Auto Financing Murabaha by Bank Albilad

Bank Albilad promises to fulfill our customers’ banking needs with the Auto Financing solution, while taking into consideration all Islamic Banking Laws. If you wish to buy a new car, we will aid you by buying the car and selling to you (keeping an agreed profit margin) with a convenient payment method and a financing plan of up to 5 years! Terms & conditions Customer must be 18 or older Current account must be opened with Bank Albilad. Customer's field of employment (in private/public) sector must be approved by Bank Albilad. Customer's salary must be SAR 3,000 or above for Saudi customers and SAR 3,500 or above for non-Saudi customers. Salary transfer required FAQ What is the required documents? Valid ID Copy of the ID for military employees. Completing and signing a "Auto financing" Form A letter from the customer's employer indicating: monthly salary (Basic and allowances), job title, date of employment A salary transfer letter from employer Car price quotation Is there any management fee? Management fees is 1% of the Financing Amount with Cap. of SAR 5,000 How the profit margin is calculated? Here is an example of how the profit margin is calculated: Auto Financing​ Finance amount SAR 100,000 Total profit margin SAR 10,000 APR* 5.63% Management fees Management fees is 1% of the Financing Amount with Cap. of SAR 5,000 Finance duration 60 months Total finance cost** SAR 110,000 Monthly installment SAR 1,833.33 *Annual Percentage Rate (APR) varies based on amount and maturity period, while it is also subject to the customer's credit history * *VAT included The above calculation method is considered an example, and that prices are subject to change due to other factors. TERMS AND CONDITIONS APPLY. How the financing works? The process is simple: we buy the car from desired dealers, sell it to you with an agreed profit margin, transfer ownership to you, and then you can start the car payments as per the agreed terms of the contract.