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.
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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.
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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.
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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
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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
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Terms and Conditions
- The Bank will communicate an Expected / Anticipated profit rate to the ‘Rab-al-mal’ (client) at the beginning of every period through its website or other appropriate means.
- If the actual profit exceeds the expected profit, the Mudarib (bank) has the right to retain the difference between the actual profit and the expected profit as a performance incentive.
- If the actual profit is less than the expected profit, the Mudarib (bank) pays the ‘Rab-al-mal’ (client) the actual profit.
- 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 1,000 through out 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.
To view the terms and conditions for Albilad account, click here
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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 is the profit 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.
Albilad Anticipated Rates for November 2024
| SAR | Average Balance of the Month | Profit Participation Rate ('PPR') | Expected/Anticipated Profit Rate per annum | | 5,000 to 299,999.99 | 30% | 1.5330% | | 300,000 to 1,999,999.99 | 40% | 2.0439% | | 2,000,000 & above | 60% | 3.0659% | USD
| Minimum Balance of the Month | Profit Participation Rate ('PPR') | Expected/Anticipated Profit Rate per annum | | 1,000 to 99,999.99 | 30% | 1.5330% | | 100,000 to 499,999.99 | 40% | 2.0439% | | 500,000 & above | 50% | 2.5549% |
*Subject to Albilad Account Terms and Conditions.
Example for Albilad account in SAR as of October 2024
| Segment Average amount | 5,000 SAR | 300,000 SAR | 2,000,000 SAR | | Profit participation Rate | 30%
| 40% | 60% | | Profit Rate | 1.5604% | 2.0805% | 3.1208% | | Number of Days in the Month | 31 | 31 | 31 | | Profit Amount | 6.72 SAR | 537.46 SAR | 5,374.64 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 October 2024
| Segment Minimum amount for the month | 1,000 USD | 100,000 USD | 500,000 USD | | Profit participation Rate | 30% | 40% | 50% | | Profit Rate | 1.5604% | 2.0805% | 2.6006% | | Number of Days in the Month | 31 | 31 | 31 | | Profit Amount | 1.34 USD | 179.15 USD | 1,119.72 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
| 1,000
| 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 2nd Year
| No
maximum withdrawal limit
| No
maximum withdrawal limit
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*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 1,000
***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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