| 31 Aug 2008 |
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Saudi Arabia: NCB offers Islamic finance up to SR3m
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JEDDAH: The National Commercial Bank (NCB)National Commercial Bank (NCB)
has come up with a personal Islamic finance scheme that can entitle a person seeking finance or a real estate mortgage deal from SR1.5 million to SR3 million, subject to approval from the Saudi Arabian Monetary Agency. This is meant to enable people who do not have resources. "We hope many Saudis and expatriates will take advantage of this," Zahid H. Hummusani, senior vice president and division head-Islamic branch network of NCBNCB's individual banking sector, told a press conference at the NCBNCB headquarters here yesterday.
The bank has an "excellent track record" in terms of loan recoveries, although it has a system of writing off some of the unrecovered loans, which are very small, he said without quantifying the sum. "However, we have a system of giving and recovering loans that is in place and working to the advantage of the bank and its customers," Hummusani said, adding that the bank has a substantial market share in the financing sector.
Anyone drawing a monthly salary of at least SR3,000 can participate in the campaign and seek finance. However, the finance to be advanced depends on the salary of the loan seeker and the monthly installment toward its repayment. The loan seeker should open an account with the NCBNCB
and advise his employers to credit his monthly salary to his new account at the bank, and then apply for finance and an Islamic credit card. "It is an Islamic Tayseer card with a credit line of at least SR2,500," Al-Tayyar said. "In the event of the client not going in for the credit card, he should obtain a prepaid card to enter the draw," he said, adding that the campaign is endorsed by the Shariah committee.Amer A. Siddiki, head, individual banking sector at the bank's marketing and customer management group, said the campaign was not limited to new loans alone, but also included those seeking to get top-up loans or real estate finance. Those who apply for a loan, receive it and yet do not win the daily prize, will continue to be part of the draw for the duration of the campaign.
By K.S. Ramkumar
© Arab News 2008
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