Last update 8 March 2022
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:
| Total outstanding due in 28 April statement* |
7000 SAR |
| Amount paid on due date 20 May |
350 SAR |
| The carried over balance (revolved) (A) |
6650 SAR |
| FC calculation (2.80% per month 28.08% APR)** |
- |
| Total FC applicable on 28 April statement (B) |
159.06 SAR |
| Outstanding due in 28 May statement (A)+(B)*** |
6809.06 SAR |
| Number of months to settle the dues |
20 months |
| Type of payment |
5% |
-
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:
| Total outstanding due in 28 April statement* |
3000 SAR |
| Amount paid on due date 20 May |
150 SAR |
| The carried over balance (revolved) (A) |
2850 SAR |
| FC calculation (2.80% per month 28.08% APR)** |
- |
| Total FC applicable on 28 April statement (B) |
65.69 SAR |
| Outstanding due in 28 May statement (A)+(B)*** |
2915.69 SAR |
| Number of months to settle the dues |
8 months |
| Type of payment |
5% |
-
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:
| Total outstanding due in 28 April statement* |
15000 SAR |
| Amount paid on due date 20 May |
750 SAR |
| The carried over balance (revolved) (A) |
14250 SAR |
| FC calculation (2.80% per month 28.08% APR)** |
- |
| Total FC applicable on 28 April statement (B) |
313.84 SAR |
| Outstanding due in 28 May statement (A)+(B)*** |
14563.84 SAR |
| Number of months to settle the dues |
43 months |
| Type of payment |
5% |
-
Assuming no outstanding balance is carried from previous month
-
Assuming no other transactions made between 28 April – 28 May
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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:
| Finance Amount (SAR) |
*Annual Percentage Rate (APR) |
Maturity in years |
Monthly repayment amount (SAR) |
| 50,000 |
1.84% |
5 Years |
862.50 |
*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:
| Finance Amount (SAR) |
*Annual Percentage Rate (APR) |
Maturity in years |
Monthly repayment amount (SAR) |
| 50,000 |
1.84% |
5 Years |
862.50 |
*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:
| Finance Amount (SAR) |
*Annual Percentage Rate (APR) |
Maturity in years |
Monthly repayment amount (SAR) |
| 105,779.71 |
8.63% |
5 Years |
1,762.99 |
*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:
| Finance Amount (SAR) |
*Annual Percentage Rate (APR) |
Maturity in years |
Monthly repayment amount (SAR) |
| 50,000 |
2.23% |
5 Years |
870.83 |
*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:
| Asset Type |
Finance amount |
Maturity in years |
Annual Percentage Rate (APR) |
Monthly repayment amount SAR |
Residual Value |
| Car |
51,325 |
5 |
9.55% |
861,64 |
15,397.50 |
*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:
| Asset Type |
Finance amount |
Maturity in years |
Annual Percentage Rate (APR) |
Monthly repayment amount SAR |
Residual Value |
| Car |
62,975 |
5 |
15.61% |
1,229.83 |
15,000 |
*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:
| Property Value |
Loan to Value Ratio |
Fixed or Variable Rate ** |
APR* |
Maturity in Years |
Payment Type *** |
Monthly Repayment Amount |
Early Payment Charges |
| 605,910 |
90% |
Fixed |
8.45% |
11 |
Principle and Interest / profit, insurance |
6,212.27 |
Profit of future 3 installments |
*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:
| Property Value |
Loan to Value Ratio |
Fixed or Variable Rate ** |
APR* |
Maturity in Years |
Payment Type *** |
Monthly Repayment Amount |
Early Payment Charges |
| 1,100,000 |
70% |
Variable |
7.31% |
10 |
Principle and Interest / profit, insurance |
8,907.59 |
Profit of future 3 installments |
*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%
-
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
-
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:
| Property Value |
Loan to Value Ratio |
Fixed or Variable Rate ** |
APR* |
Maturity in Years |
Payment Type *** |
Monthly Repayment Amount |
Early Payment Charges |
| 1,200,000 |
90% |
Fixed |
6.53% |
25 |
Principle and Interest / profit, insurance |
9,273.26 |
