| Minimum Deposit Required | Annual Return | Annual Fee | Choice of Terms | Features | |
|---|---|---|---|---|---|
meem - Murabaha Deposit
|
Minimum Deposit Required: SAR 1,000 | Annual Return: 3% | Annual Fee: SAR 0 | Choice of Terms: - | Features: Islamic Finance, Sharia Compliant, Multiple Currencies |
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meem Murabaha deposit is flexible and Shariah compliant that guarantees the best rates in the kingdom. You can withdraw up to 20% of your balance without incurring any financial penalties ,you may also choose an investment period of between 30 to 720 days. The meem Murabaha deposit is the first shariah compliant product with online placement and liquidation (fully and partially).
Features & Benefits:
Eligibility:
- Shariah Compliant
- Instant decision on applications
- Competitive Offers
- Interest/Profit rate: Known to give the best market rate up to 3.00%
- Minimum Term: 1 month only
- Maximum Term: 2 years
- Minimum Deposit: SAR 1000 only.
- Holding a valid National ID or Iqama
- Terms and Conditions Apply
** 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.
