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   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   1,500,000.