Features:
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.
The Saudi Investment Bank - Arzaq Murabaha Finance :
Arzaq Personal Finance product 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 Touch Mobile Banking,
Flexx Call contact center and SMS Banking facilities.
Flat Rate
Starting from 4.93
Minimum Salary
SAR 0
Monthly Payment
Based on the amount and maturity period
Salary Transfer
Yes
Fees & Costs:
• Standard SAIB finance administration fees will apply.
• Administrative fee not exceeding 1% of the amount of funding or SAR 5,000, whichever is less.
Requirements:
• The customer must have a salary account at The
Saudi Investment Bank
Service period:
• For Government Sector: 1 months with current
employer
• For Private Sector: 3 months with current
employer
• Kindly note that all Arzaq Murabaha Finance
facilities are subject to SAIB credit approval and SIMAH (Saudi Credit Bureau)
verification.
Documents required:
• Complete SAIB required application form.
• Introduction letter from 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
• A copy of a valid ID card. We will certify the authenticity of the copy to the original one.
Eligibility:
To apply for SAIB Arzaq Murabaha Finance, applicant must meet the following eligibility criteria:
• Be a Saudi Citizen
• Be at least 18 years of age
• Maximum age at maturity of 60 for males and females
• Work for an employer included in the Bank’s approved list
• The customer must have a salary account at The Saudi Investment Bank
Benefits:
Compatible with the provisions of Islamic Shariah
Approved by the Bank's Shariah Committee.
Refinance
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).
Sponsor/Guarantor
No Sponsor/ Guarantor required.
Financing Amount Disbursement
Get the finance on the same day In case all
applicant documents are complete