Refinance is an Islamic product approved by SAIB’s Shariah Committee. It aims to give the chance to our customers with an existing personal finance at SAIB to repay their outstanding finance, wherein the bank sells to the customer a certain amount of goods that are owned by the bank at an agreed profit and repayment plan. The customer authorizes the merchant to sell the goods on his/her behalf and credit the proceeds into the customer’s account, and then uses a part of the proceeds to repay the current outstanding. The customer may have the rest of the proceeds to benefit and fulfill his/her needs.
Compatible with the provisions of Islamic Shariah
Approved by the Bank's Shariah Committee.
Additional Finance
Eligibility for an additional finance after having an increase in monthly salary.
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
Refinance is an Islamic product approved by SAIB’s Shariah Committee. It aims to give the chance to our customers with an existing Murabaha finance at SAIB to repay their outstanding finance, wherein the bank sells to the customer a certain amount of goods that are owned by the bank at an agreed profit and repayment plan. The customer authorizes the merchant to sell the goods on his/her behalf and credit the proceeds into the customer’s account, and then uses a part of the proceeds to repay the current outstanding. The customer may have the rest of the proceeds to benefit and fulfill his/her needs.
Finance amount
ELIGIBILITY CRITERIA
- For Saudis and Expatriates.
- Customer must have a salary account and outstanding finance.
- Customers are not allowed to refinance, unless they pay at least 20% of their current finance amount.
- Customer must be either a current employee or a retiree from private or government sector that is listed in the SAIB approved list.
- Service period:
For Government Sector: 1 months with current employer
For Private Sector: 3 months with current employer
and 1 year for expats. - The minimum applicant age must be 18 years old for employed customers, 23 years for expats and 38 years for retirees.
- Maximum age is 60 for male and females, and 65 for retirees at time of finance maturity.
- Debt Burden Ratio: Not to exceed 33% for employed customers & 25% for retirees.
REQUIRED DOCUMENTS
- Introduction letter from employer, which would typically include salary, allowance details, and joining date.
An example of information that will be obtained when applying for a product
| Finance amount (SAR) | 100,000 |
| Tenor (Years) | 5 |
| APR % | Starting from 4.93 |
| Installment amount (SAR) | 1,857.49 |
*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.
For exact figures, please contact Flexx Call Phone Banking at 800-124-8000
or visit the nearest SAIB Branch. SAIB Branch.
All personal financing are subject to credit approval.
To view the Personal Finance product risks, click here
Is SAIB’s Refinance Product consistent with Shariah law?
Yes, this is a Shariah compliant financing product approved by SAIB’s Shariah committee.
Who is eligible for Refinance?
- 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
How long does it take to get the finance?
SAIB guarantees disbursement of the finance amount on the same day (subject to complete documentation).
What is the minimum financing amount?
Minimum amount is SAR 50,000.
What is the maximum financing amount?
Maximum financing amount is SAR 1,500,000.
What profit rate do I pay?
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.
Would I get any special benefits?
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
Any collateral required?
You do not need any collateral or guarantor to avail to this finance.
What are the documents required to apply for SAIB Refinance?
- 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).
How do I apply?
Please click here or contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.
