Advantages of an Islamic savings account from Saudi Riyad Bank

yousef3 May 2022Last Update : 2 years ago
Advantages of an Islamic savings account from Saudi Riyad Bank

The Economy website presents the advantages of the Islamic savings account from Saudi Riyad Bank.

Riyad Bank offers you the best financial solutions that comply with Islamic Sharia regulations to plan a secure future!

Transfer speed to savings account
Easy access to the account through free online banking
A competitive return that is compatible with Islamic Sharia regulations, calculated on the monthly average if you choose a savings account with a return
Possibility to set a savings goal
Without salary transfer
Calculating profits for a savings account starts with a return if the average account for the month is equal to or greater than 20,000 riyals

The bank said on its website: Start now with financial planning to achieve your goals! Set your goal and start saving.
With a savings account with an interest, you can simply get competitive returns from your savings and use your money whenever you want and easily through Riyad Online or Riyad Mobile.

Sharia compliant
Easy steps to open an account
No minimum balance required
Ease of transfer and deposit

How to submit your application؟

Through Riyad Online or Riyad Mobile, by choosing Apply, then the Additional Account option, and specifying a savings account with or without interest

Opening a current account with Riyad Bank
Valid ID
Agree to savings account agreement
You can also visit any of the Riyad Bank branches and request to open a savings account

The amounts deposited in the Mudaraba pool are invested within the Bank’s various investment activities approved by the Shariah Board of Riyad Bank
Deposited amounts (new only) can not be withdrawn from the savings account until 24 hours have passed since it was deposited
The client’s money for speculation is mixed with the money of the bank and the money of others, and each of them becomes a partner to the extent of his share in the speculation.
If the average monthly account is less than (20,000) Saudi riyals, the deposited amounts are considered current account balances and the customer is not entitled to any profits on them.
The bank does not guarantee the speculative capital.
The net profit of mudaraba is divided between the bank and the customer according to the ratios agreed upon within the provisions of the savings account agreement
The applicant must be at least 18 years old

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