Alrajhi Bank Credit Cards Terms and Conditions

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What concept does the bank follow in issuing its credit card?

Shari’a compliant “Murabaha Finance”

What is the purpose of setting aside the card account with the bank?

To ensure the bank does not use the account amount in any manner.

How does the bank allow the cardholder to use the funds in the Card Account?

By giving the cardholder a credit limit deposited in the Card Account.

What is the cardholder entitled to use the card for?

Buying goods and services legally permissible, and withdrawing cash from ATMs/transferring amount from the card to the account. Signup and view all the answers

What will the bank charge a fee against?

Each cash withdrawal/transfer amount Signup and view all the answers

What is the customer's responsibility in case of ending their employment?

To provide appropriate guaranty to the Bank Signup and view all the answers

What authority does the customer give to the Bank until the fulfillment of their obligation?

Full authority to receive any funds owned by the customer from others or from any entity Signup and view all the answers

What does the customer confirm regarding liabilities and new finance obligations?

The customer confirms freeing of any liabilities and promises not to adhere to any new finance obligation that might prevent the execution of the contract. Signup and view all the answers

What is the consequence of installment delinquency based on the contract?

The customer will be defaulting and will be notified to make payment within 30 days after receiving the notification letter. Signup and view all the answers