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   50,000.

Maximum financing amount is   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.