Based on the Mudarabah principle, the Islamic Term Deposit is a fully Shari'ah-compliant investment option.
This Shari'ah-compliant fixed deposit account offers a competitive return that will vary according to the investment period that you select (30 days to 5 years). The Islamic Term Deposit renders a profit share on a minimum opening deposit of R1 000 and with no hidden costs or monthly fees, it is an affordable investment product.
Why do I need Islamic Term Deposit?
- Fully Shari'ah-compliant
- No hidden costs or monthly fees
- Pensioners qualify for an additional profit share for a balance between R50 000 and R200 000 if kept for 365 days
What’s in it for me?
- For individuals or businesses
- Minimum deposit of R1 000 to open the account
- Investment periods from 30 days to 5 years
- No deposit and admin fees
- Early withdrawals attract an administration fee
What do Islamic Term Deposit benefits include?
- Additional profit share may be offered for large investments
- Pensioners with balances over R50 000 and under R200 000 invested for 365 days and longer qualify for additional profit share
- You can have many Islamic Term Deposit accounts – you could open one each month in order to receive a monthly profit share payment
- When the investment matures, you can reinvest the Islamic Term Deposit using Absa Online