Albilad Account with Monthly Returns

 Albilad Account - A Profitable Bank Account

02-01-2023


How Joyous Would Life Be If by Just Saving Your Funds in An Account, You Could Get Returns on Them in A Sharia Compliant Manner?


 All customers of Bank Albilad can open this account to save money (either in SAR or USD), manage their funds in a more convenient manner, and earn monthly profits based on a account balance you maintain with Bank Albilad. It’s a first of its kind in the kingdom, with the ability to manage the account through our electronic channels.


What Are the Features of Albilad Account?


Here’s an overview of what you can expect from the Albilad sub account: 

  • A flexible bank account which offers regular returns. 
  • Sharia compliant investment account.
  • Customers can withdraw cash at any time through their mada debit card.
  • Periodic account statement facility.
  • Track and manage accounts through Albilad electronic channels. 
  • Cash and cheque deposits from all branches of the bank. 
  • Transfer cash internally, locally, and internationally.
  • Buying and selling of currencies.


What are the Requisites for Albilad Account?


You only need to have a current account with Bank Albilad.


Terms and Conditions 

 
  • Customers cannot warrant profits if the average balance in their Albilad Account in Saudi Riyal falls below SR 5,000. In the case of a US dollar Albilad account, the customer needs to maintain a minimum of USD 50,000 throughout the month. In such a case where the required balance is not maintained by the customer, the Mudarabah contract of the customer is revoked. Meanwhile, the remaining balance is considered a current account transaction.
  • For gaining profits, customers must deposit cash in their account at the start of the month in the case of USD currency Albilad account only.


FAQs


What documents are required to open an Albilad account?


For entities - the commercial register with documents proving the identity of owner or representatives of the entity.

How does profit distribution takes place?


Profits are distributed every month. Expected return on the Albilad account is according to the return of Albilad treasury and corporate financing. 
 

What are the limitations of an Albilad account? 


Since the current account forms the foundation of your relationship with Albilad, there are a few restrictions on this account:
  • Linking with Tadawul trading account and Investment account through Albilad capital
  • Albilad credit card requests
  • Requests for any financing products
  • Wakalah account transactions
  • Corporate products
  • Safe deposit boxes
  • Issuance of a debit card for the USD account.
  • Request a checkbook for Al Bilad USD account

Example for Albilad account in SAR as of December2022


​Segment minimum amount SAR
​5,000 SAR
300,000 SAR
2,000,000 SAR
​Profit participation Rate
​30%
​40%
​60%
Profit Rate
1.30%

1.74%
2.61%

Number of Days in the Month
31
31
31
​Profit Amount
5.62 SAR
449.31 SAR
4,493.10 SAR

Calculation of Profit Amount: (Average Balance during the month X Number of Days in the Month X Profit Rate% based on Segment) / (360)
The past performance of the Albilad Account does not reflect future performance, and the product is a Shariah Mudarabah, subject to profit and loss.

Example for Albilad account in USD as of December 2022  


Segment average amount for the month 
​50,000 USD
​1،500،000 USD
​5،000،000 USD
​​Profit participation Rate
​30%
40%
​50%
​​Profit Rate
1.30% 
1.74%
2.17%
Number of Days in the Month
31
31
31
Profit Amount
56.16 USD
2,246.55 USD
9,360.62 USD


Calculation of Profit Amount: (Minimum Balance during the month X Number of Days in the Month X Profit Rate% based on Segment) / (360)
The past performance of the Albilad Account does not reflect future performance, and the product is a Shariah Mudarabah, subject to profit and loss.
These rates are based on Mudarabah and changes every month 


​Currency
​SAR
​USD
​Minimum Deposit Amount
5,000 average  
​50,000
​Maturity in Years*
​Not Applicable
​Not Applicable
​AER**
​Not Applicable
​Not Applicable
​Number of Withdrawals Permitted in the 1st Year***
​No maximum withdrawal limit
No maximum withdrawal limit
​Number of Withdrawals Permitted in the 2st Year
Nmaximum withdrawal limit
Nmaximum withdrawal limit

*Maturity in Years: The Gregorian calendar is the date of maturity
*AER: Profit per month will be computed on the basis of the average (SAR) / minimum (USD) balance during a Gregorian month, provided that the account balance during the month is not less than SAR 5,000 or USD 50,000

***Number of Withdrawals : Without affecting the right of the Customer to make withdrawals or deposits and/or any other transactions
 


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