Offering of Treasury Shares - The Saudi Investment Bank
Tradable securities entitle the holder to exercise the right to subscribe to treasury shares. Tradable rights are an acquired right for all registered shareholders in the Bank's records by the end of Wednesday (11 August 2021). Each right entitles its holder to the right to subscribe to the treasury shares offered at the sale price.
The following table defines the most important terms relating to the tradable rights process of the Treasury shares:
| Term | Definition |
|---|---|
| Right Price | The trading price of a Right as determined by the supply and demand mechanism in the market. |
| Indicative Value of a Right | The difference between the market value of the Bank’s share during the trading period and the sale price. The Saudi Exchange Market (Tadawul) will constantly calculate and publish indicative values on its website throughout the period that precedes the trading of Rights. |
| Sale Price: | SAR 13.5 |
| Exercise of the Right | Exercising the right of subscribing to treasury shares. |
| Eligibility Ratio | Each registered shareholder is entitled, on the date of eligibility, to one (1) for each (9.0006) owned shares. |
The adopted mechanism, which is associated with the sale of treasury shares, is similar to the rights issue mechanism subject to some differences where:
- There is no increase in capital.
- No new shares are issued, as treasury shares will be offered by issuing tradable rights.
- Share price will not be adjusted as there are not any new shares issued
- Underwriters will not be appointed for sale purposes
- If the right is not exercised, the investor will not be subject to loss or decrease in the value of the portfolio.
- There will not be any indemnities to the rights’ owners if they did not buy the shares
The below chart shows the mechanism adopted in offering treasury shares and relevant dates:
The adopted mechanism, which is similar to the tradable rights mechanism, includes the following steps:
- The Period of Holding the Extraordinary General Assembly Meeting:
On 4 August 2021, the Extraordinary General Assembly approved the offering of Treasury shares and has authorized the Bank's Board of Directors to take all necessary measures to offer treasury shares. The Board of Directors determined the eligibility date (set to be August 11, 2021), and the offering price of treasury shares (set at SAR 13.5). Tradable rights will be deposited as securities in the registered shareholder's portfolios following the eligibility date (August 15, 2021) and the rights will appear in the portfolios of registered shareholders under a new code allocated for tradable rights. These rights will not be allowed to be traded or purchased until the beginning of the subscription and trading period.
Note:
- The value of these rights will not appear within the portfolios of restricted shareholders during the period prior to the trading of the rights; however, only the number of rights will show. As for the value, the Saudi Exchange Market (Tadawul) will constantly calculate and publish indicative values on its website throughout the period that precedes the trading of Rights.
- Rights trading period:
Six working days (trading days) starting on 16 August 2021 until 23 August 2021, during which registered shareholders and new investors can trade rights.
- Subscribing to the rights related to treasury shares will be processed in two phases:
Phase One: The subscription of rights related to the Treasury shares at this stage, which begins on 16 August 2021 and ends on 23 August 2021, is limited to shareholders registered to the rights which will be deposited in their portfolios after the date of eligibility.
Phase Two: It begins after the completion of the first phase (on 24 August 2021) and lasts for 3 working days until 26 August 2021. During this phase, all right holders are allowed to subscribe, whether they are registered shareholders or individuals who purchased these rights during the trading period.
- Rump Offering Period (if any):
- If any treasury shares remain unpurchased after the end of the first and second phases, in addition to any share fractions (if any), those shares will be offered to a number of institutional investors, who will be invited by the Lead Manager after consulting with the Bank to submit their offers to buy the remaining shares during the period from 1 September 2021 to 2 September 2021. The allocation will be made to investment institutions with the highest offer first, with shares allocated proportionally to institutions who submitted the same offer.
- The offering price of unpurchased treasury shares during this period will be limited between the offering price (as a minimum) and the market price of the Bank's shares.
- All proceeds from the offering will go to the Bank (i.e. There is no mechanism to compensate shareholders who have not exercised their right to subscribe, as their ownership percentage in the Bank will not be decreased as a result of the offering, as the case is with rights issuances)
- Allocation of shares to investors:
The allocation of shares to investors will be announced on 6 September 2021.
The number of rights registered shareholders will receive depends on the shareholder ownership percentage in the capital on the eligibility date with a eligibility ratio of one right 1 right for every 9 shares owned approximately*.
*for eligibility purposes, each registered shareholder will be granted one (1) right for every 9.00063870745878 shares owned
It is the day on which the shareholders who own shares of the Bank are entitled to rights, and that will be on 11 August 2021.
Trading and subscription to rights will begin at the same time (16 August 2021) until the end of the trading period on 23 August 2021, while the subscription continues until 26 August 2021.
No. After the end of the trading period, the right owner only has the right to exercise the right to subscribe or not to subscribe. There will be no mechanism for compensating shareholders for failing to exercise their right to purchase the Treasury Shares, given that their shareholding in the Bank has not decreased as a result of the Sale.
Unregistered shareholders can subscribe to rights in the second phase, which starts on 24 August 2021 and ends on 26 August 2021, after purchasing the tradable rights during the period from 16 August 2021 until 23 August 2021.
Yes, the investor can sell part of these rights, use the proceeds from the offering of those rights to provide liquidity, and use the remaining rights to subscribe to treasury shares.
Subscription applications are submitted through trading platforms and mobile applications or through any channels provided by these entities to their customers.
Yes, you are entitled to sell them and buy other rights during the trading period.
Registered shareholders can subscribe to additional treasury shares by purchasing additional rights during the trading period from 16 August 2021 until 23 August 2021.
Two business days following the Eligibility Date (11 August 2021), such date being 15 August 2021.
The Bank intends to use the proceeds from the offering of Treasury shares to strengthen the capital base, boost the liquidity of the Bank's equity.
In the event that the entire treasury shares are not purchased during the subscription period, the remaining Treasury shares will be offered during the Rump Offering Period. The Lead Manager will arrange such offering. No compensation will be paid to the rights owner if he/she has not subscribed to purchase the shares.
The investor will be notified through “Tadawulaty” service, a service provided by the Securities Depository Center, and via SMS sent by brokerage firms.
The investor's share will be distributed to the portfolios owned by the investor, based on the percentage of ownership in each portfolio. In the event of fractions, these fractions will be combined to form entire share or shares to be added later to the portfolio in which the investor owns the largest amount of rights.
The acquired right will be added to the investor portfolios under the original share name with the new descriptive word "Offering of Treasury Shares", and a new code for these rights.
No. Subscription can be made during the official working days specified from 16 August 2021 to 26 August 2021.
Credit Balance Transfer
Balance Transfer is a feature which allows you (SAIB Credit Cardholder) to transfer your outstanding balances from other bank credit cards to their balance at their SAIB Credit Card.
Transferring balances would help you have all your finances under one umbrella and squeeze them into one monthly statement and one monthly payment due date. It will help you relax and not worry about paying several cards and review several statements. This means you will win the time, the effort, and the control over your finances and balances. You will have the chance to choose your preferred option in transferring your balances. The longer the tenor period, the more savings you make on tawarruq charges.
Moreover, the installments are included in your 5% monthly minimum payment.
There is a one-time fee that can go up to 2% based on the number of installments you choose.
There are no documents required. All you need to do is follow the below steps:
- Login to your online bank account through the internet banking or SAIB mobile application
- Go to the SADAD service (bills and MOI payments)
- Enter the number of the credit card you want to pay off
- Enter the amount you want to pay off (If you do not have to pay the whole amount)
- Proceed
- Done! That simple!
Balance Transfer is open to all SAIB Primary Credit Cardholders.
You can avail a maximum of up to 90% of your available Credit Card limit. The amount varies based on your eligibility and the available Credit Card limit.
All you need to do is follow the below steps:
- Login to your online bank account through the internet banking or SAIB mobile application
- Go to the SADAD service (bills and MOI payments)
- Enter the number of the credit card you want to pay off
- Enter the amount you want to pay off (If you do not have to pay the whole amount)
- Proceed
- Done! That simple!
Soft Points of Sale
Yes, the Soft POS service has to be linked to the merchant's account in The Saudi Investment Bank.
The following card types are accepted:
- mada
- visa
- mastercard
One business day from the date of approval.
The Soft POS service is activated on the merchant's smart device via the following steps:
- Visiting the link to download the app, which is sent via SMS to the merchant's mobile
- Logging in the app by entering the username and password
- When the download is completed, the merchant can start using the app
Currently, the app is available on Android devices.
Free. There are no fees for installation and maintenance.
The service is suitable for all businesses, especially the following:
- Taxis
- Delivery Drivers
- Seasonal Exhibitions
- Field Sales Representatives
- Food Trucks
No, an e-receipt is sent to the merchant and cardholder.
By visiting one of SAIB branches.
- Signing the POS service agreement at one of SAIB branches
- Copy of the Commercial Registration
- Copy of the merchant's national ID
Value Added Tax (VAT)
The Value added Tax (VAT) is an indirect tax that applies to goods and services within the Kingdom of Saudi Arabia except for those goods and services which have been explicitly exempted from such tax or are zero rated.
This reform will allow the government to diversify its sources of revenue, ensure financial sustainability and increase its revenues in the future.
The General Authority for Zakat and Tax (GAZT): www.gazt.gov.sa/en
VAT will be calculated at the rate of 15% on qualified goods and services starting 1 July 2020.
VAT, as a General Consumption Tax (GCT), will be imposed on many transactions related to goods and services within the Kingdom, if such product or service has not been explicitly exempted or zero rated from the tax.
The cost of living is likely to rise slightly, but this increase will vary depending on an individual’s lifestyle and spending behavior. For example, if your expenses are concentrated primarily on goods exempted from VAT, you will probably not see a significant increase in the cost of living.
VAT will be applied to some but not all of the Banks’ products and services.
Saudi Aramco IPO
The retail subscription process will start from 20/03/1441H (corresponding to 17/11/2019G) and ends on 01/04/1441H (corresponding to 28/11/2019G). Branches of local banks will be available during the working hours from 9:30 AM until 4:30 PM, in addition to any further opening hours that may be specified. Alternative channels such as phone banking, online banking and automated teller machines (ATMs) will be available for 24 hours a day, 7 days a week until the last day of the retail subscription period, which will be available until 11:59 AM on 01/04/1441H (corresponding to 28/11/2019G).
