The Car Murabaha Finance is a scheme based on Islamic Murabaha principles, which allows you to own your dream car. You can repay the value of the car and the Bank's profit in convenient monthly instalments. SAIB has reliable car dealers across the Kingdom, from whom you can obtain quotations for your desired car.
Features & Benefits:
- Compatible with the provisions of Islamic Shariah
- Debt Relief
- Financing Amount Disbursement
- Be a Saudi Citizen
- Be at least 18 years of age
- Maximum age (as at maturity of the facility) 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 5,000 per month*
- Transfer salary assignment letter from your employer to your account with SAIB
- For Government Sector: 1 months with current employer
- For Private Sector: 3 months with current employer
CHARGES AND MINIMUM REQUIRED BALANCE:
- An administrative fee not exceeding 1% of the amount of funding or SAR 5,000, whichever is less
- The SAIB Car Murabaha 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 Call contact centre and SMS Banking facilities
- Complete SAIB application form
- Quotation (3 copies), for car value, from approved dealers addressed to the Bank.
- 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.
- Acknowledgment form signed upon receipt of the car.
- Valid identity card.
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.