The Prices of Financing and Savings Products
The Prices of Financing and Savings Products
Last update 03 April 2024
The Prices of Financing and Savings Products for retail banking
Disclosure of Annual Percentage Rate for Credit Cards:
MasterCard World (Islamic) + MasterCard World Elite (Islamic):
You purchase an airline ticket valued SAR 7000 on 1 April. Your statement date is 28 April; with a due date of 20 May, you have settled SAR 350 in the due date, which will make you continue paying the minimum due (5%) for 20 months to settle the total amount. In this case, the FC would appear in your next statement as follow:
-
Assuming no outstanding balance is carried from previous month
-
Assuming no other transactions made between 28 April – 28 May
MasterCard Titanium (Islamic):
You purchase an airline ticket valued SAR 3000 on 1 April. Your statement date is 28 April; with a due date of 20 May, you have settled SAR 150 in the due date, which will make you continue paying the minimum due (5%) for 8 months to settle the total amount. In this case, the FC would appear in your next statement as follow:
-
Assuming no outstanding balance is carried from previous month
-
Assuming no other transactions made between 28 April – 28 May
Visa Platinum (Islamic) + Visa Signature (Islamic):
You purchase an airline ticket valued SAR 15000 on 1 April. Your statement date is 28 April; with a due date of 20 May, you have settled SAR 750 in the due date, which will make you continue paying the minimum due (5%) for 43 months to settle the total amount. In this case, the FC would appear in your next statement as follow:
- Assuming no outstanding balance is carried from previous month
- Assuming no other transactions made between 28 April – 28 May
Disclosure of Annual Percentage Rate for Personal Loan:
Annual Percentage Rate (APR):
The discount rate at which the present value of payments and installments that are due from the Borrower, representing the Total Amount Payable by the Borrower, equals the present value of all payments of the Amount of Financing available to the Borrower on the date on which the Financing amount or the first payment thereof is available to the Borrower.
Personal Loans Products:
Example of Tawaruq Personal loan for employed customer working in governmental sector as below:
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Example of Tawaruq Personal loan for employed customer working in Private sector as below:
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Example of Murabaha Personal loan for employed customer working in private sector as below:
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Example of Tawaruq Personal loan for retired customer as below:
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Disclosure of Annual Percentage Rate for Auto Leasing:
Annual Percentage Rate (APR):
The discount rate at which the present value of payments and installments that are due from the Borrower, representing the Total Amount Payable by the Borrower, equals the present value of all payments of the Amount of Financing available to the Borrower on the date on which the Financing amount or the first payment thereof is available to the Borrower.
Auto Leasing Products:
Example of Auto Leasing with structure lease to own for salary transferred as below:
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Example of Auto Leasing with structure lease to own for non- salary transferred as below:
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Disclosure of Annual Percentage Rate for Home Finance:
Annual Percentage Rate (APR):
The discount rate at which the present value of payments and installments that are due from the Borrower, representing the Total Amount Payable by the Borrower, equals the present value of all payments of the Amount of Financing available to the Borrower on the date on which the Financing amount or the first payment thereof is available to the Borrower.
Example of product price for fixed Ijarah finance – First home buy:
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Example of product price for variable Ijarah finance – First home buy:
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Monthly Ijarah variable installment calculated as below:
Monthly installment for the First rental term is 8,907.59 for 24 months with cost term 3.75%
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The minimum Monthly installment for future is 4,687.46 with fixed cost term 1.35%, variable cost term 2.4% in event of SIPOR decrease to the minimum cap
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The maximum Monthly installment for future is 11,924.71with fixed cost term 1.35%, variable cost term 2.4% in event of SIPOR increase to the maximum cap
Example of product price for Murabaha Finance – First home buy:
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Example of product price for self-construction:
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Example of product price for Tawaruq home equity Finance – First home buy:
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Disclosure of Annual Percentage Rate for Islamic Saving Accounts and Wazen Accounts:
Example 1: 1 Month profits:
Example 2: 12 Months:
Assuming no withdrawals take place during the month and profit is compounded monthly.
