Waafer Account

SABB’s Waafer Account is an innovative Shariah compliant product to help start your savings plan and build new saving habits.

This account offer you the option to save on a monthly basis, for your own requirements and savings needs.

At the end of the agreed term, the amount payable will be the sum of your invested capital along with accumulated profit.


Features and benefits of SABB's Waafer Account include:

  • Shariah compliant Mudarabah product, approved by SABB’s Shariah Committee
  • Competitive returns for short to medium term savings plans
  • Minimum monthly saving amount of SAR100.
  • Saving is available in Saudi Riyal
  • Flexible saving periods of 12, 24 or 36 months..
  • Available for children and minors
  • Fully digital product, only available through SABBNet and SABBmobile.
  • Zero charge for opening a Waafer account
  • You can open multiple Waafer accounts
  • Early termination is possible, with a reduction of 50% of accumulated profit
  • Your selected deposit amount and the monthly profit each month are added to your balance, so that you earn profit both on your contribution and existing prior profits.

 

Example: of 12 Months subscription in (Waafer) Account:

Deposit Amount

AER

Period

Expected Profit Amount

Expected Maturity Amount

1500

2.67%

12M

SAR 267

SAR 18,267

 

Example: of 24 Months subscription in (Waafer) Account:

Deposit Amount

AER

Period

Expected Profit Amount

Expected Maturity Amount

12,000
(500 per month)

2.0%

24M

SAR 257

SAR 12,257

 

Example: of 36 Months subscription in (Waafer) Account:

Deposit Amount

AER

Period

Expected Profit Amount

Expected Maturity Amount

72,000
(2000 per month)

2.25%

36M

SAR 2,448

SAR 74,448

*AER : is an Annual Equivalent Rate, is a figure which shows what the profit rate on an account would be if profit was paid for a full year and compounded.

*AER may differ depending on the amount and the period different form the above example.

FAQs