Arzaq Murabaha Finance is an Islamic financing product approved by SAIB's Shariah committee. You can buy a certain quantity of goods owned by the Bank at an agreed profit and repayment plan. You can take possession of the goods, and if you choose not to, we have made it easier to sell the goods on your behalf by signing a procuration (WAKALA) to the merchant. Proceeds will be credited into your account. The goods offered by SAIB include rice and flour.
- Compatible with the provisions of Islamic Shariah
- Customer can refinance after paying the required rate
- Additional Finance
- Debt Relief
- No Sponsor/ Guarantor required
- Get the finance on the same day*
- Introduction letter from your employer which would include basic salary, allowance details and the date of employment commencement
- Salary assignment letter in favor of SAIB
- We can also buy-out your facilities from other banks. The following additional documents are required: Debt letter from existing bank / institution with which you currently have a loan
- Valid identity card which will be verified by sighting the original
- Applicant must have a salary account with SAIB (Salary should be transferred)
- Work for an employer included in the Bank’s pre-approved list
- Minimum basic salary of at least SAR 3,500 per month*
- Have a minimum length of service period with your current employer of at least 3 months
- Be at least 18 years of age
- Maximum age of 60 for males and 58 for females (at maturity of the facility)
Additional Information*In case all applicant documents are complete
*For Military personnel, maximum age would depend on rank / position held and minimum gross salary 6,500.
*Terms and conditions apply
Charges & Minimum Required Balance:
- Standard SAIB loan administration fees will apply. Administrative fee not exceeding 1% of the amount of funding or SAR 5,000, whichever is less.
- Arzaq Personal Finance facility comes with a complementary salary account with no minimum balance requirements. The account also offers a free cheque-book, mada Debit Card from The Saudi Investment Bank and access to SAIB Flexx Click Internet Banking, Flexx Call contact center and SMS Banking facilities.
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the 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 on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.