Al Rajhi Bank has maintained the cost of variable-cost mortgage products to customers.
The bank explained that its current customers who benefit from variable-cost mortgage products have not experienced any increase in monthly installments since the date of the first contract in 2007 and will not face any future increase.
The bank will soon start implementing the new model of the Murabaha and Ijara real estate finance contract that is being developed by the Saudi Arabian Monetary Agency (SAMA), which is a continuation of the agency's efforts to protect the related parties and to achieve equity among the financiers.
These steps are an extension of Al Rajhi Bank's commitment to the principles of protecting the customers and finance companies in order to deal fairly, disclose, transpire, educate and to raise financial awareness. In addition to the bank’s commitment towards customers, the bank provides products suitable to the needs and circumstances of customers with a detailed explanation of the product and its costs, advantages and its risks are clear and understandable to all.e