Example 3: If customer's Monthly average balance is below required balance:
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Disclosure of Annual Percentage Rate for Conventional Islamic Saving Accounts
Example 1: 1 Month profits:
Example 2: Profit for 12 months:
Assuming no withdrawals take place during the month and profit is compounded monthly.
Example 3: If customer's monthly average balance is below required balance:
*Assuming customer’s monthly average balance remains same throughout the period
Monthly average balance should not be less than 5,000 SAR to be eligible for profit distribution
AER (Annual Equivalent Rate): It is a figure, which shows what the profit rate would be on an account that has more than one compounding period. It is calculated based on the assumption that any profit paid is added to the principal balance and the next profit payment will be based on the higher account balance.
Disclosure of Annual Percentage Rate for Time Deposit Accounts:
Example 1: 1 Month:
Example 2: 6 Months:
Example 3: 12 Months:
The Rates of Financing and Savings Products for corporate banking
Working Capital Finance
Trade Finance:
* The above table is an example, and the annual percentage rate varies according to the amount and the credit evaluation of the activity in addition to the period and method of payment.
The method of calculating the finance cost:
Example (1):
Overdraft:
* Overdraft profit value is calculated on monthly bases, and there are no fixed installments.
Contract Financing:
* The above table is an example, and the annual percentage rate varies according to the amount and the credit evaluation of the activity in addition to the period and method of payment.
* The financing cost varies according to the nature and duration of the contract / funded project.
The method of calculating the finance cost:
Example (1):
Capital Expenditure Finance:
* The above table is an example, and the annual percentage rate varies according to the amount and the credit evaluation of the activity in addition to the period and method of payment.
The method of calculating the finance cost:
Example (1):
POS Financing Program:
* The above table is an example, and the annual percentage rate varies according to the amount and the credit evaluation of the activity in addition to the period and method of payment.
The method of calculating the finance cost:
Example (1):
Corporate Payroll Financing Program:
* The above table is an example, and the annual percentage rate varies according to the amount and the credit evaluation of the activity in addition to the period and method of payment.
The method of calculating the finance cost:
Example (1):
Monshaat:
Islamic credit facilities program - Short term:
* The above table is an example, and the annual percentage rate varies according to the amount and the credit evaluation of the activity in addition to the period and method of payment.
The method of calculating the finance cost:
Example (1):
Capital Expansion Financing Program- Medium-term:
* The above table is an example, and the annual percentage rate varies according to the amount and the credit evaluation of the activity in addition to the period and method of payment.
The method of calculating the finance cost:
Example (1):
POS Financing Program - Short-term:
* The above table is an example, and the annual percentage rate varies according to the amount and the credit evaluation of the activity in addition to the period and method of payment.
The method of calculating the finance cost:
Example (1):
Islamic credit facilities program for Start-Ups:
* The above table is an example, and the annual percentage rate varies according to the amount and the credit evaluation of the activity in addition to the period and method of payment.
The method of calculating the finance cost:
Example (1):
Supply Chain Finance:
* The above table is an example, and the annual percentage rate varies according to the amount and the credit evaluation of the activity in addition to the period and method of payment.
The method of calculating the finance cost:
Example (1):
Business Banking Credit Card (Nomwo):
** The transfer commission from US Dollar to Saudi Riyal is applied by the merchant (Visa / MasterCard)
Example (1):
Total purchases before issuing the account statement is 100,000 riyals, and the minimum payment (5% or 200 riyals, whichever is higher) was paid:
Example (2):
Total purchases before issuing the account statement is 100,000 riyals, and total amount was paid before issuing the account statement:
Example (3):
Total purchases before issuing the account statement is 100,000 riyals, and % 50 of the used balance before issuing the Statement was paid: