SABB
Basic Banking Solutions
MAL for GOSI retirees
MAL for GOSI retirees is an Islamic personal finance from SABB Amanah, designed to provide liquidity to retirees to meet and fulfill their needs.
It is based on Tawarruq concept of providing Islamic finance that is approved by our Shariah committee, therefore ensuring complete Shariah compliance.
This is how the concept of (Tawarruq) works. SABB owns commodities purchased from the market and sells it to you at a fixed profit rate you agree upon and repay over a maximum period of 5 years. As soon as you agree to buy the commodities from SABB, you also authorise SABB by issuing power of attorney to affect the spot sale at prevailing prices. This completes the transaction cycle instantly thereby allowing us to credit the sale amount to your account. The entire process is quick, easy and economical.
Key features and benefits:
-
Finance available from 10,000 SAR up to SAR 500,000
-
Repay in monthly installments ranging from 12 to 60 months
-
No guarantor required
-
Covers your outstanding financing amount, Allah forbid, in the event of death thereby protecting the family from such unforeseen debt contingency
Eligibility
To apply you must:
-
Be of age between 40 and 65 years
-
Earn a minimum monthly pension of SAR 3,000
Contact us
For further information, please visit one of our branches or contact SABB Direct Toll Free on: 800 124 5557
