F&Q

• How much is the profit margin?

  • Nayifat profit margin is in line with market standards

• Are financing products sharia compliant?

  • YES, Nayifat product offerings such as (tawaruq, Murabaha, Ijarah are compliant with Shari’a principles

• Will I be entitled for a discount in case of early settlement?

  • • YES, provided that repayment is occurring on frequent basis

• Where are the Company branches located?

  • • “Riyadh – Jeddah – Madina – makkak – Tabouk – Hafr El Baten – Dammam – Ehssa – alkhobar Kharj – Qassim – Hail – AlDawadmi – almajmaah – Abha – Baha – Jizan – Najran – Taif – Jubail – Qatif – Sakaka .”

What is the expected time take to process the loan?

  • Depends on the documents completeness by the client.

• Is it possible to obtain top-up personal finance?

  • • Depends on the documents completeness by the client.

• Can private sector employees obtain personal finance?

  • • YES, Only if the employer is accredited by Nayifat

• Is Nayifat offering real estate personal finance?

  • No, only cash personal finance

• Is it required to visit the branch when submitting a loan application?

  • • Yes, upon application and contract sign off .

• Is the sponsor required to be present when submitting the initial application?

  • • Yes, he should be present after the final approval and during contract sign off

• Is there a down payment in Ijarah?

  • • Yes

• Is there a down payment in Ijarah?

  • • The Finance amount shall be assessed according to the client salary, financial liabilities to ensure DBR coverage is in line with Saudi Central Bank responsible lending regulations

• What is the equivalent number of salaries for personal finance?

  • نعم في حال أنتظام العميل في السداد لدى الشركة.

• Is it possible to choose the account where the personal finance amount will be deposited?

  • • YES, given that a proof of accounting holding is provided

• Are you registered at SIMAH?

  • • YES

• Will defaulting with other companies affect being accepted by Nayifat?

  • • YES, it will affect the client’s credit score

• Is defaulting of the sponsor affect obtaining the personal finance?

  • • YES, it will affect the sponsor’s credit score

• What are the available repayments methods?

  • • Bank deposit in Nayifat bank accounts / bank transfer from one account to another / ATM / SADA / Omni bus accounts / Direct payments through our branches.

• Is there any administrative fees?

  • • YES, it is included in the total amount, and it is not conditioned with a down payment.

• What are the available personal finance types?

  • • Tawaruq – Morabaha – Ijarah.

• What is the difference between Tawaruk and Morabaha?

  • • Tawaruq is where the company sells a commodity to its customer on a deferred payment basis, the selling price by company comprises the cost plus an agreed profit margin. The customer sells the same commodity or an asset to a third party at market price to raise the needed cash. • Murabaha is where the company sells to customers an asset, which the company finances to purchase or acquire, payable on deferred basis based on a promise received from the customer. The selling price comprises the cost plus an agreed profit margin. •

• What are the available methods to submit a personal finance application?

  • • Visit the branch, Phone, FAX, Email

• Can a retired employee obtain personal finance?

  • • YES.

• Can the employees benefitting social security system obtain a personal finance by adopting their social security salary?

  • • No

• Does the rate differ according to the payment period?

  • • Yes, rates differ depending on tenure, and finance amount

• What is the minimum and maximum personal finance threshold?

  • • Minimum threshold is SAR 10,000 and maximum threshold is SAR 300,000.

• Is it possible to adopt two salaries for the same applicant to obtain a bigger amount?

  • • YES, in case the employers are accredited.

• Is it possible to accept mortgage as a guarantee?

  • NO

• How can I follow up on my application?

  • • By Calling 8001000088 , visiting the branch through a Sales representative, SMS.

• Who are Nayifat shareholders?

  • • They are a group of Saudi business men and companies

• Is there motor insurance?

  • • YES, in case of Ijarah personal finance.

• Is it possible to obtain personal finance from Nayifat when I am committed with another financial Company or bank?

  • Terms and conditions are uniform.

• Who are Nayifat shareholders?

  • Cannot and the company does not have the right to keep documents.