|Minimum Deposit Required||Annual Return||Annual Fee||Choice of Terms||Features|
|The Saudi Investment Bank - Murabaha Deposit||Minimum Deposit Required: SAR 50,000||Annual Return: 1%||Annual Fee: SAR 0||Choice of Terms: -||Features: Multiple Currencies|
The SAIB Murabaha Deposit allows you to make a healthy profit on your money in a safe and Shariah-Compliant manner. The Bank enters into a contract with you to invest your money in metals at an agreed price. You make a profit by selling the metals at a future date at a higher price
Features & Benefits:
- Minimum Deposit amount of SAR 50,000
- Investments can be made in Saudi Riyals, US Dollars or Euros
- Premature liquidation of investments is not allowed
- The SAIB Murabaha Deposit allows you to make a healthy profit on your money in a safe and Shariah-Compliant manner. The Bank enters into a contract with you to invest your money in metals at an agreed price
- 18 years
- 15 years for Saudis holding a valid ID card
- GCC citizens with valid passport, or national identity card (applicable only to citizens of Bahrain, Oman, Qatar and UAE), and proof of address in the Kingdom (evidenced by a utility bill, house rental contract, real estate title deed, or a letter from a Saudi citizen attesting to the GCC citizen’s address) along with their home country address
- Non-Saudis (and Non-GCC) holding a valid residency permit (Iqama)
Fees & Charges:
- No administration fees
- Minimum investment amount of SAR 50,000 or equivalent in US Dollars or Euros
- Short Term Investment Agreement (Etifaqiaht Istithmar Qasseer Al Ajal)
- Authorization to Buy Commodities (Taukeel Bishira Silaa) provided to SAIB
- Murabaha Contract for Commodities (Aqd Murabaha Silaa) to sell the commodities to the Bank
** 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.