Saudi Arabia-based National Commercial Bank (NCB) has introduced its new personal finance product, designed to complete all finance procedures within 15 minutes, as part of its strategy to fulfil the demand and requirements of its customers.

Dubbed as ‘Tayseer AlAhli for local shares’, the service also provides competitive profit margin of 1.4% for up to five consecutive years, which enables NCB to launch Shariah compliant personal finance products at the lowest cost.

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NCB said that the product will enable customers to get their finance, either for investment, accession to income, property purchase, home furniture or any other purpose, in a competitive profit margin and quick procedures within 15 minutes.

National Commercial Bank Shariah Group head, Abdulrazak Elkhraijy, said, "Tayseer AlAhli is a Shariah-compliant financing product of Shariah-compliant local shares on forward sale basis."

NCB Retail Group head commented, "The launch of personal finance for local shares comes as a result NCB expansion efforts, evolving customer base and growing demand on finance product.

"This encourages us to introduce competitive benefits through a good package of services developed by highly professional experts to enhance one of the bank’s strategic objectives to be the best in customer service."

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The newly introduced product is available for all NCB personal finance programmes’ customers, including employees in government and semi-government sectors, employees in big firms, retirees and military employees.