Account Features Shariah-Compliant A Saving product based on Mudarabah that is approved by Sharia Committee. No Fees Open an account at any time without any fees. 3.5% Annual Profit Rate Enjoy an annual profit rate of 3.5% with monthly profit distribution. Zakat Exempted Invest in Zakat-exempt assets, with no Zakat due on your account balance during the investment period with the bank. Minimum Balance of 1,000 Maintain a daily balance of 1,000 or more in your AlBarakah Savings Account to qualify for profits. Setting a Goal Specify the purpose and duration of your savings. Earn 3.5% APREnjoy Total Flexibility Enjoy profit on your savings without limits or restrictions on withdrawals. Home Page Deposit $1,000 or more to qualify for monthly profits Turn Your Savings into AchievementsDefine your goals, set a savings plan, and watch your wealth grow from everyday ambitions to life’s biggest milestones.Open Your AlBarakah Savings AccountOpen your AlBarakah savings account right from the SIB Retail App.Transfer Your SavingsDeposit a minimum of $1,000 into the account.Enjoy ProfitsProfits are automatically added to your AlBarakah Savings Account monthly Make Saving Second NatureAutomate your savings with scheduled transfers from your main account to stay consistent, stress free, and focused on your goals.You’re a SAIB CustomerIf you already have a Current Account or Salary Account with SAIB, you’re good to go.Minimum BalanceIf you maintain a minimum monthly balance of $1,000, you’ll qualify to earn profits.Digital ConvenienceManage your account 100% through the SIB Retail App, no other channels needed. Eligibility Criteria Be an SAIB Customer Have an active Current or Salary Account with SAIB. Use SAIB Digital Channels Open and manage your account through our digital banking channels. View full Terms & Conditions Frequently Asked Questions What happens if my balance drops below $1,000? If your balance falls below $1,000, you won’t earn profit for that day. Your account will remain active and continue earning profits once the balance is back above $1,000. Can I link my AlBarakah Savings Account to other SAIB accounts for automatic transfers? Yes. You can link your AlBarakah Savings Account to any of your other SAIB accounts for easy transfers. How is Zakat managed in my AlBarakah Savings Account? Your AlBarakah Savings Account is invested in zakat-exempted or zakat-paid assets. Is there a limit to how many withdrawals I can make each month? No. You can withdraw your savings anytime without limits or fees. Can the profit rate change? Yes. The bank may adjust the profit rate based on market conditions. You’ll be notified of any changes at least 30 days in advance. How is my profit calculated and credited? Your profit is calculated daily based on your available balance, multiplied by the annual profit rate (3.5%) and divided by 365 days. Profits are added up and credited to your account at the start of each month. Can I open more than one AlBarakah Savings Account? Yes. You can open multiple AlBarakah Savings Accounts to manage different goals or savings plans. Can I automate my savings? Yes. You can set automatic transfers from your main account to your AlBarakah Savings Account at your preferred frequency. Bank Instantly. Live Effortlessly.Open your account online in minutes and enjoy seamless banking with SAIB. Open a New Account Get the App We’re Always Within Reach Stay connected to your banking, through our customer care team, digital channels, and branches everywhere. Customer Care Submit inquiries, raise complaints, and access support anytime. Branches & ATMs Easily locate branches and ATMs wherever you are. E-Banking Services Bank smarter and faster with our secure digital platforms.