07/04/1441H (corresponding to 04/12/2019G)
The excess cash amount, if any, will be returned by no later than 15/04/1441H (corresponding to 12/12/2019G)
The excess cash shall be returned to retail investors no later than 15/04/1441H (corresponding to 12/12/2019G), along with refund amounts due from the final allocation. Additional shares will be deposited in your portfolio, along with your initial number of shares subscribed for, ahead of trading on.
It is expected that the Company's shares will start trading in the market after all the requirements have been fulfilled and all related regulatory procedures have been completed. The date of the trading will be announced on the Tadawul website (www.tadawul.com.sa).
It is expected that the Company's shares will start trading in the market after all the requirements have been fulfilled and all related regulatory procedures have been completed. The date of the trading will be announced on the Tadawul website (www.tadawul.com.sa).
3,000,000,000 shares, which represents 1.5% of Saudi Aramco’s total issued shares.
- Saudi Arabian nationals, including:
- any Saudi female divorcee or widow with minor children from a marriage to a non-Saudi person who can subscribe for her own benefit or in the names of her minor children, on the condition that she proves that she is a divorcee or widow and the mother of her minor children,
- Any non-Saudi natural person who is resident in the Kingdom and who has a bank account with one of the Receiving Entities.
- GCC nationals who have a bank account with one of the Receiving Entities.
No, only Saudi nationals are able to subscribe on behalf of their dependents.
32 SAR per offered share.
There is no offer price range used for subscription by retail investors.
However, the offer price range is given to the institutional investors to submit their bids during the institutional book-building period, while retail investors will subscribe at the top end of the range, and the final offer price will be determined after the book-building period.
In previous IPOs listed on Tadawul, the retail subscription period only started once Institutional Book-building was completed and the final offer price was set, which is why those IPOs had a single price offer for retail investors.
The Saudi Aramco IPO retail subscription period is commencing and running concurrently with Institutional Book-building. Therefore, at the beginning of the retail subscription period, the only reference point will be the announced offer price range.
The offer price range is from SAR 30 to 32 SAR, which is only relevant for the book-building exercise undertaken by the institutional investors. However, retail investors will subscribe at the top end of the offer price range which is 32 SAR..
Retail investors will specify the total amount in Saudi Riyals for which they are willing to subscribe and the equivalent number of shares based on the top end of the offer price range. Accordingly, the shares will be allocated based on the total demand and the final offer price.
The final offer price per share will be determined following the end of the institutional book-building period due to the concurrent offering for institutional and retail investors, and will be within the offer price range.
The concurrent offering will reduce the time lag between the final allocation of shares to investors and the first day of trading.
If the final offer price is set at a level lower than the top end of the offer price range, then, in respect of the surplus amount of subscription (i.e. the difference between the final offer price and the top end of the offer price range), the retail investors may elect to either:
- receive a refund of the surplus amount refunded in cash; or
- to be considered for an allotment of additional shares calculated based on the final offer price
In case of fractional shares, an amount will be refunded to investors equal to the value of the fractional shares – in any case, if no additional shares are available, the investor will receive a refund of the surplus amount in cash (by way of credit to account).
Each retail investor must record his/her irrevocable option in the Retail Subscription Application Form.
Each retail investor must exercise and record this irrevocable option early in the process in writing and as part of the completion of the Subscription Application Form.
To the extent a retail investor elects to receive additional Shares instead of cash refund, but such allotment is not made by the Selling Shareholder and the Company in their sole discretion, the remaining surplus subscription amount will be refunded in cash (by way of credit to the bank account of the relevant retail investor). In case of fractional shares, the surplus amount will be refunded to investors equal to the value of the fractional shares – in any case, if no additional shares are available, the Investor will receive a cash refund for surplus amounts (by way of credit to account).
No, the final offer price for the IPO should be priced between the lower end and top end of the announced offer price range.
No, the subscription process will follow the dates as published in the prospectus.
The minimum subscription per retail investor is 10 shares. However, there is no maximum limit for retail investors as they may choose to apply for as many shares as they wish to , in multiples of 10 shares (e.g. 10, 20, 30, etc).
Receiving banks participating in the IPO, the names of which are disclosed in the prospectus and the Company’s website.
The retail offer shares are not subject to any lock up period and the retail investors may sell their shares as soon as they are listed on Tadawul.
Each Eligible Retail Bonus Investor who continuously and uninterruptedly holds the allocated offer shares for the Bonus Holding Period will receive one Bonus Share for every 10 allocated offer shares held, up to a maximum of 100 Bonus Shares. The Bonus Shares will be allocated from shares owned by the Selling Shareholder.
180 days from the first date that the Shares begin trading on the Saudi Stock Exchange (the “Exchange” or “Tadawul”) (the “Bonus Holding Period”).
“Eligible Retail Bonus Investor” means a Saudi Arabian national, including Saudi female divorcee or widow with minor children from a marriage to a non-Saudi person; provided that if a Retail Subscription Application Form is submitted for a Saudi Arabian national applying for himself or herself and other persons appearing on such Saudi Arabian national’s family book, then each such family member who is a Saudi Arabian national will be considered to be an Eligible Retail Bonus Investor.
Each Eligible Retail Bonus Investor is entitled to this incentive only if they subscribe to shares during the subscription period and not after the first day of trading.
“The bonus shares for the eligible dependents will be deposited to the prime investor’s investment portfolio where all the IPO shares will be deposited.
The offer shares allocated from retail investors that have been continuously and uninterruptedly held for the Bonus Holding Period will be separately determined for each Eligible Retail Bonus Investor.
Any determination of whether a person is an Eligible Retail Bonus Investor and the number of Bonus Shares to which each Eligible Retail Bonus Investor is entitled will be determined by the Selling Shareholder in its full discretion.
No.
In addition, if the offer shares allocated from retail investors are sold, transferred or otherwise disposed of from the Eligible Bonus Retail Investors’ portfolio account (either in full or in part) for any reason, even for part of the day, whether within the same National Identification Number (NIN) or to another NIN, then such transferred shares shall become ineligible for the award of Bonus Shares.
The Exchange will apply a last-in-first-out approach to monitor the shares transactions in order to determine the number of offer shares in an Eligible Retail Bonus Investor’s portfolio that remain eligible for a Bonus Share award.
The Exchange shall maintain a record of Eligible Retail Bonus Investors who are allocated offer shares from retail investors and monitor their eligibility to receive Bonus Shares.
The Exchange will transfer the Bonus Shares into the portfolio of all persons entitled thereto as soon as practicable after the end of the Bonus Holding Period, within a time period not longer than 75 calendar days following the end of the Bonus Holding Period.
Each Eligible Retail Bonus Investor is entitled to this incentive only once at the subscription period and not after the first day of trading.
It is expected that the Bonus Shares shall be deposited into the investment portfolios of the investors within 75 calendar days after the end of the Bonus Holding Period.
Therefore, no person will have any rights with respect to the Bonus Shares until such Bonus Shares have been deposited into the portfolio of such person.
Each of the Bonus Shares will be the same class and have all the same rights as the offer shares.
Illustrations of last-in-first-out methodology for the IPO Retail Incentive:
- An Individual Investor is allocated 100 Offer Shares from retail investors. During the Bonus Holding Period, the investor sold 100 shares and following that, bought 100 shares. What is the number of Shares eligible for the Bonus Shares award?
Answer: Zero, because the allocated Offer Shares were sold. - An Individual Investor is allocated 100 Offer Shares from retail investors. During the Bonus Holding Period, the investor purchases 100 additional Shares and later sells 100 shares. What is the number of Shares eligible for the Bonus Shares award?
Answer: 100, because the allocated Offer Shares have remained in the account and the most recently purchased Shares are deemed to be the Shares that are sold. - An Individual Investor is allocated 100 Offer Shares from retail investors. During the Bonus Holding Period, the investor purchases 10 additional Shares and later sells 50 Shares. What is the number of Shares eligible for the Bonus Shares award?
Answer: 60, because the most recently purchased Shares are deemed to be the first Shares that are sold, with the remaining 40 Shares that are sold reducing the number of originally allocated Offer Shares. - An Individual Investor is allocated 100 Offer Shares from retail investors. During the Bonus Holding Period, the investor sells 50 Shares and later purchases 10 Shares. What is the number of Shares eligible for the Bonus Shares award?
Answer: 50, because the balance of Shares eligible for Bonus Shares is permanently reduced to a maximum of 50 upon the initial sale. - An Individual Investor is allocated 1,000 Offer Shares from retail investors. During the Bonus Holding Period, the investor purchase 1,000 Shares and later sells 500 Shares. What is the number of Bonus Shares awarded to the individual investor?
Answer: 100 and not 150, because investors are only entitled to maximum of 100 bonus shares. In addition, the allocated Offer Shares have remained in the account and the 500 shares that are sold are from the most recently purchased Shares. - An Individual Investor is allocated 1,500 Offer Shares from retail investors. During the Bonus Holding Period, the investor did not purchase or sell Shares. What is the number of Bonus Shares awarded to the individual investor?
Answer: 100 and not 150, because investors are only entitled to maximum of 100 bonus shares
The Offer is supported by a full range of Receiving Entities.
As per our bank’s guidelines, it is a Sharia-compliant company.
Pursuant to Royal Order No. 16712, dated 11/3/1441H (corresponding to 8/11/2019G), the Zakat obligations resulting from investments in the shares when listed on the Exchange will be settled as follows. The Zakat amounts resulting from such investments will be calculated and deducted from tax payments by the company and transferred to the Zakat account at the Ministry of Finance for transfer to eligible Zakat recipients in accordance with applicable law.
If GCC investors are able to open a bank account with any of the receiving entities, then they can subscribe through their bank accounts taken into considerations Saudi Arabian Monetary Authority’s (“SAMA”) regulations.
The original and copy of the valid ID card .
- Branches of the Saudi Receiving Entities
- Internet, telephone banking or ATMs of any of the Saudi Receiving Entities
However, in case the GCC investor does not have a bank account with any of the receiving entities, then the GCC investor shall visit any of the receiving entities branches to open a bank account.
It will be deposited to the investor’s Saudi current bank account.
No, only the Saudi national investors.
Aseel FAQ's
It is one of SAIB’s loyalty programs which offers you instant discounts and deals at more than 250 partners kingdom wide.
The partners of the “Aseel” program are diverse and can be found on The Saudi Investment Bank website, SAIB Flexx application, Social Media Channels or through “Aseel” brochures available in our branches.
Yes and to be issued with a SAIB card.
