Are you looking for a disciplined savings account that offers a good profit sharing in exchange for saving a specified amount of money every month for a set period of time? An Islamic TargetSave Account from Absa Islamic Banking provides you with returns based on the Mudarabah (profit share) principle which is ring-fenced and managed independently from other Absa funds.

 

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Profit share ratio
Profit share ratio  

The calculation of profit share is aligned to the principle of Shari’ah laws.

Immediate access to your money
Access to your money

At maturity (31st December), funds are available immediately for a period of 10 days, thereafter 32 days’ notice must be given to access your funds.

No monthly fees
No monthly fees

No hidden costs means this is an affordable savings product.

How to get it and what can you expect

  • Applying for an Islamic TargetSave account

    If you are an Absa customer with internet banking, you can apply for an Islamic Target Save account on Absa Online. If you are an Absa customer without internet banking, registering to become one is quick and easy.

    When applying, you will need the following:

    • Your ID
    • Proof of residence (not older than three months)
    • A minimum initial deposit of R100 to open the account
    • A minimum monthly deposit of R100 for at least six months

  • Features of an Islamic TargetSave account

    • Monthly commitment and minimum balance of R100
    • Four withdrawals per year with 32 days’ notice required before each withdrawal
    • Statements are issued on request
    • Transactional fees apply. For more pricing information, see our Rates and Fees

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Need more help?

Let one of our consultants help you get the best account for your needs.

Call us on:

0860 000 786

Email us at:

islamicbanking@absa.co.za 

Visit your nearest branch