Profit of future 3 installments |
*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:
| Property Value |
Loan to Value Ratio |
Fixed or Variable Rate ** |
APR* |
Maturity in Years |
Payment Type *** |
Monthly Repayment Amount |
Early Payment Charges |
| 1,000,000 |
90% |
Fixed |
5.23% |
23 |
Principle and Interest / profit, insurance |
4,153.82 |
Profit of future 3 installments |
*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:
| Property Value |
Loan to Value Ratio |
Fixed or Variable Rate ** |
APR* |
Maturity in Years |
Payment Type *** |
Monthly Repayment Amount |
Early Payment Charges |
| 500,000 |
46% |
Fixed |
5.49% |
16 |
Principle and Interest / profit, insurance |
1,980.90 |
Profit of future 3 installments |
*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:
| MONTHLY AVERAGE BALANCE* |
AER |
PROFIT CALCULATION |
PROFIT PAYMENT |
EXPECTED PROFIT |
| SAR 20,000 |
0.30% |
monthly average balance |
Monthly |
SAR 5.00 |
Example 2: 12 Months:
| MONTHLY AVERAGE BALANCE* |
AER |
PROFIT CALCULATION |
PROFIT PAYMENT |
EXPECTED PROFIT |
| SAR 100,000 |
0.30% |
monthly average balance |
Monthly |
SAR 300.41 |
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:
| MONTHLY AVERAGE BALANCE* | AER | PROFIT CALCULATION | PROFIT PAYMENT | EXPECTED PROFIT |
|---|
| SAR 10,000 | 0.00% | monthly average balance | Monthly | SAR 0.00 |
*Assuming customer’s monthly average balance remains same throughout the period
Monthly average balance should not be less than 20,000 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 Conventional Islamic Saving Accounts
Example 1: 1 Month Profit:
| MONTHLY AVERAGE BALANCE* | AER | PROFIT CALCULATION | PROFIT PAYMENT | EXPECTED PROFIT |
|---|
| SAR 12,000 | 0.10% | monthly average balance | Monthly | SAR 1.00 |
Example 2: Profit for 12 months:
| MONTHLY AVERAGE BALANCE* | AER | PROFIT CALCULATION | PROFIT PAYMENT | EXPECTED PROFIT |
|---|
| SAR 100,000 | 0.25% | monthly average balance | Monthly | SAR 250.29 |
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:
| MONTHLY AVERAGE BALANCE* | AER | PROFIT CALCULATION | PROFIT PAYMENT | EXPECTED PROFIT |
|---|
| SAR 4,000 | 0.00% | monthly average | Monthly | SAR 0.00 |
*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:
| DEPOSIT AMOUNT | AER | TENOR | NUMBER OF WITHDREW ALLOWED IN FIRST YEAR | NUMBER OF WITHDREW ALLOWED IN SECOND YEAR |
|---|
| SAR 100,000 | 0.74% | 1 month | 0 | 0 |
Example 2: 6 Months:
| DEPOSIT AMOUNT | AER | TENOR | NUMBER OF WITHDREW ALLOWED IN FIRST YEAR | NUMBER OF WITHDREW ALLOWED IN SECOND YEAR |
|---|
| SAR 500,000 | 0.97% | 6 months | 0 | 0 |
Example 3: 12 Months:
| DEPOSIT AMOUNT | AER | TENOR | NUMBER OF WITHDREW ALLOWED IN FIRST YEAR | NUMBER OF WITHDREW ALLOWED IN SECOND YEAR |
|---|
| SAR 1,000,000 | 1.02% | 12 months | 0 | 0 |
The Rates of Financing and Savings Products for corporate banking
Working Capital Finance
Trade Finance:
| Product | Annual Percentage Rate (APR) | Administrative fees | Administrative fees Min or Max Limit |
|---|
| Working Capital Finance | 2% to 15% | 0% to 5% | - |
* 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):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 12 Months |
| Annual Profit Rate | 2% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 8,500 | SAR 2,000 | SAR 102,000 |
Example (2):
| Finance Amount | SAR 100,000 |
| Payment Method | Quarterly Installments |
| Payment Period | 12 Months |
| Annual Profit Rate | 6% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 8,609 | SAR 3,311 | SAR 103,311 |
Example (3):
| Finance Amount | SAR 100,000 |
| Payment Method | One Payment |
| Payment Period | 12 Months |
| Annual Profit Rate | 15% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 115,000 | SAR 15,000 | SAR 115,000 |
Overdraft:
| Product | Annual Percentage Rate (APR) | Administrative fees | Administrative fees Min or Max Limit |
|---|
| Working Capital Finance | 2% to 15% | 0% to 5% | - |
* 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.
* Overdraft profit value is calculated on monthly bases, and there are no fixed installments.
