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Shares Murabaha Finance

Shares Murabaha Finance

Shares Murabaha Finance is an Islamic financing product approved by SAIB's Shariah Committee.
You buy a certain quantity of local shares owned by the Bank at an agreed upon profit and repayment plan. You then have the option to sell or retain the shares for trading.

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

Shares Murabaha Finance is an Islamic financing product approved by SAIB's Shariah Committee.

You buy a certain quantity of local shares owned by the Bank at an agreed upon profit and repayment plan. You then have the option to sell or retain the shares for trading.

Payment period

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Finance amount

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Please make sure you have the following requirements:

ELIGIBILITY CRITERIA

To apply for SAIB Shares Murabaha Finance you must meet the following eligibility criteria:

  • Be a Saudi Citizen.
  • Be at least 18 years of age.
  • Maximum age at maturity of 60 for males and females.
  • Work for an employer included in the Bank’s approved list
  • Have a basic salary of at least SAR 12,000 per month
  • The customer must have a salary account at The Saudi Investment Bank
  • Service period:
    For Government Sector: 1 months with current employer
    For Private Sector: 3 months with current employer

*Terms and conditions apply

Kindly note that all Shares Murabaha Finance facilities are subject to SAIB credit approval and SIMAH (Saudi Credit Bureau) verification.

REQUIRED DOCUMENTS

  • Complete SAIB application form.
  • Introduction letter from your employer which includes your salary, allowance details and the date of start of employment.
  • Salary assignment letter in favor of SAIB.
  •  Valid identity card.
  • Portfolio opening form with Al Istithmar Capital
  • Investment account opening form with Al Istithmar Capital to facilitate shares trading

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For more information and details, please call us at:

800-124-8000

CHARGES AND MINIMUM REQUIRED BALANCE

Standard SAIB Personal Finance administration fees will apply.
Administrative fee not exceeding 1% of the amount of funding or SAR 5,000, whichever is less.

The SAIB Murabaha Personal Finance comes with a complementary salary account with no minimum balance requirements. The account also offers free cheque-book, mada Debit Card from The Saudi Investment Bank and access to SAIB Flexx Click Internet Banking, Flexx Touch Mobile Banking, Flexx Call contact center and SMS Banking facilities.

SERVICE STANDARDS

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

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

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

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

We are pleased to provide you with financial calculator to assist you in your financial planning.
Result
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00,000
Your Age
 
18 Years
Your Salary
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Finance Tenor
Months
 
Result
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00,000
Your Age
 
18 Years
Your Salary
SAR
Finance Tenor
Months
 
Amount Needed
SAR
PLEASE NOTE THAT THESE ARE SIMULATED AMOUNTS REPRESENTING APPROXIMATE NUMBERS ONLY, WITHOUT TAKING INTO ACCOUNT YOUR MONTHLY OBLIGATIONS AND CREDIT BUREAU RESULTS.
For exact figures, please contact Flexx Call Phone Banking at 800-124-8000

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

Is SAIB 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.