Is a product that aims to meet the requirements of customers who own their own property (land / incomplete property) and want to build a house as desired. The finance covers the customer’s partial or complete needs for construction costs, and is obtained in the form of payments according to the annex of the schedule of completion stages agreed upon with the customer at the time of contracting, and the payment is in monthly installments until the finance is fully paid.
The product is based on the Islamic tawarruq form whereby SABB owns metal purchased from the global market and sells them to customers at an agreed upon fixed profit rate. After a short period of purchasing metal from SABB, the customer has the right to issue an official power of attorney for SABB to sell metal at the prevailing prices and then obtain the amount of finance. And the land is mortgaged as a security payment for the finance.
| Tawrruq |
|Early Payment 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.