Saudi Arabia unveils new retiree financing benefits

The General Organization for Social Insurance in Saudi Arabia has signed a cooperation agreement with the Saudi Finance Company aimed at providing personal financing solutions for retirees benefiting from the "Taqdeer" program. The agreement allows retirees to obtain Sharia-compliant loans, with the possibility of additional financing even if they have existing loans from other sources, as well as the ability to purchase current debt obligations and consolidate financial commitments. It also offers options for early repayment and exemption from remaining installments in case of death. The agreement stipulates that the retiree's age at the time of the last installment should not exceed 65 years, and that repayment is made through deductions from the pension, not exceeding 25% of it. The goal is to enhance services for retirees and achieve financial stability for them.

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