Save money with simplicity, according to Shari’ah Law, and manage your account using various Absa channels.
How the Islamic Savings account works
It is a card-based account which can be used for transactions at any point-of-sale in the country.
Immediate access to your investment with no minimum or maximum investment period.
Statements are available on request.
Transactional activity is permitted as outgoing debits to third parties is allowed.
The profit share payout rate is pre-determined between Absa and the investor at the beginning of the contract period.
The profit share is calculated at Absa’s financial year –end, 31 December annually, and your account is credited on 25 January of the following year.
What are the benefits of Islamic Savings?
Account enquiries and inter account transfers can be done via online, telephone or cellphone banking.
Transfer funds within your portfolio via online and cellphone banking.
Withdraw, deposit, transfer funds, obtain balances and statements and maintain your account at an Absa branch.
Payments into this account can be made via all channels.
Documentation required when opening an Islamic Savings account
For an Individual
Your bar-coded Identity Document.
Original or certified copy of a utility bill, lease or rental agreement, not more than 3 months old.
Original document or certified copy of a South African Revenue Services document reflecting your personal details and income tax number (where issued).
For a Business
Original document or certified copy of company documents verifying the Memorandum and Articles of Association
Bar-coded Identity Documents of all trustees/directors
Registration number of Company (CM1 CM22)
Original or certified copies of utility bill, lease or rental agreement, not more than 3 months old
Original document of certified copy of VAT (Value Added Tax) registration certificate
Other Islamic Banking Solutions
Islamic Cheque Account Transact conveniently with access to Absa’s banking infrastructure 24/7.
