LAST UPDATE 31 October 2024

Commodities Types for AlAhli Personal Financing:

• AlAhli Commodities Finance : SNB selects different commodities such as (Aluminum) that are traded daily in 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
 

AlAhli channels to apply for personal finance

• Through SNB branch
• Through calling our phone banking – sales unit at 800 244 1005
• Through AlAhli Online or Al Ahli Mobile
• Through the E-form

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 SNB approved companies list and get the benefits of SNB retail products:

1. CR  copy
2. NITAQAT report   colored 
3. GOSI Certificate
4. Last 3 years audited financial statements   (Not required if the company is listed in Tadawul)
5. Sample of Employment Certificate on company's letterhead.
6. Fill Payroll Profile Sheet (Payroll Profile Sheet)
7. Salary transfer commitment certificate duly printed on company's letterhead verified by chamber of commerce (Salary Transfer Commitment Certificate) 
8. Signing on Retail Products with Salary Transfer Commitment Agreement
   
   

THE NATURE AND RELATIONSHIP OF THE SHARIA'H Committee with SNB:

• The Sharia'h Committee is an independent committee of the Saudi National 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 Saudi National Bank  sectors and departments offering Islamic banking products are committed to comply with the decisions and resolutions of the Sharia'h 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