Last update 25 April 2022
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.
Example of Auto Leasing with structure lease to own for business owners as below:
| Asset Type |
Finance amount |
Maturity in years |
Annual Percentage Rate (APR) |
Monthly repayment amount SAR |
Residual Value |
| Car |
115,000 |
5 |
18.83% |
2,306.35 |
11,500 |
*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 |
| 969,000 |
90% |
Fixed |
4.65% |
18 |
Principle and Interest / profit, insurance |
6,095.91 |
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 |
| 758,333 |
90% |
Fixed |
6.52% |
25 |
Principle and Interest / profit, insurance |
4,011.28 |
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 Saving Accounts and Wazen Accounts:
Example 1: 1 Month profits:
| MONTHLY AVG BALANCE* |
AER |
PROFIT CALCULATION |
PROFIT PAYMENT |
EXPECTED PROFIT |
| SAR 20,000 |
0.30% |
Monthly |
Monthly |
SAR 5.00 |
Example 2: Profit for 12 Months:
| MONTHLY AVG BALANCE* |
AER |
PROFIT CALCULATION |
PROFIT PAYMENT |
EXPECTED PROFIT |
| SAR 100,000 |
0.30% |
Monthly |
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 AVG BALANCE* | AER | PROFIT CALCULATION | PROFIT PAYMENT | EXPECTED PROFIT |
|---|
| SAR 10,000 | 0.00% | Monthly | Monthly | SAR 0.00 |
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 Saving Accounts
Example 1: 1 Month profits:
| MONTHLY AVG BALANCE* | AER | PROFIT CALCULATION | PROFIT PAYMENT | EXPECTED PROFIT |
|---|
| SAR 12,000 | 0.10% | Monthly | Monthly | SAR 1.00 |
Example 2: Profit for 12 months:
| MONTHLY AVG BALANCE* | AER | PROFIT CALCULATION | PROFIT PAYMENT | EXPECTED PROFIT |
|---|
| SAR 100,000 | 0.25% | Monthly | 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 AVG BALANCE* | AER | PROFIT CALCULATION | PROFIT PAYMENT | EXPECTED PROFIT |
|---|
| SAR 4,000 | 0.00% | Monthly | Monthly | SAR 0.00 |
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 |