What is the Islamic legal ruling regarding personal loans offered by the Saudi American Bank (Tawarruq al-Khair)?

"Tawarruq al-Khair" cannot be ruled upon without knowing its true nature. A loan that brings benefit is considered usury (riba). Tawarruq (purchasing a commodity to sell it and profit from its price) is permissible according to the preponderant opinion. It is not permissible to deal with interest-based (ribawi) banks, even if the transaction itself is শরعية (Sharia-compliant), due to the cooperation in sin and aggression involved therein.