The Car Murabaha Finance is a scheme based on Islamic Murabaha principles, which allows you to own your dream car. You can repay the value of the car and the Bank's profit in convenient monthly installments.
SAIB has reliable car dealers* across the Kingdom, from whom you can obtain quotations for your desired car.
*Currently only available with specified car deals, please contact SAIB branch or call center for further information.
Compatible with the provisions of Islamic Shariah
Approved by the Bank's Shariah Committee.
Debt Relief
Debt relief in case of death or permanent disability (God forbids).
Sponsor/Guarantor
No Sponsor/ Guarantor required.
Financing Amount Disbursement
Get the finance on the same day*
*In case all applicant documents are complete
The Car Murabaha Finance is a scheme based on Islamic Murabaha principles, which allows you to own your dream car. You can repay the value of the car and the Bank's profit in convenient monthly installments.
SAIB has reliable car dealers* across the Kingdom, from whom you can obtain quotations for your desired car.
*Currently only available with specified car deals, please contact SAIB branch or call center for further information.
Payment period
Finance amount
ELIGIBILITY CRITERIA
To apply for SAIB Car Murabaha Finance you must meet the following eligibility criteria:
- Be a Saudi Citizen.
- Be at least 18 years of age.
- Maximum age at maturity of 60 for males and females..
- Work for an employer included in the Bank’s approved list.
- Transfer salary, supported by salary assignment letter from your employer, to your account with SAIB.
- Service period:
For Government Sector: 1 months with current employer
For Private Sector: 3 months with current employer
*Terms and conditions apply
Kindly note that all Car Murabaha Finance facilities are subject to SAIB credit approval and SIMAH (Saudi Credit Bureau) verification.
REQUIRED DOCUMENTS
- Complete SAIB application form
- Quotation (3 copies), for car value, from approved dealers addressed to the Bank.
- Introduction letter from your employer which includes your salary, allowance details, and the date of start of employment.
- Salary assignment letter in favor of SAIB.
- Acknowledgment form signed upon receipt of the car.
- Valid identity card.
CHARGES AND MINIMUM REQUIRED BALANCE
Administrative fee not exceeding 1% of the amount of funding or SAR 5,000, whichever is less.
The SAIB Car Murabaha Finance comes with a complementary salary account with no minimum balance requirements. The account also offers free cheque-book, mada Debit Card from The Saudi Investment Bank and access to SAIB Flexx Click Internet Banking, Flexx Touch Mobile Banking, Flexx Call contact center and SMS Banking facilities.
SERVICE STANDARDS
You may receive your finance amount on the same day (provided you submit all the required documents).
An example of information that will be obtained when applying for a product
| Finance amount (SAR) | 100,000 |
| Tenor (Years) | 5 |
| APR % | Starting from 4.71 |
| Installment amount (SAR) | 1,849.79 |
| Payment Type | Principal and Profit |
*The Annual Percentage Rate (APR) may differ based on the amount and maturity period.
The calculator provides estimates only and shall not be considered an approval for the financing application.
To view the Personal Finance product risks, click here
Is SAIB Car Murabaha Finance consistent with Shariah laws?
This is an Islamic financing product approved by the Bank’s Shariah Board.
Who is eligible for a Car Murabaha Finance?
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.
How long does it take to get the finance?
SAIB guarantees disbursal on the same day (subject to complete documentation).
What is the minimum financing amount?
Minimum finance amount is SAR 50,000
What profit rate do I pay?
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.
Would I get any special benefits?
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).
What kind of collaterals do I need?
- You do not need any collateral or guarantors.
- You also own the vehicle.
What are the documents required to apply for SAIB Car Murabaha Finance?
- 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.
How do I apply?
Contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.
What is the maximum financing amount?
Maximum financing amount is SAR 1,500,000.