No
Yes, there is a validity per offer mentioned under the respective terms and conditions of each partner.
You can communicate with the Loyalty support team by calling the toll free number: 8001248000
Yes.
He/she can submit a formal complaint to the customer care unit by calling the toll free number: 8001248000 within 14 days.
All offer details are available on the SAIB website and in case the offer expires, it will be removed from the website.
Yes, every partner has a paper holder that communicates the “Aseel” offer, and there is also an “Aseel” sticker on the door of each participating partner.
Restaurants, travel and tourism, shopping, lifestyle and others offering a wide range of services.
No, the “Aseel” discount does not apply if the partner has an ongoing promotion.
No.
No.
No, each partner has a specific discount percentage and all discounts are available on the SAIB website, SAIB Flexx application and our Social Media Channels.
No, it is a free service.
By paying with your mada Debit Card from The Saudi Investment Bank or credit card.
Yes
No, installment type payments are excluded
“Aseel” is the only program that offers you instant discounts with the use of any mada Debit Card from The Saudi Investment Bank or credit card and facilitates locating partners thanks to the SAIB Flexx application.
All SAIB credit and mada Debit Cards from The Saudi Investment Bank.
It is instant, immediately during the purchase transaction.
No, because your card, which is linked to your account, will not be active. Please ensure that you visit your nearest branch to update all you latest information.
No
Yes and they are mentioned under the terms and conditions.
WooW FAQ
It is one of the loyalty programs offered by The Saudi Investment Bank where WooW members are rewarded with WooW points for their banking transactions. The earned WooW points can then be redeemed with various gifts and options through WooW e-catalog .
Individual personal banking customers who meet the terms and conditions of the program.
You can become a WooW member by simply accepting the program terms and conditions. Login to your banking account through SAIB Internet Banking “Flexx Click”, or Mobile Application “Flexx Touch”, choose “WooW Rewards” and read then accept the terms and conditions (click here to login to your banking account).
As soon as you become a WooW member, by accepting the program terms and conditions, you will start earning WooW points for making all eligible banking transactions.
It is a catalog exclusive to WooW members through which you can view available WooW gifts through Internet Banking “Flexx Click”, or through Mobile Application “Flexx Touch”. To redeem your points, you have to login to your banking account through “Flexx Click” or “Flexx Touch” and make the redemption from the tab “WooW Rewards” (click here to login to your banking account).
They are welcome reward points offered by The Saudi Investment Bank –one time only- for the customer when he joins the program. The number of points differs according to the customer program segmentation (Silver, Gold, or Platinum customer).
You can earn WooW points through most of your SAIB banking transactions, such as the payment of SADAD bills, average account balance, SAIB Credit Cards purchases (inside and outside the Kingdom).
Through WooW points calculator which enables you to calculate the points you can potentially earn for making banking transactions or applying for SAIB products (click here to use the calculator).
There are some limits that apply to some transactions, which for example, could be conducted many times in a short period of time, such as the payments of SADAD bills.
Yes, when making other banking transactions, such as the payment of SADAD bills, Credit Card purchases, etc.
You can do so by logging into your banking account via the Internet Banking “Flexx Click” or Mobile Application “Flexx Touch”, choose “WooW Rewards” then choose “My Account”.
No, there is no maximum number of WooW points that you can earn.
No, you cannot buy WooW points
end of the third year after the points were earned. For instance, if the customer earned 5,000 points on May 15, 2015, and 10,000 points on June 14, 2015, the customer’s total 15,000 points earned within the year 2015 will expire at the end of December 31, 2018
You can redeem the WooW points you earned through WooW e-catalog after logging into your banking account via SAIB Internet Banking “Flexx Click” or Mobile Application “Flexx Touch”(click here to login to your banking account).
You can find WooW e-catalog on SAIB website (click here to view the catalog) or by logging into your bank account through SAIB Internet Banking “Flexx Click” or Mobile Application “Flexx Touch”.
There is a large number of exclusive and distinguished gifts and vouchers which you can find in WooW e-catalog (click here to view the catalog).
The catalog is continually updated with new and exclusive items; however, this does not mean that the item you wanted will be provided again.
You can transfer the points to another WooW beneficiary by logging into your banking account through SAIB Internet Banking “Flexx Click” or Mobile Application “Flexx Touch”, click on "WooW rewards" icon, then choose "WooW beneficiaries" and enter the account number and short name to activate the beneficiary. Select "WooW point transfer", enter the number of points and the name of the activated beneficiary, and then click on “Transfer”.
You can transfer a minimum of 50 WooW points, but there is no maximum number of the points you can transfer.
You can transfer up to 10 times per month.
There is no limit on the number of beneficiaries you can add.
Points are transferred immediately to the beneficiary upon completion of the transfer steps.
As a valued customer of SAIB, the gifts are delivered to you at no cost.
The gift will be delivered to you through “Aramex” carrier within a maximum of 14 working days,It must be received by you within a maximum of 45 working days from the date of request.
You will receive an SMS of the shipment tracking number to ease tracking down your shipment and contacting the courier. The courier company shall attempt to contact you to deliver the reward to you at least 3 times.
If the WooW gift item is not as ordered or is broken or damaged when received, please do not sign the delivery receipt and promptly inform SAIB by calling our “Flexx Call” Phone Banking on 8001248000, accordingly we shall replace the gift with a new one. If you signed the delivery receipt accepting the gift item, we apologize since we will not be held liable to compensate you for that incorrect, broken or damaged gift.
No, you cannot cancel the request
You can review your previously redeemed transactions by logging to your banking account through SAIB Internet Banking “Flexx Click” or Mobile Application “Flexx Touch”.
Yes, by calling SAIB Phone Banking “Flexx Call” on 8001248000, or by visiting the nearest SAIB branch (to view branches’ locations and to locate the nearest branch, please click here). Please be informed you will not earn any points in the future on your banking transactions, and that your current WooW points will be cancelled.
You can submit an inquiry or file a complaint through any of the following channels:
- Phone Banking “Flexx Call” on 8001248000
- Internet Banking “Flexx Click”
- Mobile Application “Flexx Touch”
Your questions will be answered as soon as possible.
The amount will be added to your EasyShopping Card from 10 to 15 days.
Click here to view the steps of redeeming your WooW points to fund your EasyShopping Card.
Each 5,000 WooW points equal 10 SAR.
Banking Awareness
One of the reasons behind the widespread use of those cards on an international level is the special characteristics that these cards offer to the card holder, the vendor accepting the card, or the issuing bank. If it is maintained well and used when necessary in an elaborate way, it will offer many benefits to its holder, the most important of which are as follows:
- An easy instrument to use and keep.
- A secure instrument that spares the trouble of carrying cash money.
- You can use it daily to carry out any transaction.
- All executed transactions can be reviewed and checked through obtaining a monthly account statement.
- You can benefit from the grace period and repay after a period of 20-50 days from the execution date of the latest transaction.
- A useful financial instrument that helps in financial planning when used in a well deliberated way.
- Many shops and centers accept those cards (some of those cards are accepted by more than 25 million shops centers on an international level).
Using a credit card in a careless way may lead to significant risks that affect the customer's credit record and his ability to repay and manage his financial liabilities. The most significant risks are as follows:
- It is an easy financial instrument that encourages consumption, if its use is not controlled.
- The possibility of being used by others, especially relatives (son, daughter, husband, or wife) if it is not safeguarded. The cards can be used to carry out transactions through the telephone.
- The possibility of it getting lost, stolen, and used by another person.
- Paying additional amounts as fees in case of default or repaying part of the amount.
- Increased commission and interest rates linked to the use of credit cards.
- It is considered one of the financial instruments that require ongoing monitoring, sound management, and compliance with repayment dates.
Every person wishing to apply for a credit card has to make sure that he/she has an answer for the following questions:
- Why should I have a credit card?
- Have I understood the conditions and controls of the agreement for careful use and dealing therewith? For example, do I know the amount of the various fees, card interest rate in case of a delayed repayment, annual issuing fees, default fees, cash withdrawal fees, and fees for exceeding credit limit?
- Can I repay the total amount of purchases with the credit card every month? Or the minimum amount only?
- If I did repay the minimum amount, can I repay additional commissions on the existing balance?
- What is the bank's procedure towards me in case of default?
provided to new consumers or at the request of existing consumers, through the channels available from the bank and in accordance with the consumer’s preference. They are also detailed either by way of a general terms and conditions booklet or by individual brochures. Consumers should be encouraged to read these terms and conditions before committing to a product or service.
A bank must communicate to the affected consumers any changes in terms and conditions at least 30 business days in advance of any such changes being implemented.
A copy of the terms and conditions should be provided to consumers at the appropriate time in order to enable the consumer make an informed decision on whether they wish to purchase the product or service.
Banks must include specific ‘warning statements’ in all terms and conditions, application forms, and advertisements, stating clearly the potential consequences for the consumer in not meeting the product or service conditions as agreed in the product or service application form.
A bank will only deduct the approved fees, charges, and commissions that are detailed in the schedule of fees, charges, and commissions.
A bank should provide consumers with a copy of the schedule of fees, charges, and commissions when they provide a product or service, when signing a contract or as requested by a consumer at any time.
No, a bank must inform the affected consumers of any changes in fees and charges 30 business days in advance of any such changes being implemented.
A bank should clarify to consumers the methodology for calculating fees, commissions, and the amount of profit earned by the bank for the products and services held by those consumers.
You can cancel your credit card without payment of a fee or charge to a card issuer within ten days after receipt of the card, provided that you have not used the card after receipt.
Where SAIB advertising refers to product or service that will incur a fee or charge, the advertisement or promotional material will for sure show the amount of all fees and commissions relating to the use of the service or product.
A bank must ensure that an advertisement that contains any acronyms (for example APR) states clearly what the letters actually stand for.
Consumers have the right to receive short messages (SMS) or promotional material for services and products provided by a bank, and the bank should obtain the prior approval of the consumer, whether in writing or electronically, according to the preferences of the consumer.
A bank should accept and fulfil all requests to open new accounts, where the consumer has completed all of the required documents and met the conditions required to complete the account opening process, with the exception of the cases provided for in the rules of opening and operating accounts issued by The Saudi Central Bank (SAMA).
A bank must not unreasonably delay the opening of a bank account for a consumer by engaging in delaying tactics.
