers
  • SADAD utility payment
  • MOI government payment
  • View all payments history
  • View WooW rewards and redemption

There are many more services provided. For more information, please click here.

What if I forget my PIN?

You can view your PIN easily through Flexx Click, Flexx Touch or Flexx Call.

What happens if I lose my card or if my card is stolen and how can I request a replacement card?

n case of loss or theft of your card, immediately call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days, You may also request for an instant issuance by visiting the nearest SAIB branch and your card will be inactive until you activate it again. You can view your PIN from Flexx Click, Flexx Touch or through Flexx Call.

How can I know the WooW points earned using my mada Silver Debit Card?

You can use WooW calculator to know more about the points earned by choosing the type of transaction, and the number of points earned will appears. click here to use the calculator.

 

SADAD Account

Can I open a SADAD Account in The Saudi Investment Bank?

Yes

Can I open more than one SADAD Account with the Bank?

No.

Can I open a SADAD Account in more than one bank?

Yes, but with a different username.

Is it mandatory to have a current account?

Yes.

Can I raise a claim through the Bank’s website?

Yes.

Will I receive an SMS notification after each transaction I make?

Yes.

How can I fund my SADAD Account?

By transferring funds from your current account to your SADAD Account.

Can I fund my SADAD Account from a current account with another bank?

No.

Are there any fees for transferring funds to my SADAD Account?

No, it is free.

Murabaha Deposit

Is the SAIB Murabaha Deposit product consistent with Shariah laws?

This is an Islamic short-term investment product based on the concept of Murabaha and approved by the Bank’s Shariah Board.

How do I earn a profit?

The Murabaha Deposit allows you to make a healthy profit on your money.
You enter into a contract with SAIB to invest money in commodities. You then agree to sell these commodities at an agreed future date and profit.
To know more please contact our Flexx Call contact center at 800 124 8000.

What are the benefits of a Murabaha Deposit?
  • No administration fees.
  • Flexibility in Investment period i.e. from 1 month to 12 months.
  • Low Minimum Investment Amount – Start an investment with just SAR 50,000! However, for investment amounts between SR 50,000 and 100,000 the minimum period would be 3 months.
  • Available in Saudi Riyals, US Dollars and  Euro.
Who is eligible for a Murabaha Deposit?

Any customer having an account with the Bank.

How much can I invest?

There is no maximum, you can invest as much as you want.

What is the minimum amount I can invest?

SAR 50,000 or equivalent in US Dollars or Euro.

How long does it take to make a Murabaha Deposit?

The entire process will not take more than 25 minutes.

How do I apply?

Please click here to submit your contact details. Our representative will call you to complete formalities within 2 business days.
You can also contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.

Salary Account

What is the Salary Account?

It is a Sharia compliant current account specially designed to meet the requirements of individual customers transferring salary to SAIB.

What are the benefits of the salary account?
  • Free Cheque Book.
  • Free mada Debit Card for ATM cash withdrawals and Point of Sale (PoS) transactions.
  • Free Supplementary mada Debit Card from The Saudi Investment Bank for a family member.
  • Choice of account statement frequency - you can choose either a monthly, quarterly, or half-yearly frequency.
  • No minimum balance requirement or fall below fee.
Do I get any additional benefits?

The account also facilitates:

  • Settling bills and payments through SADAD
  • Transferring money within the Kingdom or abroad, through payment instructions or standing orders.
  • Earn WooW points on the average balance in your account each month
How do I access my account?

The account can be accessed via

  • Flexx Click–Internet Banking
  • ATM services
  • Flexx Call – Contact Center
  • Any SAIB branch
  • Flexx Touch – Mobile Banking
To whom it is offered?
  • Saudi nationals who are at least 15 years old and hold a valid ID card.
  • GCC citizens who are at least 18 years old, hold a valid passport, and provide a proof of address in the Kingdom.
  • Non – Saudi nationals who are at least 18 years and hold a valid residency permit (Iqama).
How much do I need to open a Salary account?

No minimum deposit is required to open a Salary Account.

What are the required documents to open a Salary account with SAIB?
  • A filled out account opening application booklet.
  • Copy of a valid national ID document.
  • Salary assignment letter from your employer.
  • For expatriates, a letter of introduction from the sponsor is also required.
How do I apply?

Please click here to submit your contact details. Our representative will call you shortly. You can also contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.

ALASALAH Current Account

What is the ALASALAH Current account?

It is an account opened in accordance with Islamic Sharia rules. This account allows you to issue cheques, deposit cash and fulfill all day-to-day transactions.

What are the benefits of ALASALAH current account?
  • Available in Saudi Riyals and other major currencies.
  • Free Cheque Book.
  • Free mada Debit Card for ATM Cash Withdrawals and Point of Sale (PoS) transactions.
  • Free Supplementary mada Debit Card from The Saudi Investment Bank for a family member.
  • Choice of account statement frequency. You can choose either a monthly, quarterly, half-yearly or yearly frequency.
Do I get any additional benefits?

The Account also facilitates:

  • Settling bills and payments through SADAD.
  • Transferring money within the Kingdom or abroad, through payment instructions or standing orders.
  • Earn WooW points on the average balance in your account each month.
How do I access my account?

The account can be accessed via

  • Flexx Click-Internet Banking
  • Flexx Touch - Mobile App
  • ATMs
  • Flexx Call-Contact Center
  • Any SAIB branch
To whom it is offered?
  • Saudi nationals who are at least 15 years old and hold a valid ID card.
  • GCC citizens who are at least 18 years old, hold a valid passport.
  • Non – Saudi nationals who are at least 18 years and hold a valid residency permit (Iqama).
What are the required documents to open a current account with SAIB?
  • Copy of a  valid national ID document.
  • For expatriates, a letter of introduction from the sponsor is required.
How do I apply?

Please click here to submit your contact details. Our representative will call you to complete formalities within 2 business days.
You can also contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.