Eligibility requirements for SAIB halal financing
☑️ Saudi nationality
☑️ Age between 21 and 60 years
☑️ Must work for an SAIB-approved employer
☑️ Salary account with SAIB required
☑️ Minimum work period: 1 month (public sector) or 3 months (private sector)
Documents required to apply for SAIB halal financing
📄 Completed SAIB application form
📄 Employer letter with salary details and start date
📄 Salary assignment letter to SAIB
📄 If transferring debt: official debt statement from your current institution
Approval is subject to eligibility and credit assessment by SAIB and SIMAH. Additional documents may be requested.
How to apply for SAIB halal financing
The application process for SAIB halal financing is simple and can be done at any SAIB branch or through their digital platforms, including Flexx Click and Flexx Touch. Start by filling out the official form and gathering the required employer documents.
Once submitted, the bank will review your profile. Upon approval, you can either take physical possession of the goods or sign a wakala agreement for resale and receive the cash value. If your application is not approved immediately, you may reapply later once your employment or salary conditions improve.
How to repay your SAIB halal financing
Monthly repayments are automatically debited from your SAIB salary account. Installments are fixed and based on the profit and principal agreement made at the time of approval.
Payment tracking is available through the bank’s mobile and online services. It’s recommended to schedule payments close to your salary date for better budgeting and to avoid penalties.
Fees and costs
SAIB halal financing includes an administration fee that is capped at 1% of the financed amount or SAR 5,000 — whichever is lower. The annual profit rate (APR) starts at 4.93% and may vary based on amount and tenure.
There’s no minimum balance requirement in the linked salary account, and it includes added features like a free mada debit card, cheque book, and access to SAIB’s digital banking tools. In case of late payments, penalties may apply according to SAIB’s policy, but these are clearly stated in your contract before signing.
A tip for your wallet
Want to stretch the value of your SAIB halal financing? Use the wakala option strategically by receiving the funds through resale and immediately applying them to high-impact priorities—like clearing informal debts or bulk purchases at a discount.
Also, track your repayment eligibility: a salary increase might unlock additional finance without starting from zero. Set reminders using Flexx Touch to avoid late fees and keep your credit history healthy for future applications.
Take the next step toward your financial goals
Click the button below to visit the official SAIB website and discover how to apply, review the rates, and submit your documents today.