Riyad Bank is one of the biggest money related foundations in Saudi Arabia, positioned fourth in assets it was built up in 195. The Saudi government claims 51% of the portions of the firm. As other Saudi business banks, Riyad Bank is directed by the Saudi Arabian Monetary Authority.
In March 2018, Riyad Bank propelled contactless installment wristbands, utilizing the Gem alto computerized security solution. In December 2018, Riyad bank went into starter exchanges with National Commercial Bank (NCB), the nation’s greatest loan specialist by resources, to ponder a merger plan. Following three weeks, Riyad Bank contracted Goldman Sachs to prompt on the merger that would make the biggest Bank in the realm with $182 billion in consolidated resources.
Riyad Bank, like any other bank, offers a variety of products and services, among which there are credit cards, personal loans, and many other services.
To get a credit card from Riyad Bank offers you a distinct set of credit cards with innovative banking solutions that are designed to meet your unique needs and lifestyle. Your credit card from Riyad Bank is the perfect companion for managing your daily transactions when traveling and shopping for work or leisure. Riyad Bank also provides a wide range of credit cards that are also available as a Sharia-compliant card.
- Islamic Credit Cards Terms & Conditions
- Conventional Credit Cards Terms & Conditions
How to apply for a credit card:
Now one can easily apply for credit at Riyad Bank through “Riyad Online” without the need to visit the branch and get Hassad points up to 10,000.
Submit your request through “Riyad Online” by going to ‘Apply Online’, then choose a Credit card and complete the process.
- Waived fees for the first year
- Hassad points up to 10,000; below are the cards on which you get the Hassad Points
- MasterCard World Elite Credit Card: 10,000 Hassad Points
- MasterCard World Credit Card: 10,000 Hassad Point
- Visa Signature Credit Card: 5000 Hassad Points
- Visa Platinum/MasterCard Platinum Credit Card: 5,000 Hassad points
- Titanium Credit Card: 2,000 Hassad Points
Conditions for applying;
- Register in Riyad Online
- 18 years and above
- The customer must be an employee or an employer
- Payroll for more than three months
- Customers are subjected to SIMAH conditions and Credit card requirements.
Riyad Bank offers personal loans and auto loans. The personal loan is classified into subcategories Murabaha, Tawarruq, education finance, personal finance without salary transfer.
Murabaha
Riyad Bank purchases the desired shares on your behalf. You then have the option to sell the shares and transfer the liquidity to your current account, or you can transfer the shares to your investment portfolio.
- Sharia-compliant
- Possibility of financing pensioners up to the age of 70
- With salary transfer, the outstanding balance will be waived in case of death
Murabaha Finance Example:
A person with a monthly salary of SAR 10,000, working at a governmental organization would receive a Murabaha finance as follows, provided he has no other obligations:
- Finance amount of SAR 100,000
- Monthly installment of SAR 1,833
- Admin fees of SAR 1,000
- Shares transfer fee SAR 70
- Purchase shares fee SAR 150
- Sell shares fee SAR 150
- Finance duration of 60 months
- Total finance cost of SAR 110,000
- APR is 4.23%
Personal Finance Without Salary Transfer
Enjoy the benefits of Tawarruq or Murabaha finance with Riyad Bank’s “Finance without Salary Transfer” solution.
- Approved by Riyad Bank’s sharia Committee
- Repayment periods of up to 4 years
- Available to both Saudis and expatriates (bank employees only)
- Competitive profit margin
- Flexible payment options
Example: Tawarruq Personal Finance without salary transfer:
A person with a monthly salary of SAR 10,000, working at a governmental organization would receive Tawarruq finance as follows, provided he has no other obligations:
- Finance amount of SAR 100,000
- Monthly installment of SAR 2,583
- Admin fees of SAR 1,000
- Tawarruq fees of SAR 30
- Total finance cost of SAR 124,000
- APR is 6%
- Finance duration of 48 months
Tawarruq
Tawarruq’s financing is a tailored program that gives you easy access to cash in a Shari’a compliant manner.
Tawarruq is a sharia-compliant finance method, with which you can raise loan finance through buying installments in a local commodity, owned by the Bank. The applicant then authorizes whom he sees to sell his shares in the commodity according to the form approved by the shari’a committee. Then the agent deposits the proceeds into his account.
- It is approved by Riyad Bank’s sharia Committee.
- Pensioners can benefit from a special package that allows repayment until the age of 70
- For salary transfer financing, all outstanding balance will be waived in case of customer’s death (may God forbid)
Tawarruq Finance Example:
A person with a monthly salary of SAR 10,000, working at a governmental organization would receive Tawarruq finance as follows, provided he has no other obligations:
- Finance amount of SAR 100,000
- Monthly installment of SAR 1,833
- Admin fees of SAR 1,000
- Tawarruq fees of SAR 30
- Finance duration of 60 months
- Total finance cost of SAR 110,000
- APR is 4.23%
Education Finance
The Education Finance program is considered to be a form of personal finance. Therefore you must take into consideration that the maximum DTI should not exceed 33.33% of the client’s net monthly income.
- Sharia-compliant finance
- Flexible payments options starting from 6 to 12 months
- Finance amount from SAR 10,000 up to SAR 150,000
- No administrative fees and without a profit margin
- Ability to pay tuitions for anyone as requested by the customer
Apart from these, Riyad Bank has a personal loan program which is for foreigners, pensioners, and Saudi Nationals as well. The overview and criteria for these loans can be checked on the Riyad Bank Official website.