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Wafer Account is an innovative Shariah compliant product to help start your savings plan and build new saving habits.
This account offer you the option to save on a monthly basis, for your own requirements and savings needs.
At the end of the agreed term, the amount payable will be the sum of your invested capital along with accumulated profit.
Example: of 12 Months subscription in (Wafer) Account:
Example: of 24 Months subscription in (Wafer) Account:
Example: of 36 Months subscription in (Wafer) Account:
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Frequently Asked Questions
Yes, the profit earned on Waafer Account is based on Mudharaba concept.
The minimum tenor for Waafer Account is 1 year.
The maximum tenor for Waafer Account is 3 years.
The expected profit rate for Waafer Account differs based on the tenor and monthly deposit amount. The amount of profit that the customer will earn depends on the amount deposited in the Waafer Account. The profit will compound on a monthly basis from then on, the profit that has been added also earns profit.
The minimum amount required for opening a Waafer Account is SAR 100.
Any Individual SAB customer can open a Waafer Account through their SAB Online or SAB Mobile service.
Yes, a customer can withdraw the amount in the Waafer Account before the term is over and will be entitled to 50% of the accrued profit.
No, this is chosen upon account opening and will be automated for all subsequent deposits for the tenor of the Waafer Account. If the customer needs to change the deposit amount or date of deposit, they will need to either open an additional Waafer account (for new contributions) or close and create a new Waafer account if they wish to reduce the contribution amount.
The system will automatically attempt to deduct the monthly deposit from the servicing account with six attempts over six consecutive banking days. If unsuccessful, the Waafer account will be closed with all monthly deposits received returned to the customer's account plus 50% of the accrued Profit.
No.
No, the account can only be opened through SAB Online or SAB Mobile.
Customers need to have current/savings account with SAB.
Yes. Customers can open multiple Waafer Accounts
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