Saudi Awwal Bank - Islamic Mudarabah Account :
SABB’s Islamic Mudarabah Saving Account is based on the Mudarabah concept which generates profit on customers average daily account balances. The most important difference between this account and traditional saving accounts is that the customers’ funds are invested in Shariah Compliant Islamic assets.
Minimum Balance
5,000 SAR or equivalent
Minimum Salary
Opening Balance
5,000 SAR or equivalent
Annual Rate
Monthly Fee
No
Documents required:
• Account opening form.
• Copy of National ID or Resident Identity.
Benefits:
• Approved by SABB Shariah Committee
• A periodic statement is provided to record account transaction details
• Availability of ATM card with standing instructions
• Account can be opened in all major currencies
• Profit is calculated based on daily average balances maintained during the month
• Free access to your account at any time via SABB Direct (telephone banking) and SABBNet (internet banking)