Characteristics |
Savings Account
|
Albilad Account with Monthly Returns
|
Investment Wakalah Program |
Profits Calculation Start Date | From the date of depositing the amount | From the date of depositing the amount | From the date of depositing the amount |
Profit Calculation Period | On the last day of every calendar month | On the last day of every calendar month | On the completion of tenor / At maturity |
Issuance of "Mada" Debit Card | Not Available | Available | Not Available |
Account Categories | Based on the saving period | Based on the balance | Based on the investment period |
Profit Calculation Mechanism | Average balance during the month | Lowest balance during the month for USD and average balance of the month for SAR ***
| Average balance during the month |
Additional Deposit Calculation | The additional deposit is calculated upon profits distribution | The additional deposit is calculated upon profits distribution
| Additional deposit are not allowed, new Investment Wakalah deposit can be created with new start date for each additional investment |
The minimum qualifying amount for profit sharing | SAR 1,000
| SAR 5,000 or USD 1,000 ***
| SAR 100,000 or USD 30,000 |
Transfers | Limited transfers are accepted during the saving period | Unlimited transfers and withdrawals from the account at all times during the month | Transfers to / from the Investment Wakalah are not allowed. The Investment Wakalah can be cancelled before maturity but no profit will be paid |
Profit Distribution Ratio | 1 year - 90% 2 years- - 100%
| SAR 30% - 40% -60%
USD 40% - 60% - 80%
| Based on anticipated profit rate at the time of booking of Investment Wakalah deposit |
Eligible Participants | Individuals Only | Individuals / Companies / Institutions / Entities | Individuals Only |
Account Opening Process |
Online via Albilad App or Albilad Net
| Online via Albilad App or Albilad Net or Albilad Branches
|
Online via Albilad App or Albilad Net or Albilad Branches
|