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It is a medium-to-long-term Shari’a compliant investment savings program designed to help you for future financial needs and goals through committing to a savings plan.
Riyad Bank offers three suggested programs under Bena’a and each program serves a specific goal:
Note: It is not mandatory to choose one of these programs, however these have been as suggested plans to help you define and achieve your future goals.
Bena’a offers several features and variety of choices according to your needs:
Since the start of the "Bena'a" program Riyad Bank has lived up to its promise and paid numerous amount of "Bena'a" benefices, predominantly through "the family protection". The program does not only dispense you from paying the commissions in case of death - God forbid, but it also pays out to your family the value of the collective sums which you decided to pay for your subscription period. Riyad Bank has paid out 48 families (until July 2014) with “the family protection” sums benefited to them. The family protection value differs according to the program's length in years and the value of the commissions.
The first payment was made to the deceased’s (A.H) family, and they received a total of SAR 960, 000 in Family Protection. The client was a 50 year’s old married man, and a father to four sons. He had subscribed to 10 contracts, five of them with SAR 600 monthly commissions while the other five was with SR 1,000 monthly commissions for the 10 year period. Even though his subscription period was not over and he only paid SAR 200, 000, his family was given with the "family protection" benefit.
The second payment was to the deceased’s (A.A.D) family. The policy holder was a 45 years old man and a father of three children, who was an employee at the Agriculture Institution. His family received a sum of SAR 120, 000 which was due to his family protection total for his subscription (SAR 1,000 monthly commission for a 10 year period). The client only had paid SAR 36,000 before he passed away - may God bless his soul after 3 years after the beginning of his subscription plan.
The third payment was to deceased’s (A.A.Sh) family, where the client was a 37 years old, customer services officer at Riyad Bank. The client passed away - may God bless his soul, after paying only two commissions (SAR 1, 200), but his family received a total of SAR 72, 000 which was the family protection sum for his subscription at SAR 600 a month commissions for 10 a year period.
The fourth case was the (A.H) family. The deceased was a 30 years old soldier at the Royal Aviation Forces. His wife and family received SAR 72, 000 while he only paid one commission (SAR 600) before passing away - may God bless his soul.
Also the wife and family of the deceased client (T.M) who received SAR 280, 800, which was the "family protection" value of SAR 600 monthly commissions for 39 years. The client was a 31 year old private at the Aseer Police Office, and he only paid one commission (SAR 600) before passing away - may God bless his soul.
The deceased client (W.A) was a 22 years old, first class private at the National Guard, and he passed away - may God bless his soul, after paying SAR 2, 400, but his family received a total of SAR 72, 000 that was due because of the "family protection" value of SAR 600 a month commission for a 10 year period.
The deceased client (A.R) was a 62 years old . His family received SAR 600,000 which was the "family protection" value of five plans. He passed away - may God bless his soul, after paying SAR 260,000 as a total for all plans.
The deceased client (A.Q) who was a 56 years old employee at the Municipality of Al-Hotah, and was a father to six sons. His family received a sum of SAR 144,000 which was due to the "family protection" sum of two contracts, each one being SAR 600 monthly commissions for a 10 year period. The client passed away - may God bless his soul, after only paying SAR 4,800 for each policy.
Finally, the the deceased client (S.N) who was a 45 years old engineer at Bin Laden Est., and was a father to four sons. His family received a sum of SAR 972,000 which was due to the "family protection" sum of five contracts, each one being for SAR 600 monthly commissions for a 27 year period. The client passed away - may God bless his soul, after having paid SAR 24,000 for each contract.
Bena’a helps you commit yourself to a savings program where your monthly contribution will eventually help you achieve your financial goals.
While you might not be able to afford to subscribe to investment portfolios, Bena'a allows you to start investing with a small amount.
You have the option to withdraw funds within 30 days after your initial premium date. If you exceed this period, you can withdraw only after 6 months from the date of commencement.
No, the portfolios are diversified and are invested in local and global markets. The expected return depends on the portfolio selected. As with all long-term investments, returns are usually very rewarding. Also, the longer the period of your investment with Bena’a, the better results you will reap.
Visit the Riyad Capital to monitor the performance of your portfolios.
You can assign a subscription to each child only at the age of 18 years or above. If your child is not of this age yet, the subscription can be maintained in one of the parents' name and transferred when your child reaches 18 years of age. In addition to this, you can assign a subscription to your wife and pay the premiums yourself.
Based on the nature of investment, the capital cannot be guaranteed. If you wish to protect your capital from the uncertainty of stocks, you can subscribe to a low risk portfolio.
No, you don’t have to transfer your salary, but there should be enough funds in your account at the time of debit.
Don’t worry. Riyad Bank gives you a maximum of 2 months grace period to pay your contributions. If you fail to pay three consecutive premiums, your plan will be cancelled according to the terms and conditions. To notify you, an SMS will be sent to your mobile when you miss a premium.
Since the premium allocation in the first two years is low, your savings will be less than your payments during this period. Your savings will also be affected by the investment performance and some charges. However the performance should not be judged in the initial years. Since it is a long-term investment, it is ideal to give it more time.
On the maturity date, you can choose to claim your program amount according to its investment value, or extend your program for an extra period of time.