Albilad Account with Monthly Returns

 Albilad Account - A Profitable Bank Account

02-02-2023

Previous performance of Albilad Account returns

The past performance of Albilad Account is not an indication of future performance, and there is no guarantee for investors that the performance of the return on investment in Albilad Account will be repeated or be similar to the previous performance. It should also be noted that the increase and decrease in returns resulting from investment in Albilad Account are subject to market factors and conditions and the profit margins announced by the Saudi Central Bank during any period. Albilad account is considered one of the safest investment tools that has obtained the approval of the Shariah Committee of Bank Albilad.



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?


Albilad account makes this dream come true. 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 the 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 Albilad Net, Albilad App, Albilad Phone, as well as Albilad ATMs through the account debit card.




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.

How can I open the Albilad Account online via Albilad app?


  • Login via Albilad App
  • Choose the “Shopping Cart” icon -> Accounts -> Albilad Account 
  • Click on “Learn More” then view the details and information, then click on “Apply for new account”
  •  Fil in the required information  
  •  Review the request details and read the terms and conditions and click on “Request Additional Account.”
  • Account has been created successfully.


​How can I open the Albilad Account online via Albilad net?


  • Login via Albilad Net
  • Choose "Request Banking Products" from the side menu, then "Open a New Account."
  •  Fill in the required information, then click "Next."
  • Read and agree to the terms and conditions, then click “continue”
  • Account has been created successfully

What are the Requisites for Albilad Account?

  • The age of the customer should be at least 18.
  • Customers younger than 18 years of age can open Albilad account under the supervision of a legal guardian.
  • Women must show their national identity card identifier.
  • It is necessary 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.

What is the difference between Albilad Account with Monthly Returns - the Savings Account and Investment Wakalah Program?​



Characteristics Savings Account
Albilad Account with Monthly Returns
Investment Wakalah Program
Profits Calculation Start DateFrom the date of depositing the amountFrom the date of depositing the amountFrom the date of depositing the amount
Profit Calculation PeriodOn the last day of every calendar monthOn the last day of every calendar monthOn the completion of tenor / At maturity
Issuance of "Mada" Debit CardNot AvailableAvailableNot Available
Account CategoriesBased on the saving periodBased on the balanceBased on the investment period
Profit Calculation MechanismAverage 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 CalculationThe additional deposit is calculated upon profits distributionThe 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 sharingSAR 1,000
SAR 5,000 or USD 50,000 ***
SAR 100,000 or USD 30,000
TransfersLimited transfers are accepted during the saving periodUnlimited transfers and withdrawals from the account at all times during the monthTransfers 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 
30% - 40% -50%


Based on anticipated profit rate at the time of booking of Investment Wakalah deposit
Eligible ParticipantsIndividuals OnlyIndividuals / Companies / Institutions / EntitiesIndividuals 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  


FAQs


What documents are required to open an Albilad account?


Documents needed for opening an Albilad account are the following:
  • For Saudi - proof of valid identification is required in the form of their national identity card
  • For non-Saudis - their Iqama and passport are required.
  • For entities - the commercial register with documents proving the identity of owner or representatives of the entity.

How the profit is calculated and distributed?

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

Example for Albilad account in SAR as of December 2022


Segment  Average 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
No maximum withdrawal limit
No maximum 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
These rates are based on Mudarabah and change every month. 

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





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