Contract Financing:
| Product | Annual Percentage Rate (APR) | Administrative fees | Administrative fees Min or Max Limit |
|---|
| Contract Financing | 2% to 15% | 0% to 5% | - |
* 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):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period/td> | 12 Months |
| Annual Profit Rate | 2% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 8,500 | SAR 2,000 | SAR 102,000 |
Example (2):
| Finance Amount | SAR 100,000 |
| Payment Method | One Payment |
| Payment Period | 3 Months |
| Annual Profit Rate | 15% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 103,750 | SAR 3,750 | SAR 103,750 |
Example (3):
| Finance Amount | SAR 100,000 |
| Payment Method | Quarterly Payment |
| Payment Period | 36 Months |
| Annual Profit Rate | 8.5% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 10,458 | SAR 25,500 | SAR 125,500 |
Capital Expenditure Finance:
| Product | Annual Percentage Rate (APR) | Administrative fees | Administrative fees Min or Max Limit |
|---|
| Capital Expenditure Finance | 2% to 15% | 0% to 5% | - |
* 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):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 12 Months |
| Annual Profit Rate | 2% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 8,500 | SAR 2,000 | SAR 102,000 |
Example (2):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 60 Months |
| Annual Profit Rate | 8% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 2,337 | SAR 40,235 | SAR 140,235 |
Example (3):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly installments |
| Payment Period | 36 Months |
| Annual Profit Rate | 7% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 3,369 | SAR 21,292 | SAR 1121,292 |
POS Financing Program:
| Product | Annual Percentage Rate (APR) | Administrative fees | Administrative fees Min or Max Limit |
|---|
| POS Financing Program | 2% to 15% | 0% to 5% | - |
* 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):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 6 Months |
| Annual Profit Rate | 2% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 16,765 | SAR 588 | SAR 100,588 |
Example (2):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 6 Months |
| Annual Profit Rate | 13% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 17,318 | SAR 3,905 | SAR 103,905 |
Example (3):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly installments |
| Payment Period | 6 Months |
| Annual Profit Rate | 15% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 17,419 | SAR 4,512 | SAR 104,512 |
Corporate Payroll Financing Program:
| Product | Annual Percentage Rate (APR) | Administrative fees | Administrative fees Min or Max Limit |
|---|
| Corporate Payroll Financing Program | 2% to 15% | 0% to 5% | - |
* 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):
| Finance Amount | SAR 100,000 |
| Payment Method | One Payment |
| Payment Period | 3 Months |
| Annual Profit Rate | 2% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 100,480 | SAR 480 | SAR 100,480 |
Example (2):
| Finance Amount | SAR 100,000 |
| Payment Method | One Payment |
| Payment Period | 3 Months |
| Annual Profit Rate | 6% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 101,480 | SAR 1,480 | SAR 101,480/td> |
Example (3):
| Finance Amount | SAR 100,000 |
| Payment Method | One Payment |
| Payment Period | 3 Months |
| Annual Profit Rate | 15% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 103,750 | SAR 3,750 | SAR 103,750 |
Monshaat:
Islamic credit facilities program - Short term:
| Product | Annual Percentage Rate (APR) | Administrative fees | Administrative fees Min or Max Limit |
|---|
| Islamic credit facilities program - Short term | 2% to 15% | 0% to 5% | - |
* 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):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 12 Months |
| Annual Profit Rate | 2% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 8,500 | SAR 2,000 | SAR 102,000 |
Example (2):
| Finance Amount | SAR 100,000 |
| Payment Method | Quarterly Installments |
| Payment Period | 12 Months |
| Annual Profit Rate | 6% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 8,609 | SAR 3,311 | SAR 103,311 |
Example (3):
| Finance Amount | SAR 100,000 |
| Payment Method | One Payment |
| Payment Period | 12 Months |
| Annual Profit Rate | 15% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 115,000 | SAR 15,000 | SAR 115,000 |
Capital Expansion Financing Program- Medium-term:
| Product | Annual Percentage Rate (APR) | Administrative fees | Administrative fees Min or Max Limit |
|---|
| Capital Expansion Financing Program- Medium-term | 2% to 15% | 0% to 5% | - |
* 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):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 12 Months |
| Annual Profit Rate | 2% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 8,500 | SAR 2,000 | SAR 102,000 |
Example (2):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 60 Months |
| Annual Profit Rate | 8% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 2,337 | SAR 40,235 | SAR 140,235 |
Example (3):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 36 Months |
| Annual Profit Rate | 7% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 3,369 | SAR 21,292 | SAR 121,292 |
POS Financing Program - Short-term:
| Product | Annual Percentage Rate (APR) | Administrative fees | Administrative fees Min or Max Limit |
|---|
| POS Financing Program - Short-term | 2% to 15% | 0% to 5% | - |