A bank should inform consumers of a decision by the bank to close a consumer’s account 60 days in advance of the account being closed and the reasons for this. In cases of fraud or embezzlement by a consumer, a bank can immediately close or block an account without communicating with the consumer.
A bank should not require a consumer to have a minimum deposit to open a personal bank account. However, a bank has the right to close an account if the account balance is zero for a period of 24 months days from the date that the account is opened.
A bank must inform a prospect consumer of the consequences of opening and operating a bank account. This must include a formal process of ensuring that consumers are fully aware of the consequences of granting access to third parties to their bank accounts.
A bank will provide appropriate electronic channels and free-phone to assist consumers to easily report loss, theft, or misuse of their cards.
A bank should not issue a credit card or increase a credit card limit, except upon the written request of the consumer, according to the regulations and circulars issued by The Saudi Central Bank (SAMA) relating to credit cards and mada Debit Cards from The Saudi Investment Bank.
A consumer will be responsible for any transactions made on their credit card before they reported the loss of their card to the bank. The issuing bank is responsible for any fraudulent transactions (transfer of credit card information) without the knowledge of the card holder, whether made before or after the cardholder informs the bank, except in cases which the bank proves the cardholder’s responsibility for these transactions.
A bank will never telephone, send text messages, or email a consumer for any details regarding their passwords, PINs, or any other account verification methods.
A bank will deduct the installment on the date agreed upon with the consumer and in line with the date of deposit of the consumer’s salary account with the bank.
A bank should give clear written information to consumers regarding the consequences that non-payment of their liabilities will have for their credit record in the information held by credit information companies.
In the event that a consumer partly pays their indebtedness, banks should not issue a letter of ‘final clearance’. They should avoid using any such phrases or words in their communication with the consumer unless the consumer has fully paid off their liabilities, or unless the bank is agreeable to accept a partial payment in full and final settlement of all amounts due.
A bank has the right to impose fees on consumers for the transfer of funds outside the Kingdom. These fees should be a fixed amount and not a percentage of the amount being transferred. Any beneficiary bank fees should be included, as well as any fees imposed by the correspondent bank. The consumer should be informed of the amount of all fees before confirming the transfer of funds.
Before completing the transfer of funds, a bank should advise consumers of the expected arrival time that the funds will be with the beneficiary and the fees or charges deducted and the net amount that will be paid to the beneficiary.
A bank should advise a consumer within two business days of return of funds by a correspondent bank. The funds returned should be credited to the consumer’s account as soon as received from the correspondent. Where the consumer is not an account holder, the returned funds should be available in cash or by cashier’s cheque within two business days.
A bank will display the branch hours of business on a fixed notice at the main entrance to each branch and the branch will open and close in accordance with these advertised hours of business.
A bank will not discriminate against consumers in any way, in the sale or usage of any banking product or service.
A bank should clearly display their complaints procedures in all of their branches and on their websites, as well as provide a hard copy to a consumer if requested.
To reactivate non-moving & dormant accounts for individuals please follow the below steps:
- Contact us through the phone banking 800 124 8000 ( +966 11 418 3100 outside KSA)
- Enter the password of phone banking
- Enter the required service number and follow the instruction
- Enter the OTP sent to your mobile number that is registered in bank system
* For individual customers, in case if you were unable to contact phone banking please visit the nearest branch
* For non-individual customer, please visit the branch to activate the account or contact your relationship manager
Mobile Point of Sales
Yes, the mPOS has to be linked to the merchant account with The Saudi Investment Bank.
The following card schemes are accepted:
- mada
- Visa
- MasterCard
- AMEX
One business day after receiving the approval.
There are NO fees and charges for:
- Installation
- Monthly fees
- Maintenance
- Taxi drivers
- Delivery services providers
- Seasonal exhibitions
- External sales representatives
- Food truck owners
No, the purchase transaction receipt will be sent to the merchant and the cardholder by email.
By visiting one of SAIB branches (Click here to view the nearest branch to your location).
(Do not forget to book your appointment to save your time! To book an appointment, please Click Here.)
- Signed POS service agreement at one of SAIB branches
- Copy of Commercial Registration
- Copy of merchant national ID
Easy Payment Plan – 0% Profit Rate
You can convert your purchases using SAIB credit cards into equal monthly installments in two ways:
- Online stores: After shopping and reaching the payment step, choose SAIB Credit Card and choose SAIB EPP Payment Plan to proceed.
- At actual stores (points of sale): shop and pay with your SAIB Credit Card, then call our toll-free number 8001248000 within 20 days from the purchase date, and request to convert this purchase into easy installments.
Yes, the minimum transaction value should not be less than SAR 1,000 and the maximum limit will be 90% of the Credit Card Limit.
Yes, the card will be charged SAR 50 for each transaction converted under the Program.
Yes, you will earn WooW points on any transaction on your Credit Card.
Multiple transactions can be allowed to be converted to the Program within 90% of the Credit Card Limit.
The tenure for the Program can be 3, 6, 9 or 12 months and this period cannot be changed after the transaction is transferred to the Program.
Marine Cargo Insurance
For an affordable cost, it provides coverage for all shipments falling within the terms of the policy. In most cases, you enjoy coverage even if you unintentionally fail to report a shipment and/or report shipment values incorrectly.
The standard basis of valuation is invoice cost plus freight plus 10% or 20% in some cases. Most underwriters will allow a higher mark up that could reach 100%.
You need to check both the “Goods Insured” clause and the “Voyage” clause in your policy. Certain goods and certain voyages are excluded.
You still enjoy full cover for that shipment. However, you must report it as soon as you are aware of the error.
As a general rule, it is excluded; however, it depends largely on who did the packing and where it was carried out.
It depends on your business needs. Generally, certificates of insurance are issued for export shipments in order to provide the buyer with proof of insurance. The certificate also provides contact information in the event of a claim. Certificates may also be required for letter of credential purposes.
Many reasons apply:
- It provides evidence of value of the goods
- It identifies the parties to the sale and identifies whether the insured is a party
- It identifies the terms of sale
- It provides a description of the goods as well as the quantity being shipped
- It identifies the price the buyer has paid (or is to pay) for the goods in question
- The invoice price plus freight and charges plus a markup of 10% or 20% is a standard basis of valuation in most cargo policies
Flexx Pay
Yes
The following payment services and card schemes are accepted:
- mada Cards
- VISA
- MasterCard
- American Express
Within 48 Hours if merchant’s website is ready.
All merchants who sell goods and services online
- Online Channel “Web”
- Mobile Channel
- Virtual Channel
Points of Sale
Yes, the POS has to be linked to the merchant account in Saudi Investment Bank.
- MADA
- VISA
- MasterCard
- AMEX
- Approved international cards.
One business day after approval.
There is NO fees and charges for
- Installation
- Monthly fees
- Maintenance
All merchants who sell goods and provide service.
The following types of POS terminals are available:
- Dial-up
- GPRS
- IP
POS Requests by filling the above form and visit one of bank branches.
- Sign the POS service agreement.
- Copy of CR.
- Copy Of merchant ID.
Unit under construction (off plan)
Yes, salary assignment to SAIB is mandatory in order to obtain any of SAIB’s home financing products.
Yes, there are specific conditions that must be met.
The maximum finance amount is SAR 7,000,000.
Yes, you can, provided that you meet the Bank’s terms and conditions (To learn more about these terms, please call us at 800 124 8000).
No, this product is only for eligible Saudi nationals listed on the REDF’s and Ministry of Housing’s finance lists.
No, only those who are listed in REDF’s and Ministry of Housing’s finance lists can get this product. If you are not eligible to get this product, you may apply for SAIB Murabaha Home Finance instead. To learn about Murabaha Home Finance, please click here.
Yes, this product is Sharia-compliant and based on Murabaha principle.
The maximum finance amount for subsidy is SAR 500,000.
1% of the finance amount up to SAR 5,000 (whichever is lower).
Government Sector: 1 month with current employer.
Private Sector: 3 months with current employer.
10% for first house or 30% for any additional property.
MOH shall ensure that the title deed is transferred to the customer (with mortgage to Bank) within 60 days of customer receiving possession of the property from developer.
Please click here or contact our Flexx Call contact center at 800 124 8000 .
Self-Construction Finance
Yes, salary transfer to SAIB is mandatory in order to obtain any of SAIB home finance products.
Yes, the land owned by you has to be mortgaged to the Bank in order to avail financing.
No, this product is only for eligible Saudi nationals listed on the REDF’s and Ministry of Housing’s finance lists
No, only those who are listed in REDF’s and Ministry of Housing’s finance lists can get this product. If you are not eligible to get this product, you may apply for SAIB Murabaha Home Finance instead. To learn about Murabaha Home Finance, please click here.
Yes, this product is Sharia-compliant and based on Murabaha principle.
The maximum finance amount is SAR 7,000,000.
The maximum finance amount is SAR 5,000,000.
1% of the finance amount up to SAR 5,000 (whichever is lower).
The minimum service period:
For Government Sector: 1 month with current employer
For Private Sector: 3 months with current employer
Joint finance is not eligible as per REDF’s criteria.
Yes, you can, provided that you meet the Bank’s terms and conditions (To learn more about these terms, please call us at 800 124 8000).
Please click here or contact our Flexx Call contact center at 800 124 8000 .
Al ASALAH Murabaha Home Finance
Yes. The SAIB ASALAH Home finance product is Sharia’a compliant and has been designed on the basis of Islamic principles.
To apply for this facility you need to meet the following eligibility criteria:
- Be a Saudi Citizen.
- Be at least 20 years of age.
- Maximum age (at maturity) of 65, Considering the retirement age of the military personnel.
- Work for an employer included in the Bank’s approved list.
- Transfer salary, supported by a salary assignment letter from your employer, to your account with SAIB.
- Have a minimum length of service period with current employer of at least 3 months.
You would need to make an immediate repayment of the principal outstanding amount and we may offer you a discount on the outstanding profit.
You can avail financing up to a maximum limit of SAR 5,000,000.
Minimum amount is SAR 250,000.
We provide home finance for the purchase of Lands as well as ready property (Villas, Apartments and Duplex) with no minimum area size required.
We can provide financing with tenors up to 30 years.
Yes, you may repay your financing early. As this is a Sharia'a compliant product, you do not have to pay penalty charges for prepayment and we can offer you a discount on the outstanding profit .
No, as part of our extra benefits, we provide Free "Property Takaful", as well as a Free "Takaful Life Coverage".
