|
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 account and average balance of the month for SAR account | Average balance during the month |
|
Additional Deposit Calculation | The additional deposit is calculated upon profits distribution | The additional deposit is not 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 50,000 | 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 | 90% - 100% | 30% - 40% - 60% | 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 and Albilad Branches
| Online via Albilad App or Albilad Net and Albilad Branches
|
