Islamic Mudarabah Savings Account

Islamic Mudarabah Saving Account is based on the Mudarabah concept which generates profit on customers average daily account balances. The most important difference between this account and conventional saving accounts is that the customers’ funds are invested in Shariah Compliant Islamic assets and customers benefit from the profit that these assets generate.

Features and Benefits of Islamic Mudarabah Saving Account include:

• Approved by SAB’s Shariah Committee
• A periodic statement is provided to record account transaction details
• Availability of debit card with unlimited transactions anywhere in the world, that supports Mada Pay and is available as a physical or virtual card
• Supports standing instructions being placed
• Account can be opened in all major currencies
• Profit is calculated based on daily average balances maintained during the month
• Free access to your account at any time via SAB Mobile, SAB Phone (telephone banking) and SAB Online (internet banking)

Islamic Mudarabah Account

Example: Expected monthly profits based on monthly average balance

Monthly Average Balance	AER	Period	Expected Profit Amount	Frequency of Profit payment
SAR 50,000	0.10	1M	SAR 4.16	Monthly

 

Monthly Average Balance	AER	Period	Expected Profit Amount	Frequency of Profit payment
SAR100,000	0.10	1M	SAR8.33	Monthly

 

Monthly Average Balance	AER	Period	Expected Profit Amount	Expected Maturity Amount
SAR 250,000	0.10	1M	SAR20.83	Monthly

*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.
Minimum average required is SAR 5,000 or its equivalent