Overview Last update 11-11-2020
Whether you want to renovate your home, plan your vacation, complete your children's education or whatever your finance target may be, NCB Personal Finance meets and achieves all of your aspirations.
Commodities Types for Alahli Personal Financing:
- AlAhli Commodities Finance : NCB selects a different commodities such as (Rice/Aluminum) that is traded daily on the Saudi Market. This makes it easy for customers to resell what they have already bought with a small difference between the price of purchase from the bank & the price of selling to the market.
- Local Share Finance : It is a Sharia'h compliant financing formula, based on selling local stocks, where the bank buys and owns the stocks and afterward sells them to the customer on credit at the cost price plus the agreed Rate.
The customer shall have the right to dispose those shares by reselling them and getting the fund or retaining them in his portfolio
- Sharia'h compliant
- Instant Approval.
- Immediate cash deposit to the customer's account in case of selling.
- Monthly installments repayment for periods up to 5 years.
- Possibility of early settlement.
- 2 in 1 which is a personal finance together with residential finance given to help you get cash for liquidity and a larger amount of the residential finance.
- Possibility of postponing the installment of the month of Ramadan.
- Insurance in the event of disability or death (God forbid)
- The need for a sponsor is not required.
Terms and Conditions
Saudis & Non-Saudis.
Government sector or Private sector inducted companies who transfers their employee's salary through Sarie system through al Ahhli bank.
SAR 3,000 Saudis & SAR 4,000 Non-Saudis.
Minimum Months on Job
1 month for Saudis in Government sector.
3 months for Saudis in the big 5 and non-Saudis in the government sectors and big private companies.
1 year for Saudis & Non-Saudis in Private sector.
Minimum Finance amount
5,000 SAR up to 1,500,000 SAR
18 years for Saudis & 22 years for Non-Saudis and must be less than 60 years at the date of last installment.
Required Documents and Actions
- A copy of your ID card or Iqama
- A letter from your employer that includes: job type, date of employment and monthly income.
How to get a personal FINANCE
Stage 1: Applying stage:
- Through calling our phone banking – sales unit at 800 244 1005
- Through AlAhli Online or Al Ahli Mobile
- The customer visits any of NCB branches to apply and submits the required documents.
- The Bank officer shares with the customer (the maximum finance amount, the period, rate, monthly installment).
- The customer decides on the finance amount required and identifies way of getting the shares (sell/transfer)
- Sign the application form.
- Obtain immediate approval.
- Sign the contract.
Stage 2: Application execution stage and getting the financing:
- You will receive SMS approval
- The SMS will contain the name & phone number of the broker
- Then you must decide to either sell or collect your commodities
- Call the broker using the number supplied.
- Use your 8 digit NCB account number and your 4-digit pin number to identify yourself.
- Choose one of the following: Sell the commodity and deposit the proceeds into your account or, collect the Commodity directly from the broker.
For Local shares
- Upon approval, the customer will be notified by SMS
- The Bank branch officer will buy stocks from the market (at the market price) and then print the contract and its addendums
- When the customer signs all the documents, the branch officer will execute a sale/transfer of shares order as agreed earlier with the customer
Sale: The Bank officer will sell shares after the customer signed the contract which includes a mandate to sell the shares, and the amount will be deposited in the payroll account.
Transfer: The Bank officer will request the transfer of shares from the Bank's portfolio to the customer's portfolio.
(Customer must have an active portfolio to complete shares transfer option).
Companies induction process and required documents:
Share the below document to PFBD@alahli.com to get the opportunity to be added NCB approved companies list and get the benefits of NCB retail products:
- Commercial registration certificate copy
- NITAQAT report colored
- GOSI Certificate
- Last 3 years audited financial statements (Not required if the company is listed in Tadawul)
- Sample of Employment Certificate on company's letterhead.
- Fill Payroll Profile Sheet (Payroll Profile Sheet.pdf)
- Salary transfer commitment certificate duly printed on company's letterhead verified by chamber of commerce (attached: Salary Transfer Commitment Certificate.pdf)
- Signing on Retail Products with Salary Transfer commitment Agreement
THE NATURE AND RELATIONSHIP OF THE SHARIA'H Committee with NCB
The Sharia'h Committee is an independent committee of the National Commercial Bank specializing in Islamic law. The Board consists of senior scholars who are familiar with the religious sciences, economic, legal and banking systems as well as Islamic banking. The Board is responsible for issuing legal rulings to whatever work-related cases and topics arise, as well as supervise all administration and branches work to ensure that they are consistent with the provisions of Islamic law.
All National Commercial Bank sectors and departments offering Islamic banking products are committed to comply with the decisions and resolutions of the Shariah Fatwa and Supervisory Board.
Islamic banking products has been reviewed and approved by:
Al-Shaikh Abdullah Bin Suliman Almanae Chairman
Al-Shaikh Dr. Abdullah Bin Abdulaziz Almusleh Member
Al-Shaikh Mohammed Bin Eid Al-Ali Al-Garei Member
For more information, please contact NCB Customer Service (Sales Unit) in Phone Banking on 8002441005