Frequently Asked Questions (FAQs)

How can my credit rating be improved?

A borrower may require time to improve their credit rating; however, the adoption of prudent financial practices can lead to a gradual improvement in their credit standing, including:

Review your credit report to ensure there are no errors or inaccuracies in your financial or personal information.
Ensure timely payment of all instalments by their due dates.
Ensure full and timely settlement of all credit card instalments.
Reduce your overall financial obligations and debt exposure.
Avoid assuming additional financial obligations through post-dated cheques.
Avoid applying for credit facilities that do not match your needs.
Avoid acting as a guarantor for other borrowers (the borrower’s default will negatively affect your rating as a guarantor).
Ensure cheques are presented and cleared on their due dates to avoid returns and negative classification within cheque return systems.
Avoid more than 6 credit inquiries by different banking institutions within a single year.
In the event of repayment difficulties, promptly settle all outstanding obligations.
Maintain consistent repayment discipline following any rescheduling or restructuring of facilities.

What are the official working days and hours?

Sunday to Wednesday: 8:00 AM – 3:30 PM
Thursday: 8:00 AM – 2:30 PM
Friday & Saturday: Official holidays

Can I apply for smart (online) loans?

Yes. It can be submitted via the provided link.

What is the maximum loan amount available through ROWWAD FOUNDATION?

It is determined based on the loan purpose and the borrower’s repayment capacity.

Is the borrower eligible to renew the loan, and what are the applicable renewal conditions?

Yes, subject to the repayment of at least 75% of the outstanding loan balance.

What types of collateral are accepted by ROWWAD FOUNDATION?

Salary-transfer guarantor.
Personal guarantor.
Cheques under collection.
Asset collateral.
Gold collateral.
Debt instruments.

What documents are required from a personal guarantor?

Copy of valid ID.
Proof of income.
Six-month bank statement.

What documents are required from the borrower to obtain a personal loan?

Copy of valid ID.
Proof of income.

What documents are required from the borrower to obtain a project loan?

A simplified feasibility study for the project (for new projects).
A project ownership proof.

Where is ROWWAD FOUNDATION's head office located?

Al-Masyoun – opposite the Nations Park.

Is the borrower allowed to repay the loan in full before its maturity (early repayment)?

Yes.

Is a loan origination fee applicable?

Yes. A loan origination fee applies to commercial loans, determined based on the loan amount and term.

What is the profit margin on Islamic financing?

It is determined in accordance with the financing term and purpose.

What is the interest rate on commercial financing?

It depends on the financing term and its purpose.

What is the loan term?

It depends on the purpose of the loan and the borrower’s repayment capacity.

What are the available payment methods?

Cash payment through ROWWAD's authorized representatives.
Direct deposit into the ROWWAD's bank accounts.
Electronic wallets.

Is it possible or allowed for another person to make installment payments on my behalf?

Yes, it is possible.

What is the timeframe required to process a loan application and disburse the loan through ROWWAD FOUNDATION?

7 business days from the date of completion of all required documents and paperwork.

What types of loans are offered by ROWWAD FOUNDATION?

Personal Loans and Financing Solutions
Productive Project Loans and Financing Solutions
Housing Improvement Loans and Financing Solutions
Entrepreneurial and Startup Project Loans and Financing Solutions