Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
The Saudi Investment Bank - Refinancing The Saudi Investment Bank - Refinancing Minimum Salary: SAR 5,000 Salary Transfer: No Islamic Finance: Yes Maximum Term: 0 Years Flat Rate: 0.0% Reducing Rate: 0.0%
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Refinancing is an Islamic product approved by SAIB’s Shariah committee. It aims to give the chance to our customers with an existing Murabaha finance at SAIB to repay their outstanding finance, Wherein the bank sells to the customer a certain amount of goods that are owned by the bank at an agreed profit and repayment plan. The customer authorizes the merchant to sell the goods on his/her behalf and credit the proceeds into the customer’s account, and then uses a part of the proceeds to repay the current outstanding. The customer may have the rest of the proceeds to benefit and fulfill his/her needs.

The features you need to know:
Compatible with the provisions of Islamic Shariah
Approved by the Bank's Shariah Committee

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).

No Sponsor/ Guarantor required.

Financing Amount Disbursement
Get the finance on the same day*
*In case all applicant documents are complete
  • 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*
Documents Required
  • Complete Application form.
  • Introduction letter from employer, which would typically include salary, allowance details, and joining date.
  • Employer’s Staff identity card (showing the rank/grade of the employer for some sectors).
  • A commencement letter addressed to the bank including the Account number, commencement start and ending dates for some sectors
  • Valid National Identity Card.
  • For Saudis and Expatriates.
  • Customer must have a salary account and outstanding finance.
  • Customers are not allowed to refinance, unless they pay at least 20% of their current finance amount.
  • Customer must be either a current employee or a retiree from private or government sector that is listed in the SAIB approved list.
  • The minimum basic salary must be SAR 5,000 for employed customers, total salary of SAR 6,500 for military personnel*, SAR 4,000 for retirees and minimum monthly basic salary of SAR 8,000 / gross salary of SAR 10,000 for expats.
Additional Information
*In case all applicant documents are complete *For Military personnel, maximum age would depend on rank/position held and minimum gross salary is SAR 6,500.
*Terms & 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.
Representative Example Calculator
Riyad Bank - Tawarruq
Minimum Salary
SAR 3000
Flat Rate