- Finance application form
- Introduction letter from employer.
- Salary assignment letter addressed to the Bank.
- Copy of a valid National ID (to be taken after sighting the original).
- SAIB guarantees in-principle approval within one business day (subject to complete documentation).
- Final approval within 12 business days (subject to complete documentation).
Please click here or contact our Flexx Call contact center at 800 124 8000 .
MOH ready house
Yes, salary transfer to SAIB is mandatory in order to obtain this product from SAIB.
No, this product is only for eligible personnel listed on the REDF’s and Ministry of Housing’s finance lists..
Yes, it is a Sharia compliant product based on Murabaha principle.
Maximum financial support of SAR 500,000 that covers the profit.
The maximum finance amount is SAR 7,000,000.
1% of the finance amount up to SAR 5,000 (whichever is lower).
Yes, provided that you meet the Bank’s terms and conditions (to learn more about these terms, please call us at 800 124 8000).
The minimum service period is as follows:
Government Sector: 1 month with current employer
Private Sector: 3 months with current employer
Timing of title deed transfer will depend on MOH.
- Once MOH is ready to transfer the Title Deed, mortgage to SAIB of Title Deed will take place.
- No down payment to be made by customer as the property is sold at concession, which serves as down payment amount.
Please click here or contact our Flexx Call contact center at 800 124 8000 .
Madoom and Moyassar home finance
Yes, salary transfer to SAIB is mandatory in order to obtain one of these products from SAIB.
No, these are for only the eligible Saudi nationals listed on the REDF’s and Ministry of Housing’s finance lists.
Yes, if all criteria are met.
No, only those who are listed in REDF’s and Ministry of Housing’s finance lists can get these products. You may request SAIB Murabaha Home Finance instead.
The maximum finance amount for subsidy is SAR 500,000.
Yes, there are specific conditions that must be met.
The maximum finance amount is SAR 5,000,000.
1% of the finance amount up to SAR 5,000 (whichever is lower).
Yes, you can, provided that you meet the Bank’s terms and conditions (To learn more about these terms, please call us at 800 124 8000).
The minimum service period:
Government Sector: 1 months with current employer
Private Sector: 3 months with current employer
Please click here or contact our Flexx Call contact center at 800 124 8000 .
Refinance
Yes, this is a Shariah compliant financing product approved by SAIB’s Shariah committee.
- For Saudis and Expatriates.
- Customer must have a salary account and outstanding finance.
- Customers are not allowed to refinance, unless the pay at least 20% of their existing finance amount
- Customer must be either a current employee or a retiree from private or government sector which is listed in the SAIB’s approved list of employers.
- The minimum applicant age must be 18 years old for employed customers, 23 years for expats and 38 years for retirees.
- Maximum age of 60 years for males and females, and 65 years old for retirees at the time of finance maturity.
- Debt Burden Ratio not to exceed 33% for employed customers & 25% for retirees
SAIB guarantees disbursement of the finance amount on the same day (subject to complete documentation).
Minimum amount is SAR 50,000.
Maximum financing amount is SAR 1,500,000.
Our profit rate is highly competitive and is fixed for the entire tenor of the Murabaha finance. For our current profit rates, or to enquire about special promotions, please call our Flexx Call contact center at 800 124 8000.
You automatically qualify for a host of free benefits:
- Sharia compliant Salary Account with no minimum balance requirement.
- mada Debit Card
- Debt relief case of death - God forbids - or permanent disability.
- WOOW reward points
You do not need any collateral or guarantor to avail to this finance.
- Introduction letter from employer, which would typically include salary, allowance details, and joining date.
- A commencement letter addressed to the bank including the account number, commencement and ending date for some sectors.
- Valid National Identity Card.
- Employer’s Staff identity card (showing the rank/grade of the employer for some sectors).
Please click here or contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.
Retirees Personal Finance
Yes, this is a Shariah compliant financing product approved by SAIB’s Shariah committee.
- Retired Saudi Nationals.
- Minimum age 38 years (according to Hijri Date).
- Maximum age at finance maturity is 65 years.
SAIB guarantees disbursement of the finance amount on the same day (subject to complete documentation).
Minimum finance amount is SAR 50,000.
Maximum financing amount is SAR 1,500,000.
Our profit rate is highly competitive and is fixed for the entire tenor of the Murabaha finance. For our current profit rates, or to enquire about special promotions, please call our Flexx Call contact center at 800 124 8000.
You automatically qualify for a host of free benefits:
- Sharia compliant Salary Account with no minimum balance requirement.
- mada Debit Card
- Debt relief case of death - God forbids - or permanent disability.
- WOOW reward points
You do not need any collateral or guarantor to avail to this finance.
Yes we can buy-out your existing debt.
- Completed application form.
- Introduction letter from Public.
- Pension Agency which would include pension income for customers who have retired from the public sector or an Introduction letter from General Organization for Social Insurance which would include pension income for customers who have retired from the private sector, (the letter must include PPA or GOSI’s logo, stamped and signed according to the original forms, indicating the names of the signatories).
- Pension assignment/transfer letter in favor of SAIB.
- Copy of Identity Card – this will be verified against the original by our staff.
Please click here or contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.
Car Murabaha Finance
This is an Islamic financing product approved by the Bank’s Shariah Board.
To apply for this finance you need to meet the following eligibility criteria:
- Be a Saudi Citizen.
- Work for an employer included in the Bank’s approved list.
- Transfer salary, supported by a salary assignment letter from your employer, to an account with SAIB.
- Be at least 18 years old.
- Maximum age at maturity of 60 for males and females.
SAIB guarantees disbursal on the same day (subject to complete documentation).
Minimum finance amount is SAR 50,000
The profit rate you pay is fixed for the entire tenor of the Murabaha Finance. For our current profit rate, or to enquire about special promotions, please contact our Flexx Call contact centre at 800 124 8000.
You automatically get a host of free benefits:
- Sharia compliant, Salary Account with no minimum balance requirement
- mada Debit Card from The Saudi Investment Bank with SPAN, GCC Net and Maestro capabilities for ATM withdrawals and retail transactions.
- Access to re-financing prodcuts.
- Debt relief in case of death or permanent disability (God forbids).
- You do not need any collateral or guarantors.
- You also own the vehicle.
- Complete SAIB application form.
- Quotation (3 copies), for car value, from approved dealers addressed to the Bank.
- Introduction letter from employer which would include salary and allowance details and the date of employment commencement.
- Salary assignment letter addressed to SAIB.
- Valid National ID Card / Iqama.
- Acknowledgment form signed upon receipt of the car.
Kindly note that Saudi Armed Forces personnel may need to provide additional documentation. Please contact us for more details.
Contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.
Maximum financing amount is SAR 1,500,000.
Murabaha Personal Finance
Yes, this is a shariah compliant financing product approved by SAIB’s Shariah Board.
- Saudi Citizens
- Work for an employer included in the Bank’s approved list.
- Be at least 18 years of age.
- Maximum age at maturity of 60 for males and females.
SAIB guarantees disbursal on the same day (subject to complete documentation).
Minimum financing amount is SAR 50,000.
Maximum financing amount is SAR 1,500,000.
Our profit rate is extremely appealing and is fixed for the entire tenor of the Murabaha finance.
For our current profit rate, or to enquire of special promotions, please call our Flexx Call contact center at
800 124 8000.
You automatically get a host of free benefits:
- Sharia compliant Salary Account with no minimum balance requirement.
- mada Debit Card from The Saudi Investment Bank with SPAN, GCC Net and Maestro capabilities for ATM withdrawals and retail transactions.
- Access to re-financing products.
- Debt relief in case of death or permanent disability (God forbids).
You do not need any collateral or guarantor to avail to this product.
Yes we can buy-out your existing debt.
- Complete the required application form.
- Introduction letter from your employer which would include basic salary, allowance details and the date of employment joining date.
- Salary assignment letter in favor of SAIB.
- Copy of National Identity Card / Iqama – this will be verified against the original by our staff.
- For loan buyouts: Debt letter from the Bank / Financial Institution with whom you currently have a loan.
Please click here or contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.
Flexx Safe
You can register in the Flexx Safe service by logging into Flexx Click or FLEXX TOUCH and going to the "e-banking" menu, then clicking on the "Flexx Safe Registration
- Login to your account using FLEXX TOUCH latest version
- Tap on activate Flexx Safe now
- Tap on proceed
- Specify a PIN and re-enter it
- Enter the OTP sent to your mobile number
Please ensure that you are using the latest version of the FLEXX TOUCH. If the issue persists, please uninstall the app and install it again from the related stores (App/play store).
The FLEXX SAFE PIN must consist of four digits and cannot be easily guessed (I.e. 1111, 1234, etc…). This PIN will be used to protect your FLEXX SAFE.
You will have to use it every time you want to generate an authentication code.
When you have completed your FLEXX SAFE activation process, you will be required to enter FLEXX SAFE authorization code as your second factor authentication. You should open The Saudi Investment Bank application on your device, and go to FLEXX SAFE then 'Generate Authorization Code'. Please enter your FLEXX SAFE PIN. This FLEXX SAFE PIN was created by you when you activated FLEXX SAFE on your device.
FLEXX SAFE increases the flexibility in accessing FLEXX SAFE services, giving you more convenience and improving your online experience. There are also no costs incurred while using FLEXX SAFE
In case you have lost your device or forgotten your FLEXX SAFE PIN on SAIB application and you were not able to used FLEXX SAFE, you will be able to re-activate it following these steps:
- On the login page, go to registration as if you would like to register to Flexx Click for the first time.
- After filling the required information and proceeding, click on 'In order to re-activate FLEXX SAFE click here'.
- You will then be prompt to activate FLEXX SAFE similar to how you have done it before.
Yes, you can navigate through Retail Internet Banking from your device and using FLEXX SAFE authentication. When a One Time Password will be required, the generation page will be automatically open, entering your FLEXX SAFE PIN, you will be able to generate it and continue with the operation.
Flexx Touch - Mobile App
Yes, if you have already registered to “Flexx Click”, you can use the same username and password you use to login in our website.
You can retrieve your forgotten user ID from here where you will be provided with your user ID.
You can generate a new password from here.
Alerts Service
You can subscribe through any of our ATMs or by visiting the nearest branch.
You can deactivate the service by visiting the nearest branch.
Flexx Transfer
You can register by logging in to FLEXX CLICK/TOUCH and click on International transfer. Then click on FLEXX TRANSFER in order to proceed with the registration.