* 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):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 6 Months |
| Annual Profit Rate | 2% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 16,765 | SAR 588 | SAR 100,588 |
Example (2):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 6 Months |
| Annual Profit Rate | 13% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 17,318 | SAR 3,905 | SAR 103,905 |
Example (3):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 6 Months |
| Annual Profit Rate | 15% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 17,419 | SAR 4,512 | SAR 104,512 |
Islamic credit facilities program for Start-Ups:
| Product | Annual Percentage Rate (APR) | Administrative fees | Administrative fees Min or Max Limit |
|---|
| Islamic credit facilities program for Start-Ups | 2% to 15% | 0% to 5% | - |
* 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):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 12 Months |
| Annual Profit Rate | 2% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 8,500 | SAR 2,000 | SAR 102,000 |
Example (2):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 60 Months |
| Annual Profit Rate | 8% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 2,337 | SAR 40,235 | SAR 140,235 |
Example (3):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 36 Months |
| Annual Profit Rate | 7% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 3,369 | SAR 21,292 | SAR 121,292 |
Supply Chain Finance:
| Product | Annual Percentage Rate (APR) | Administrative fees | Administrative fees Min or Max Limit |
|---|
| Supply Chain Finance | 2% to 15% | 0% to 5% | - |
* 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):
| Finance Amount | SAR 100,000 |
| Payment Method | Monthly Installments |
| Payment Period | 12 Months |
| Annual Profit Rate | 2% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 8,500 | SAR 2,000 | SAR 102,000 |
Example (2):
| Finance Amount | SAR 100,000 |
| Payment Method | Quarterly Installments |
| Payment Period | 12 Months |
| Annual Profit Rate | 6% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 8,609 | SAR 3,311 | SAR 103,311 |
Example (3):
| Finance Amount | SAR 100,000 |
| Payment Method | One payment |
| Payment Period | 12 Months |
| Annual Profit Rate | 15% |
| Finance Amount | Installment Amount | Total Bank Profit | Finance Amount including Profits |
|---|
| SAR 100,000 | SAR 115,000 | SAR 15,000 | SAR 115,000 |
Business Banking Credit Card (Nomwo):
| Primary Card Annual Fees | SAR 200 |
|---|
| Monthly-term Cost | 1.75% |
|---|
| Annual percentage rate | 21% |
|---|
| Primary/ Additional Card Annual Fees | Free |
|---|
| Statement Date | Monthly |
|---|
| Minimum limit required to be paid monthly for the Primary Card | 200 or 5%, whichever is higher |
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| Cash Withdrawal fees | SAR 75 for each withdrawal less than SAR 5000 , and SAR 300 or 3%, whichever is less, for every withdrawal exceeding SAR 5,000 |
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| Late Payment Fees | SAR 100 |
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| Additional fees for non-Riyal Saudi transactions | 2.75% |
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| Dynamic Commission Fees | 1.5% |
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| Additional Card Annual Fees | Free |
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| Card Reactivating Fees | No Fees- Traditional Card |
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| Replacement Card Fees | 50 ريال |
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| Credit Shield (optional) | 0.49% |
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| Dispute Process | SAR 50 |
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| Administrative Fees | - |
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| Settlement Date | Due Date the 20th of each month |
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* Dynamic Transfer Commission (1.5%) only applies if the customer has chosen to pay in Saudi Riyals outside the Kingdom of Saudi Arabia. Example:
| International Purchase Amount | Transaction Currency | SAR exchange rate | Amount in SAR | Merchant Transfer Commission | Dynamic Transfer Commission | Transaction Total Amount |
|---|
| 100 US Dollars | SAR | 3.77 | 377 SAR | 3% | 1.5% | 394.13 SAR |
** 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:
| Total outstanding due in the statement* | SAR 100,000 |
| Amount paid on due date | SAR 5,000 |
| The carried over balance (A) | SAR 95,000 |
| FC calculation (% 1.75 from the carried over amount) | SAR 1,662.5 |
| Total outstanding due in the next month’s statement (A)+(B) | SAR 96,662.5 |
Example (2):
Total purchases before issuing the account statement is 100,000 riyals, and total amount was paid before issuing the account statement:
| Total outstanding due in the statement | SAR 0,00 |
| Amount paid on due date | SAR 0,00 |
| The carried over balance (A) | SAR 0,00 |
| FC calculation (%1.75 from the carried over amount) | SAR 0,00 |
| Total outstanding due in the next month’s statement (A)+(B) | SAR 0,00 |
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:
| Total outstanding due in the statement | SAR 50,000 |
| Amount paid on due date | SAR 2,500 |
| The carried over balance (A) | SAR 47,500 |
| FC calculation (% 1.75 from the carried over amount) | SAR 831.25 |
| Total outstanding due in the next month’s statement (A)+(B) | SAR 48,331.25 |