The General Organization for Social Insurance signed a joint cooperation agreement with the Saudi Finance Company to provide personal financing solutions for retirees who are members of the 'Taqdeer' program.

Financing terms include that the retiree's age must not exceed 65 years.

The organization explained that the signing of this agreement comes within the financing track of the 'Taqdeer' program, as part of its efforts to expand strategic partnerships with various entities in the public and private sectors, aiming to enhance the added value that the program provides to retirees by offering quality services and products that meet their aspirations and contribute to improving their quality of life.

It added that the agreement will provide personal financing to retirees in compliance with Islamic Sharia provisions, with the possibility of obtaining additional personal financing even if there is existing financing from other financing entities, along with other benefits including the ability to purchase existing debts and consolidate the client's obligations, with an early repayment option, in addition to exemption from paying remaining financing installments in case of death.

The organization stated the conditions for obtaining financing, including that the retiree's age must not exceed 65 years at the maturity date of the last financing installment, while the installments due to the company are paid through direct deduction from the client's pension, provided that the total deduction does not exceed 25% of the pension, in order to achieve a balance between meeting the retiree's financing needs and maintaining their financial stability.

It is noteworthy that the 'Taqdeer' program is one of the national initiatives offered by the General Organization for Social Insurance, in appreciation of male and female retirees for their efforts during their years of giving in the service of the nation, as it provides benefits and offers in several areas, in cooperation with various entities in the public and private sectors.