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Refinance

Refinance

Refinance is an Islamic product approved by SAIB’s Shariah Committee. It aims to give the chance to our customers with an existing Murabaha finance at SAIB to repay their outstanding finance, wherein the bank sells to the customer a certain amount of goods that are owned by the bank at an agreed profit and repayment plan. The customer authorizes the merchant to sell the goods on his/her behalf and credit the proceeds into the customer’s account, and then uses a part of the proceeds to repay the current outstanding. The customer may have the rest of the proceeds to benefit and fulfill his/her needs.

The features you need to know:

Compatible with the provisions of Islamic Shariah

Approved by the Bank's Shariah Committee.

Refinance

Customer can refinance after paying the required Financing amount.

Additional Finance

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

Debt Relief

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

Sponsor/Guarantor

No Sponsor/ Guarantor required.

Financing Amount Disbursement

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

Refinance is an Islamic product approved by SAIB’s Shariah Committee. It aims to give the chance to our customers with an existing Murabaha finance at SAIB to repay their outstanding finance, wherein the bank sells to the customer a certain amount of goods that are owned by the bank at an agreed profit and repayment plan. The customer authorizes the merchant to sell the goods on his/her behalf and credit the proceeds into the customer’s account, and then uses a part of the proceeds to repay the current outstanding. The customer may have the rest of the proceeds to benefit and fulfill his/her needs.

Finance amount

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Please make sure you have the following requirements:

ELIGIBILITY CRITERIA

  • For Saudis and Expatriates.
  • Customer must have a salary account and outstanding finance.
  • Customers are not allowed to refinance, unless they pay at least 20% of their current finance amount.
  • Customer must be either a current employee or a retiree from private or government sector that is listed in the SAIB approved list.
  • The minimum basic salary must be SAR 12,000.
  • Service period:
    For Government Sector: 1 months with current employer
    For Private Sector: 3 months with current employer
    and 1 year for expats.
  • The minimum applicant age must be 18 years old for employed customers, 23 years for expats and 38 years for retirees.
  • Maximum age is 60 for male and females, and 65 for retirees at time of finance maturity.
  • Debt Burden Ratio: Not to exceed 33% for employed customers & 25% for retirees.

*Terms & conditions apply

REQUIRED DOCUMENTS

  • Submit complete application form.
  • A commencement letter addressed to the bank including the Account number, commencement start and ending dates for some sectors
  • Introduction letter from employer, which would typically include salary, allowance details, and joining date.
  • Employer’s Staff identity card (showing the rank/grade of the employer for some sectors).
  • For pensioners from the private sector, a letter of certification from the General Organization for Social Insurance (GOSI) must be presented stating the amount of pension salary of the customer
  • For pensioners from the public sector, it will be sufficient to present a letter of certification from the Public Pension Agency (PPA)
  • Valid National Identity Card.

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For more information and details, please call us at::

800-124-8000

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

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

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

FAQs

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.