Before confirming the transfer, the fee will appear on the confirmation page.
You must register to easypay online service by clicking here and then you can transfer once you login.
Phone Banking (Flexx Call)
You can simply register for this service by calling 800 124 8000 and selecting option 2 after the language option.
To reset your password, simply call 800 124 8000 and select option 2 after the language option followed by 2.
Your customer number is a part of your account number that appears on your statement of account.
For assistance, please contact 800 124 8000 and speak to one of our agents.
“EasyShopping” Card
The card is available for all SAIB account holders.
- Login to “Flexx Click” or “Flexx Touch”
- Go to cards section then click on EasyShopping Card
- Since it is a new card request, click on the “Card Request” option
- Once you approve the T&C, an issuance fee of SAR100 will be debited from your account. After that, your request will be processed immediately
- Once you receive your card, you should activate your card through “Flexx Click” or “Flexx Touch” or by calling “Flexx Call” on 8001248000 (if within the Kingdom of Saudi Arabia) or +96114183100 (if overseas)
The card is issued with a credit limit of SAR 25.
No, there are no fees
No fees when unloading your card.
Saudi Riyal.
No, the card issued with one currency only (SAR).
Yes, you can. The amount will be exchanged from country currency used to the SAR at competitive exchange rates.
Yes, you can unload money back into your SAIB account for free.
Yes, you by simply requesting an additional card.
Your request will be approved immediately as there is no need to check your credit history.
Both primary and supplementary cards can be requested through internet banking “Flexx Click” or “Flexx Touch” or through phone banking “Flexx Call” and the card will be delivered via courier with 5 business days. You may also request an instant issuance by visiting the nearest SAIB branch.
You can know more about the points earned by using WooW calculator by choosing the type of transaction and the number of points earned will appears, click here to use the calculator.
In case of loss or theft of your card, immediately call 8001248000 (if within the Kingdom of Saudi Arabia) or +96114183100 (if overseas) to block your card and request a replacement card to be sent to you within 5 business days. You can view your PIN number through “Flexx Click” or “Flexx Touch” and “Flexx Call”.
You can withdraw up to SAR 5,000.
There is no limit; you can use the all available amount in the card.
The limit is 90,000 SAR and you can load again anytime after using the amount.
Travel Card
The card is available for all SAIB account holders.
- Login to internet bankinnew-acc.jpegg “Flexx Click” or mobile application “Flexx Touch”
- Go to cards section then click on Travel Card
- Since it is a new card request, click on the “Card Request” option
- Once you approve the T&C, an issuance fee of SAR100 will be debited from your account. After that, your request will be processed immediately
- Once you receive your card, you should activate your card through internet banking “Flexx Click” or mobile application “Flexx Touch” or by calling phone banking “Flexx Call” on 8001248000 (if within the Kingdom of Saudi Arabia) or +96114183100 (if overseas)
Yes, it is the first low limit multi-currency credit card launched in the Kingdom of Saudi Arabia which can be loaded with 100 different currencies to avoid the exchange rate fees.
Both primary and supplementary cards can be requested through internet banking or Mobile Application and the card will be delivered via courier with 5 business days. You may also issue it instantly through the self-service machine in the nearest SAIB branch.
More than one Travel Card can be requested for your family members, which will be linked to your account and controlled by main account holder.
Whether I travel often or have a family member who travels often or lives abroad, the Travel Card will help me save significant amounts of money and avoid unnecessary exchange rate fees.
The card is issued with a credit limit of 1 USD.
No fees when loading your card.
No fees when unloading your card.
No need to visit currency exchange stores any more, Travel Card enables cardholders to load fund to their card through SAIB internet banking “Flexx Click” or mobile application “Flexx Touch” and phone banking “Flexx Call” service.
Yes, there is a fee of SAR 25 for each additional currency as a onetime fee only.
- Login to internet banking “Flexx Click” or mobile application “Flexx Touch”
- Go to cards section then click on Travel Card
- Select adding additional currencies and choose the desired currencies
- After confirming the currencies, a fee of SAR 25 will be charged for each currency added and your request will be immediately processed
Yes, you can use the card around the world and the amount will be exchanged from the original currency to USD.
Yes you can.
Yes, you can unload money back into your SAIB account for free.
Your request will be approved immediately as there is no need to check your credit history.
You can withdraw up to USD 2,500.
There is no limit; you can use the all available amount in the card.
The maximum load amount is USD 100,000 or it is equivalent in other currencies. This limit will be covering in all added currencies. You can load again at any time after using the amount.
You can view your PIN easily through the Travel Card page in the Internet Banking or Mobile Application.
All transactions done online using any SAIB card is supported by 3D secure (verified by visa) security feature.
- View card balances per wallet/currency
- View transactions history
- Load your card with various currencies from your SAIB account
- Unload funds from each wallet to your SAIB account
- Access 24/7 and emergency assistance for lost or stolen cards
In case of loss or theft of your card, immediately call 8001248000 (if within the Kingdom of Saudi Arabia) or +96114183100 (if overseas) to block your card and request a replacement card to be sent to you within 5 business days.
You can block the card temporarily or permanently through our mobile application, internet banking, or the phone banking service at: 8001248000
You can know more about the points earned by using WooW calculator by choosing the type of transaction and the number of points earned will appears, click here to use the calculator.
Internet Banking (Flexx Click)
You can register online
You can generate a new password from here.
You can retrieve your forgotten user ID from here where you will be provided with your user ID.
Your customer number is part of your account that appears on your statement of account. It is the 6-digit number that comes after the first 4 digits on your statement, the last 3 digits are not part of your customer number.
- No liability letter
- Certification of bank details with account number (IBAN) and balance
- Certification of bank details with account number (IBAN)
- Debt certificates
- Clearance Letter
Visa Signature Credit Card
Maximum of 7 business days from the approval date.
To check the status of your application, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).
For your security, you will first receive the card separately, and then you will receive the PIN after.
You can activate your card through our Internet Banking “Flexx Click”, the Mobile Application “Flexx Touch”, or by calling 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas)
With Global Concierge Service, you can rest assured you are in good hands. Developed exclusively for Visa Signature Credit Cardholders, this complimentary service provides everything you need for your personal and business life, and is available in several different languages.
The Global Concierge Service saves you precious time and is available 24 hours a day, 365 days a year, employing a network of world-class resources to offer solutions and recommendations tailored precisely to your requirements. The service also keeps track of your profile, ensuring that your individual expectations and preferences are fully understood. Concierge Service categories:
- Travel: information and reservation assistance for travel and hospitality
- Entertainment and Leisure: international dining and luxury leisure services
- Retail and Personal Services: domestic services, delivery services, life event management and emergency services
For more information, contact your Global Concierge Service on 800 844 3488 (if within the Kingdom), or +971 4 361 1234 (if overseas).
Alternatively, you can send an email to concierge@visasignature-mea.com
In case of loss or theft of your card, immediately call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days. You will also receive a new PIN for the new card. Your credit card will be inactive until you activate it again.
We will send you a renewed credit card at least 2-4 weeks before the expiry date. If you do not receive a new credit card during that period, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).
All transactions done online using any SAIB card are supported by 3D Secure (verified by visa) security feature.
Yes, you can set any limit you want (within the primary card limit) by calling 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) or visiting any of SAIB branches.
You can pay through the following convenient channels:
- SAIB Branches
- SAIB ATMs
- E-channels: Flexx Click or Flexx Touch
- Direct debit from your SAIB account
- Phone Banking Flexx Call
You can use WooW calculator to know more about the points earned by choosing the type of transaction, and the number of points earned will appears.click here to use the calculator.
You can fast track your clearance through customers and immigration at over 300 airports around the world. For more information, please visit: https://cemea.yqnowgroup.com
| An example of information that will be obtained when applying for a product | |
| Profit margin % | 2.49 |
| Minimum payment amount % | 5 |
| APR % | 39.70 |
| The period required to pay the full balance (Years) | 7 |
Visa Platinum Credit Card
Maximum of 7 business days from the approval date.
To check the status of your application, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).
For your security, you will first receive the card separately, and then you will receive the PIN after.
You can activate your card through our Internet Banking “Flexx Click”, the Mobile Application “Flexx Touch”, or by calling 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).
To know more about the airport lounges subscribed to the program, please visit: https://ksalounges.dragonpassuk.com
In case of loss or theft of your card, immediately call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days. You will also receive a new PIN for the new card. Your credit card will be inactive until you activate it again.
We will send you a renewed credit card at least 2-4 weeks before the expiry date. If you do not receive a new credit card during that period, please call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas).
All transactions done online using any SAIB card are supported by 3D Secure (verified by visa) security feature.
Yes, you can set any limit you want (within the primary card limit) by calling 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) or visiting any of SAIB branches.
You can pay through the following convenient channels:
- SAIB Branches
- SAIB ATMs
- E-channels: Flexx Click or Flexx Touch
- Direct debit from your SAIB account
- Phone Banking Flexx Call
You can use WooW calculator to know more about the points earned by choosing the type of transaction, and the number of points earned will appears.
You can fast track your clearance through customers and immigration at over 380 airports around the world. For more information, please visit: https://cemea.yqnowgroup.com
EDUPAY Student Card
EduPay Student Card Program is an automated system to pay allowances to students directly in their prepaid card account.
It takes 5-7 working days from the date on which SAIB receives the required data.
3 years from the date of issuance.
The cash withdrawal limit for easypay card is SAR 5,000 per day.
From the SAIB ATMs, withdrawal is free for all transactions. From other banks ATMs, a fee of SAR 2 will apply from the 5th transaction per month onwards.
From the SAIB ATMs, balance enquiry is free for all transactions. From other banks ATMs, a fee of SAR 0.8 will apply from the 5th transaction per month onwards.
Yes, the cardholder can use the card at any POS within the Kingdom of Saudi Arabia for free and without any limitation to the number of transactions.
No, easypay card is mada branded which can only be used within the Kingdom of Saudi Arabia.
The university may contact its relationship manager or easypay Call Center on 8001000101. Please note that the easypay Call Center will not process the salary transfer related issues or queries and will direct you to the easypay support team.
The funds will be credited to the student card account as soon as it is processed by the university in Corporate Internet Banking and payment is received by SAIB.
Yes, the card will be blocked if student ID is expired. Card will be reactivated when university provides SAIB with the new ID.
