The Saudi British Bank Personal Loan - Tawarruq Concept – MAL & Murabaha Concept – SAHM
|Minimum Salary needed||SAR 3,000 (Saudis) / SAR 4,000 (non-Saudis)|
|Maximum amount available||SAR 1,500,000|
|Length of Loan||5 years|
|Profit Rate||Not mentioned|
|Upfront Fees ( if any )||Administrative charges is 1% of the finance amount or SAR 5,000/- whichever is less|
|Eligibility||Minimum age: 21; Must have been employed for at least one month in his/her current job; you must transfer your salary to a SABB account; banks can provide finance of up to 33% of your monthly salary;|
|Main Features||The customer may top-up after paying six instalments; The customer may pay off existing debts with other banks (switch programme); Exemption from finance payments in the event of the death or permanent disability of the borrower (God forbid); Fully Shariah-compliant; Instant approval: the customer can receive the finance within 24 hours|
The Saudi Arabia British Bank-Riyadh
SABB is one of the indigenized banking giants in the Kingdom of Saudi Arabia. It is a Joint Stock Company with a strong legacy dating back to more than 36 years.
It was established on 12th January 1978, and it took over the operations of The British Bank of the Middle East Saudi Arabia.
The bank is an Associated Company of the HSBC Group, one of the world’s largest banking and financial services organizations with over 10,000 offices in 83 different countries.
SABB has a paid-up capital base of SAR 10,000 million, 60% of which is owned by Saudis while the remaining 40% is owned by an HSCB-owned company .SABB operates through a network of 80 branches, including 24 exclusive Ladies’ sections.
Riyadh, whose name means The Gardens, is the capital and largest city of Saudi Arabia. Just like other major and highly populated Arabian cities such as Jeddah and Dammam, Riyadh is home to 5.7 million people, and the urban centre of a region with a population of close to 7.3 million.
The city is divided into 15 municipal districts, managed by Riyadh Municipality headed by the mayor of Riyadh. The city has the largest female-only university in the world.
For many ages the city of Riyadh was a sleeping giant with no special national importance. It is after the 1940’s that it “awoke and mushroomed” into the modern cosmopolitan that it is today.
Personal Loan - Tawarruq Concept – MAL &Amp: Murabaha Concept – SAHM
This loan is a tailor-made solution that is Shariah-compliant and it is SABB’s golden key in your pocket to help you fulfill your financial dreams in a holistic manner.
Features and Benefits:
- Instant approval: within 24 hours;
- Financing amounts of up to SAR 1,500,000;
- Exemption from finance payments in the event of the death or permanent disability of the borrower;
- Repayment period of up to 5 years ;
- Competitive rates; and
- The customer may top-up after paying six installments.
Eligibility and requirements:
- Minimum age of 21 years;
- Minimum salary requirement of SAR 3,000 for Saudis and SAR 4,000 for aliens; and
- Must have been employed for at least one month in one’s current job.