Shari'ah compliant accounts

Account
 
Qualifying Criteria
Key features
 
Islamic Cheque account
 
  • Valid ID
  • Proof of residence
  • Access and manage your money 24/7
  • Manage your everyday banking needs, from making withdrawals, deposits, transfers and payments to requesting balances and statements

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Islamic Youth account
 
  • Valid ID
  • Proof of residence
  • Direct access to your money - which means you don’t need to carry cash
  • A card that can be used for transactions at an ATM and point-of-sale terminals in stores
  • A PIN-based debit card - which is the most secure way to verify a transaction
  • Banking services usually associated with credit cards - such as making online, mail order and telephone order transactions
  • An annual profit share calculated at Absa’s financial year-end (31 December) and paid into your account on 25 January of the following year

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Islamic International Banking
 
  • Foreign banknotes
  • Cash Passport
  • Send money abroad
  • Pay subscriptions
  • Exchange currency
  • Open a foreign currency investment account
 

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Islamic Vehicle Finance
 
  • You can enjoy access to a vehicle for a fixed period and price
  • Flexible payment options that allow you to reduce your monthly rental fee when you have extra cash
  • Variable and fixed rental fees for the duration of the lease
  • At end of lease, you can buy the vehicle at an agreed price, nominate a third party to buy it or use it at a reduced or null rental fee
  • Insurance cover for your commercial assets and vehicles with access to a range of free services
  • You get access to Absa Internet Banking to view and monitor your outstanding balance, transactions history, etc
  • Benefit from unique advantages such as 100% financing and tax benefits
 

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Other Shari'ah compliant solutions

Account
 
Qualifying criteria
Key features
 
Islamic Savings
 
  • Valid ID
  • Proof of residence
  • A minimum initial deposit of R50 to open the account, and a minimum balance of R50 must be maintained
  • Access and manage your money 24/7
  • Manage your everyday banking needs, from making withdrawals, deposits, transfers and payments to requesting balances and statements

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Islamic TargetSave
 
  • Valid ID
  • Proof of residence
  • A minimum initial deposit of R100 to open the account
  • A minimum monthly deposit of R100 for at least 6 months
  •  Islamic TargetSave is a disciplined savings plan.
  • Matures on the 31st of December each year when funds are available immediately on request.
  • If no instructions are received within 30 days after maturity, funds are automatically re-invested.
  •  The product pays a higher annual profit share than the transactional savings account – within 4 weeks of the end of the financial year.
  • There are no admin charges and service fees.
  • Deposits can be made at any ATM or branch or by means of stop orders, debit orders or electronic transfers.
  • The Islamic TargetSave account is based on the Mudarabah principle whereby depositors contribute capital and Absa Islamic Banking manages the funds.
  •  Profits are shared according to a pre-agreed ratio. 
  • Funds deposited are not capital guaranteed. Profit share is capitalised annually on 25 January for the previous year.

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Islamic Term Deposit
 
  • Valid ID
  • Proof of residence
  • A minimum initial deposit of R1000 to open the account.
  • No monthly fees
  • Islamic Term Deposit offers competitive investment returns.
  • A simple, Shari’ah compliant investment option.
  • The minimum investment deposit is R1 000.
  • There is a choice of investment terms – 30, 60, 90, 180 days up to 5 years.
  • There are no monthly fees and hidden costs.
  •  A monthly profit share is possible by investing funds on a monthly investment basic.
  •  The Islamic Term Deposit is based on the Mudarabah principle. This means that, the customer is a passive partner in this type of transaction.

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Other Shari'ah compliant solutions

Account
 
Qualifying criteria
Key features
 
Islamic
Profit Share
 

Products include:

  • Absa Islamic Banking has well defined profit sharing ratios defined in the terms and conditions of each product. Profits are realised or received from Shari'ah compliant investment activities
  • Once realised or received, profits are shared between the customer and the bank at the pre-agreed profit sharing ratio
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Islamic
Will
 
 
  • Designed according to the principles of Shari’ah law
  • It is valid legal Will in terms of the Intestate Succession Act. This act deals with the distribution of ones estate in terms of the laws of the country in the event there is no Will
  • Safe custody for your convenience
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Need more help?

Let one of our consultants help with your Islamic banking enquiries.

Call us on:

0860 000 786

E-mail us at:

islamicbanking@absa.co.za

Visit your nearest branch