Please, contact SAIB easypay Call Center on 8001000101 or the easypay support team. You can also contact your relationship manager.
Services offered by easypay Call Center:
- Issue a replacement card
- Issue a replacement PIN
Directly call easypay Call Center on 8001000101 to stop the card and issue a new card.
Please, contact easypay Call Center on 8001000101 to issue a new PIN.
Through our SAIB ATMs.
"EasyPay" Household Card
It is a mada prepaid payroll card that allows the sponsor to process the payment of salaries and incentives to their household workers electronically with ease, safety, and comfort. The card is issued for household workers such as drivers, housemaids, etc.
The card is available to all SAIB customers and is approved after confirming that the sponsor is the correct sponsor of the household worker and after accepting the terms and conditions.
Yes, whether you have one or more workers, you may issue a card for each household worker you have under your sponsorship.
No, the card is acceptable within the Kingdom of Saudi Arabia only.
“easypay” Household Card accepts deposits only from the sponsor.
Free.
The cash withdrawal limit for easypay card is SAR 5,000 per day.
From the SAIB ATMs, withdrawal is free for all transactions. From other banks ATMs, a fee of SAR 2 will apply from the 5th transaction per month onwards.
From the SAIB ATMs, balance enquiry is free for all transactions. From other banks ATMs, a fee of SAR 0.8 will apply from the 5th transaction per month onwards.
Yes, the cardholder can use the card at any POS within the Kingdom of Saudi Arabia for free and without any limitation to the number of transactions.
Please, contact SAIB easypay Call Center on 8001000101 or the easypay support team. You can also contact your relationship manager.
Services offered by easypay Call Center:
- Issue a replacement card
- Issue a replacement PIN
Directly call easypay Call Center on 8001000101 to stop the card and issue a new card.
Please, contact easypay Call Center on 8001000101 to issue a new PIN.
Through our SAIB ATMs.
"EasyPay" Payroll Card
easypay is a payroll program compliant with the Wage Protection System (WPS) regulatory requirement that provides the service to employers to pay the salaries of their employees who do not hold a normal bank account.
It takes 5-7 business days from the date on which SAIB receives the required data.
3 years from the date of issuance.
The cash withdrawal limit for easypay card is SAR 5,000 per day.
From the SAIB ATMs, withdrawal is free for all transactions. From other banks ATMs, a fee of SAR 2 will apply from the 5th transaction per month onwards.
From the SAIB ATMs, balance enquiry is free for all transactions. From other banks ATMs, a fee of SAR 0.8 will apply from the 5th transaction per month onwards.
Yes, the cardholder can use the card at any POS within the Kingdom of Saudi Arabia for free and without any limitation to the number of transactions.
No, easypay card is mada branded which can only be used within the Kingdom of Saudi Arabia.
Employer will have to make the 100% salary credit for all the employees as per the WPS law.
No, employers can prepare a single file for both normal accountholders and easypay cardholders. SAIB will process them based on type of account automatically.
Employers may contact their relationship manager or easypay Call Center on 8001000101. Please note that the easypay Call Center will not process the salary transfer related issues or queries and will direct you to the easypay support team.
The turnaround time for payroll transfer will be as per the agreement. For example: if the funds made available at SAIB before 3:00 P.M, then the file will be processed on the same day.
Please, contact SAIB easypay Call Center on 8001000101 or the easypay support team. You can also contact your relationship manager.
Services offered by easypay Call Center:
- Issue a replacement card
- Issue a replacement PIN
Directly call easypay Call Center on 8001000101 to stop the card and issue a new card.
Please, contact easypay Call Center on 8001000101 to issue a new PIN.
Through our SAIB ATMs.
Online Payment Service with mada Debit Card from The Saudi Investment Bank
The service is active by default for mada Debit Cardholders. The customer may deactivate the service thru our e-banking channels “Flexx Click”, “Flexx Touch”, or “Flexx Call”.
Thru any of our e-banking channels “Flexx Click”, “Flexx Touch”, or “Flexx Call”.
You shall stop the card immediately through any of our e-banking channels, request a replacement card and then file a dispute form.
None. Only 2.75% will be charged on international payments, which is the same case and fees applied to international POS purchases.
SAIB mada Card with atheer Service
No additional charges for SAIB mada cardholders for using mada atheer service.
It is available at merchant location who accept the service (where the service sticker at cashier counters is displayed).
The terminal will only accept a payment once in this scenario.
Fast, safe, and convenient payment method for low value purchases.
mada
mada is the national payment scheme owned by the Saudi Central Bank (SAMA) and connects all automated teller machines (ATMs) and point-of-sale (POS) terminals, as well as eCommerce stores offered by local banks and licensed FinTechs throughout Saudi Arabia to a central payment switch. This central switch then re-routes the financial transactions between a merchant's bank or FinTech and the card issuer's bank or FinTech.
The system also permits regional and global acceptance to provide mada cardholders with wider acceptance both locally and overseas.
mada card is a mada Debit Card from The Saudi Investment Bank issued by local banks that allows a cardholder to access funds in their accounts. And it works in the same mechanism of regular ATMS cards with newer standards of security and added-value features.
mada can be used in all automated teller machines (ATMs) and point-of-sale (POS) terminals offered by local banks throughout the country. Additionally, it can also be used regionally and globally through connecting with other payment systems such as GCC Net, VISA, MasterCard, and American Express to provide mada cardholders with a wider acceptance locally and overseas.
- Increased daily transaction limit on POS terminals from SAR 20,000 to SAR 60,000.
- Convenience to benefit from Naqd service which allows to withdraw cash from merchants’ cash supply in outlets.
- A seven-fold enhanced capacity in comparison to the previous generation.
- An unprecedented standard of enhanced transactions speed and performance.
- A wider reach of usage.
- Instant SMS notifications to cardholders on any cash withdrawals or POS transactions.
The mada Debit Card from The Saudi Investment Bank is accepted at every terminal that displays the mada scheme mark whether it is an ATM or POS within Saudi Arabia. It is also accepted in the GCC thru GCC net.
This service allows customers to request a cash amount of up to SAR 400 right at point of-sale terminals compatible with mada standards. There is no need to visit the ATM, the cash amount will be deducted directly from your personal bank account along with your purchase amount.
Your bank will either replace your current SPAN card or will issue a new card ( if you currently do not have a SPAN card) upon your request.
No. The bank will issue mada card when opening a new account and renewing card free of charge in accordance to SAMA’s rules and regulations.
No. The service is completely free of charge for both merchants and cardholders.
In cases where mada card is lost or stolen, contact your bank directly to report the incident and to have a new mada card issued for you.
Yes. using of mada cards is permissible regionally within the Gulf Cooperation Council (GCC) through GCCnet, and globally when the card is co-branded with other global payment systems such as “Visa”, “MasterCard”, “Cirrus”, “Plus”, and “Maestro”.
No. making payments through POS terminals is completely free of charge on cardholders.
No. No limit is set on the frequency of using your bank card as long as the accumulated amount of purchases equal or below SAR 60,000.
The commercial sector is supervised by the Ministry of Commerce and Industry, and complaints can be filed through the ministry’s website.
https://mci.gov.sa/ServicesDirectory/Pages/CommercialCheatCase.aspx
If you already provide the POS service you may contact your bank directly to upgrade it with mada standards or to enquire on when the bank will approach you to do so. If you want to provide the service for the first time, you can choose to do so through any of the banks listed under the Merchants tab.
- Benefit from the increased daily purchase limit made by cards to SAR 60,000.
- Reduction of the costs associated with cash transactions in terms of time needed to count them, validate paper notes authenticity, and need to always have smaller bank notes available.
- Limit of risks and human errors related to processes of daily inventories and revenues, and accounting bookkeeping.
- Less burden on daily cash collections processes and the hazard to transit funds and deposit it with banks.
- A better position to monitor payment inflows coming into the business and the ability to track sales transactions through different kinds of statements provided by their bank.
- High tendency for sales volumes and values to increase with the growing number of mada Debit Cards from The Saudi Investment Bank in the community.
- Speed and convenience in completing purchase transactions in connection to around the clock help service to ensure quality of service.
- Benefit from banks exclusive offers and rewards programs.
Depending on your business sector, your bank will tailor your POS device to suit your business needs through different connectivity options (mobile (GPRS), dial-up, Internet Protocol (IP)) and a wide choice of POS models.
Yes, the terminal will accept whether SPAN or mada Debit Cards.
It is a mutually signed document that defines the responsibilities of merchants and the bank detailing all elements in relation to the POS service being offered.
Merchants perform the reconciliation activity to ultimately deposit the payments processed during the day into their bank accounts. This process is ideally performed daily when the sales cycle is done.
A merchant service provider (MSP) is a 3rd party agent assigned by the merchants’ banks in accordance to SAMA procedures to provide a full suite of merchant services and support within the context of POS installation and on-going maintenance.
POS service has been offered by banks with specific fees. After all, this fees is subject to the commercial contract signed by both sides. The fees interchange model was recalculated to be in line with global best practices. As a result, acquiring banks are permitted to levy a maximum of 0.80% of purchase value for each transaction up to an Merchant Service Charge (MSC) of SAR 40 (maximum) applies.
- Exemption from installation fees.
- Exemption from terminal fees.
- Exemption from monthly fees.
- Provision of maintenance and help desk around the clock.
MSC is calculated (if applicable) on the basis of the transaction value, For example:
- Example (1): if a customer (cardholder) used his mada Debit Card from The Saudi Investment Bank to pay for goods worth SR 35, then the merchant may be entitled to pay his bank an amount of SR 0.28 only for the service. Customer won’t pay any other fees for using his card to pay.
- Example (2): if a customer (cardholder) used his mada Debit Card from The Saudi Investment Bank to pay for goods worth SR 20,000, then the merchant may be entitled to pay his bank an amount of SR 40 only for the service. Customer won’t pay any other fees for using his card to pay.
No. It is illegal practice and in case occurred then it is a violation of the applicable rules and policies that entail the merchant to its consequences.
mada Pay Service
mada Pay is a mobile application that provides cardholders a convenient and new way to pay for purchases at stores through Android-based mobile devices by simply adding their cards into the application..
mada Pay is only available on Android devices and can be downloaded from the official Google Play store..
Your mada Pay app will not function unless your mobile is unlocked by one of the authentication methods you have selected in the mobile settings. Therefore, you need to immediately contact your card-issuing bank to suspend the cards and follow their procedure for these issues.
