Is a product based on the concept of tawarruq, whereby the customer obtains the amount of mortgage of the property, and the land or property is mortgaged as a guarantee until the full amount is paid.
SABB owns metal purchased from the global market and sells them to customers at an agreed upon fixed profit rate. Shortly after purchasing metal from SABB, the customer can, by issuing a power of attorney to SABB, sell metal at the prevailing prices and then obtain the financing amount, and the land is mortgaged as a guarantee until the full amount is paid.
| Tawarruq |
|Early payments fees ||Monthly Installment* ||Payment Method ||Financing Period ||APR* ||Variable or fixed profit margin ||Max Financing Amount ||Property Value |
|Profits for the next three months || 3,030.00 ||Principal amount plus profit margin || 25 Years || 6.78% ||Fixed || 90% || 500,000 |
|*The annual percentage rate and the monthly installment may change based on the value of the financing, the financing period and the profit margin currently approved by the bank |
Rates/prices presented are examples and they may vary depending on different factors such as the customer’s credit history and worthiness.