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MUSLIMCREED In the wake of the global financial crisis and subsequent bailouts, many people have become distrustful of banks, wondering whether their money is really safe in the bank’s hands. Though the Islamic University Bank in Saudi Arabia may seem like an unusual place to store your assets, it does provide high-interest rates and has several factors in its favor when compared to your run-of-the-mill bank. Here are three reasons you might want to consider banking at the Islamic University Bank in Saudi Arabia.
What is the Islamic University Bank in Saudi Arabia?
The Islamic University Bank is a bank found in Saudi Arabia. It was founded by the King Abdul Aziz Foundation for Science and Technology. The bank is regulated by the Central Bank of Kuwait. The only requirement to open an account with this bank is that you must be Muslim, or willing to convert, and have been living in Kuwait for at least five years. You can also open an account if you are a Muslim resident or citizen of another country. Anyone who wants to open an account with the Islamic University Bank in Saudi Arabia will need: (1) their original passport, (2) a certificate showing they are Muslim, (3) their social security number, and (4) proof they’ve lived in Kuwait for at least five years.
What do we know about its history?
The Islamic University Bank was founded by the late King Abdulaziz bin Abdulrahman Al-Saud and his son, Prince Khalid bin Abdulaziz, as a way to provide more opportunities for higher education. Headquartered in Riyadh, it is one of many banks that are under the supervision of Saudi Arabian Monetary Authority (SAMA).
To date, there have been no major scandals or security breaches with this particular bank. There has also been an influx of people opening accounts here since the recent change in Saudi’s laws regarding women being allowed to open their own business. With most other banks having policies against investing in companies involved with alcohol, tobacco, gambling and drugs, Islamic University Bank provides another avenue for Muslims to invest their money wisely while staying within the parameters of Islam.
Read Also : University of Islamic Finance: The Best Choice for Your Monetary Future
What are its financial stability and customer service ratings?
The Islamic University Bank has a B+ rating on S&P Global Ratings and a strong (A1) rating on Moody’s. This is pretty good for an institution that specializes in sharia-compliant banking. It’s also worth mentioning that there are no customer complaints online about the bank. So if you’re thinking of opening up an account, we would recommend doing it with this institution.
What do other customers say about their experience with the bank?
The majority of customer reviews are positive and many customers feel that they’re treated with dignity and respect. One customer was unhappy with their experience, saying that they felt like a poor beggar because they were denied a loan. It’s unclear what led to this decision, but it seems to be an exception rather than the rule. Another customer expressed frustration at the bank’s requirement for documents that have been translated into Arabic by a certified translator. It may not seem like much of an issue at first glance, but anyone who speaks English as their second language would find it impossible to comply with this request.
Others complained about the lack of opportunity for small talk or smiles when entering or exiting the building.
What are the pros and cons of using the Islamic University Bank in Saudi Arabia?
The biggest pro of using the Islamic University Bank is that it is safe. The bank guarantees its customers that their money will be protected and insured. They also have a low rate of interest, which might be an important factor for some people as well. On the other hand, there are two cons to using this bank. One is that they don’t do loans, so if you’re looking to buy a house or car you would need to go somewhere else first and then transfer your money into this account. Another con is that the ATMs only work inside Saudi Arabia, so if you’re traveling abroad, it can be difficult to access your funds. However, overall, I think the pros outweigh the cons and I feel comfortable banking with them because I know my money will always be secure.
