you may know us as compareit4me
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 3,500 Salary Transfer: No Islamic Finance: Yes Maximum Term: 0 Years Flat Rate: 0% Reducing Rate: 0%
Apply Online Now
Fill in your details below and a product advisor will call you back with more details.
At present, you can't apply for this product via But don't worry, by filling in the form below we'll help you find other options that you can apply for!
Some required information is not valid
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.
  • 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
  • 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
  • Saudi Nationals only
  • Customer must have a salary account and outstanding finance
  • Customers are not allowed to refinance, unless the pay at least 20% of their current finance amount based on their outstanding balance
  • Customer must be either a current employee or a retiree from a private or a governmental sector that is listed in the SAIB pre-approval list
  • The minimum basic salary must be SAR 3,500 for current employees, SAR 4,000 for retirees*
  • The length of service must be at least of 3 months
  • The minimum applicant age must be 18 years old for the current employees and 38 years for the retirees
  • Maximum age is 60 for males, 58 for females, and 65 for retirees at time of loan maturity
  • Debt Burden Ratio: Not to exceed 33% for employed customers & 25% for retirees
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 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.
Representative Example Calculator
SABB - Personal Finance
Minimum Salary
SAR 3000
Flat Rate
National Commercial Bank - Personal Finance
Minimum Salary
SAR 3000
Flat Rate
Emirates NBD - Islamic-Non-Salary Transfer Financing
Minimum Salary
SAR 15000
Flat Rate
Samba - Personal Finance For Expatriates
Minimum Salary
SAR 2500
Flat Rate