There is no limit on the number of cards that you can add to mada Pay. All your bank cards can be added in mada Pay.
No, you need to use one of the screen unlock methods to identify you as the authorized user to perform the transaction.
No need to be connected to the internet when making a transaction except while adding a card into mada Pay. However, from time to time the app will request you to be connected to the internet in order to sync your cards for continuous use.
Enjoy Using Your SAIB Cards with Apple Pay
It is a fast, easy and secured method to pay via Apple devices that are compatible with IOS.
There is no additional charges to use Apple Pay.
You can use Apple Pay through a pre-installed Wallet app on all Apple devices.
Most portals accept Apple Pay, but there are still some merchants that do not offer (mada atheer) service, which is a requirement for accepting payment for Apple Pay
| iPhone | Apple Watch | iPad | MacBook |
|---|---|---|---|
| iPhone X | Apple Watch Series 1 e | iPad Pro | MacBook Pro with Touch ID |
| iPhone 8 - 8 Plus | Apple Watch Series 2 | iPad (5th generation) | Any Mac model produced in 2012 or late |
| iPhone 7 - 7 Plus | Apple Watch Series 3 | iPad Air 2 | |
| iPhone 6s iPhone 6 Plus | Apple Watch First Generation | iPad mini 4 | |
| iPhone SE | iPad mini 3 |
Yes, it is a secure payment method that includes a number of security standards:
- Apple Pay is secured by biometric authentication method where each process must be authenticated by fingerprint (Touch ID) or face recognition (Face ID).
- You are required to set the screen lock of your device in order to use Apple Pay.
- Your phone will be with you during the whole process.
- Apple Pay is disabled if the screen lock fails to open with the password or when you exit iCloud.
If you lose your device at any time, you can directly access to your iCloud and delete all details of the lost device.
There is no maximum payment limit using Apple Pay.
When you activate your new card, it will be automatically updated in the app.
Simply delete your card from the app.
Select the card you want to delete from the application then click on “delete the card” option.
mada “Visa Infinite” Debit Card
mada “Visa Infinite” Debit Card from The Saudi Investment Bank is a card issued for Platinum segment accountholders which allows instant access to funds available in the account, saving you the need to withdraw cash. Your card will help you manage your finances and monitor your spending, as all transactions made with your card will appear on your bank account statement.
Visit the nearest SAIB branch if you meet the Platinum segment criteria.
With Global Concierge Service, you can rest assured you are in good hands. Developed exclusively for Visa Infinite cardholders, this complimentary service provides everything you need for your personal and business life, and is available in several different languages.
The Global Concierge Service saves you precious time and is available 24 hours a day, 365 days a year, employing a network of world-class resources to offer solutions and recommendations tailored precisely to your requirements. The service also keeps track of your profile, ensuring that your individual expectations and preferences are fully understood. Concierge Service categories:
- Travel: information and reservation assistance for travel and hospitality
- Entertainment and Leisure: international dining and luxury leisure services
- Retail and Personal Services: domestic services, delivery services, life event management and emergency services
For more information, or to contact your Global Concierge Service, visit: www.visainfinitecard.com or call 8008443488 (if within the Kingdom), or +966114183100 (if overseas).
Alternatively, you can send an email to concierge@visasignature-mea.com
A mada debit card is a "buy now, pay now" option, while a credit card is a "buy now, pay later” option. Therefore, when you use your mada “Visa Infinite” Debit Card from The Saudi Investment Bank, there will be no monthly repayments, and hence, no profit rate will be charged.
You should activate your mada “Visa Infinite” Debit Card and generate your card PIN before first use. After successful activation, you are ready to start using your card at supermarkets, restaurants and other establishments around the world.
- View account balances
- View transactions history/statements
- View your card accounts details and transaction history
- Transfers between your accounts and other SAIB accounts
- SARIE transfers within the Kingdom of Saudi Arabia
- Make transfers to your investment account with Alistithmar Capital
- Make international transfers
- SADAD utility payment
- MOI government payment
- View all payments history
- View WooW rewards and redemption
There are many more services provided. For more information, please click here.
You can view your PIN easily through Flexx Click, Flexx Touch or Flexx Call.
In case of loss or theft of your card, immediately call 8001248000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days, You may also request for an instant issuance by visiting the nearest SAIB branch and your card will be inactive until you activate it again. You can view your PIN from Flexx Click, Flexx Touch or through Flexx Call.
mada Gold Debit Card
mada Gold Debit Card from The Saudi Investment Bank is a card issued for the Gold segment accountholders which allows instant access to funds available in the account, saving you the need to withdraw cash. Your card will help you manage your finances and monitor your spending, as all transactions made with your card will appear on your bank account statement.
Visit the nearest SAIB branch if you meet the Gold segment criteria.
A mada debit card is a "buy now, pay now" option, while a credit card is a "buy now, pay later” option. Therefore, when you use your mada Gold Debit Card from The Saudi Investment Bank, there will be no monthly repayments, and hence, no profit rate will be charged.
You should activate your mada Gold Debit Card and generate your card PIN before first use. After successful activation, you are ready to start using your card at supermarkets, restaurants and other establishments around the world.
- View account balances
- View transactions history/statements
- View your card accounts details and transaction history
- Transfers between your accounts and other SAIB accounts
- SARIE transfers within the Kingdom of Saudi Arabia
- Make transfers to your investment account with Alistithmar Capital
- Make international transfers
- SADAD utility payment
- MOI government payment
- View all payments history
- View WooW rewards and redemption
There are many more services provided. For more information, please click here.
You can view your PIN easily through Flexx Click, Flexx Touch or Flexx Call.
In case of loss or theft of your card, immediately call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days, You may also request for an instant issuance by visiting the nearest SAIB branch and your card will be inactive until you activate it again.
You can view your PIN from Flexx Click, Flexx Touch or through Flexx Call.
mada Silver Debit Card
mada Silver Debit Card from The Saudi Investment Bank is a card issued for Silver segment accountholders which allows instant access to funds available in the account, saving you the need to withdraw cash. Your card will help you manage your finances and monitor your spending, as all transactions made with your card will appear on your bank account statement.
Visit the nearest SAIB branch if you meet the Silver segment criteria.
A mada debit card is a "buy now, pay now" option, while a credit card is a "buy now, pay later” option. Therefore, when you use your mada Silver Debit Card from The Saudi Investment Bank, there will be no monthly repayments, and hence, no profit rate will be charged.
- View account balances
- View transactions history/statements
- View your card accounts details and transaction history
- Transfers between your accounts and other SAIB accounts
- SARIE transfers within the Kingdom of Saudi Arabia
- Make transfers to your investment account with Alistithmar Capital
- Make international transfers
- SADAD utility payment
- MOI government payment
- View all payments history
- View WooW rewards and redemption
There are many more services provided. For more information, please click here.
You can view your PIN easily through Flexx Click, Flexx Touch or Flexx Call.
n case of loss or theft of your card, immediately call 800 124 8000 (if within the Kingdom), or +966 11 418 3100 (if overseas) to block your card and request a replacement card to be sent to you within 5-7 business days, You may also request for an instant issuance by visiting the nearest SAIB branch and your card will be inactive until you activate it again. You can view your PIN from Flexx Click, Flexx Touch or through Flexx Call.
Murabaha Deposit
This is an Islamic short-term investment product based on the concept of Murabaha and approved by the Bank’s Shariah Board.
The Murabaha Deposit allows you to make a healthy profit on your money.
You enter into a contract with SAIB to invest money in commodities. You then agree to sell these commodities at an agreed future date and profit.
To know more please contact our Flexx Call contact center at 800 124 8000.
- No administration fees.
- Flexibility in Investment period i.e. from 1 month to 12 months.
- Low Minimum Investment Amount – Start an investment with just SAR 50,000! However, for investment amounts between SR 50,000 and 100,000 the minimum period would be 3 months.
- Available in Saudi Riyals, US Dollars and Euro.
Any customer having an account with the Bank.
There is no maximum, you can invest as much as you want.
SAR 50,000 or equivalent in US Dollars or Euro.
The entire process will not take more than 25 minutes.
Please click here to submit your contact details. Our representative will call you to complete formalities within 2 business days.
You can also contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.
Salary Account
It is a Sharia compliant current account specially designed to meet the requirements of individual customers transferring salary to SAIB.
- Free Cheque Book.
- Free mada Debit Card for ATM cash withdrawals and Point of Sale (PoS) transactions.
- Free Supplementary mada Debit Card from The Saudi Investment Bank for a family member.
- Choice of account statement frequency - you can choose either a monthly, quarterly, or half-yearly frequency.
- No minimum balance requirement or fall below fee.
The account can be accessed via
- Saudi nationals who are at least 15 years old and hold a valid ID card.
- GCC citizens who are at least 18 years old, hold a valid passport, and provide a proof of address in the Kingdom.
- Non – Saudi nationals who are at least 18 years and hold a valid residency permit (Iqama).
No minimum deposit is required to open a Salary Account.
- A filled out account opening application booklet.
- Copy of a valid national ID document.
- Salary assignment letter from your employer.
- For expatriates, a letter of introduction from the sponsor is also required.
Please click here to submit your contact details. Our representative will call you shortly. You can also contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.
ALASALAH Current Account
It is an account opened in accordance with Islamic Sharia rules. This account allows you to issue cheques, deposit cash and fulfill all day-to-day transactions.
- Available in Saudi Riyals and other major currencies.
- Free Cheque Book.
- Free mada Debit Card for ATM Cash Withdrawals and Point of Sale (PoS) transactions.
- Free Supplementary mada Debit Card from The Saudi Investment Bank for a family member.
- Choice of account statement frequency. You can choose either a monthly, quarterly, half-yearly or yearly frequency.
The Account also facilitates:
- Settling bills and payments through SADAD.
- Transferring money within the Kingdom or abroad, through payment instructions or standing orders.
- Earn WooW points on the average balance in your account each month.
The account can be accessed via
- Saudi nationals who are at least 15 years old and hold a valid ID card.
- GCC citizens who are at least 18 years old, hold a valid passport.
- Non – Saudi nationals who are at least 18 years and hold a valid residency permit (Iqama).
- Copy of a valid national ID document.
- For expatriates, a letter of introduction from the sponsor is required.
Please click here to submit your contact details. Our representative will call you to complete formalities within 2 business days.
You can also contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.
