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MADOUM FINANCE PROGRAM

Madoum is a Sharia-compliant finance program designed for NCB customers whose applications have been approved by the Real Estate Development Fund. The National Commercial Bank will finance the Fund beneficiaries, and then the Real Estate Development Fund will pay the full or partial profits of the finance on behalf of the beneficiary.

The Madoum amount is calculated based on the number of family members, level of income, and age of the beneficiary.

The Madoum amount will be 100% for the low and medium-income beneficiaries subject to the Fund regulations.

PRIVILEGES OF MADOUM FINANCE

  • Approved by the Shariah Board.
  • Maximum amount of Madoum Finance is SAR 500,000 as per the Fund's policy.
  • Maximum amount of Madoum Finance is SAR 400,000 as per the NCB's policy.​
  • ​Available with the following options​ :
    • Murabaha.
    • 2x1.

EXAMPLES OF CALCULATION OF THE MADOUM FINANCE​

Finance amount 590,000​A customer without Madoum RFA customer with Madoum RF
Amount of the Madoum RF0500,000
Total amount of Madoum RF0
382,500
Total profit451,350
451,350
Madoum Profit01,771
Total amount of the installment4,339
4,339
Total deduction from the customer4,339
2,568

* Terms and conditions apply

* The above example is calculated based on a finance amount of SAR 590,000 with an annual profit rate of 7.40% and for 18 years, including administrative charges and evaluation fees (1% of the finance amount or SAR 5000 whichever is less).​

MADOUM FINANCE PROGRAM PROCEDURES

  • The customer obtains the approval of the Real Estate Development Fund when s/he receives a text message from the Fund:
  • The customer submits an application to any NCB branch for Madoum RF in partnership with the Real Estate Development Fund;
  • The property selected by the customer will be evaluated;
  • The Bank and the Fund will simultaneously and automatically approve the customer's application and notify the customer directly of the Madoum amount,
  • The property will be purchased from the owner and a finance account will be opened;
  • The monthly installments will be deducted from the customer's account at their maturity date;
  • The Fund transfers the monthly Madoum amount to the customer's account.​

MADOUM RF PROGRAM CONDITIONS

To obtain a prior approval from the Real Estate Development Fund.


MADOUM FINANCE CALCULATOR

To know the monthly Madoum amount that will be paid by the Real Estate Development Fund, please visit the "Madoum Calculator" from here. ​

        Apply Now​​

Or v​isit the nearest branch of the National Commercial Bank.

Or call the toll-free number: 8002441005​