With our savings account, we will help you build your banking profile and prepare you for the next stage of your life. This account is ideal if you want to save based on the Mudarabah pre-agreed profit-share principle.

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Absa Flexi account card
Shari'ah compliant
Shari'ah compliant

Transfer cash, make payments and be confident that all of the services are Shari'ah compliant.

Annual Profit Share
Annual profit share

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

No monthly charges
Convenience

Access your savings account via online or the banking app at any time.

Investment access
Access to capital 

Immediate access to your capital with no minimum or maximum investment period.

Benefits and how to get it

  • To open an Islamic Savings account you will need

    • A minimum deposit of R50
    • To maintain a minimum balance of R50
    • A valid bar-coded South African ID or a valid passport for foreign nationals
    • Proof of residence

  • Account features

    • Shari'ah compliant
    • Monthly fee of R30
    • Immediate access to your capital with no minimum or maximum investment period
    • You are able to conduct all types of electronic payments and transfer transactions, and you can access your funds via ATMs or Absa branches
    • If you have R16 500 or more in your account, certain transaction fees will be waived
    • Get your statements on request
    • The ability to make third party payments
    • 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
    • Convenient 24-hour self-service access through Absa Online, mobile banking app and telephone banking

  • How to use an Islamic Savings account to transact

    • Get a card that can be used for transactions at an ATM and point-of-sale (POS)
    • You get an Islamic Cheque Absa debit chip card with a unique PIN (Personal Identification Number) for added security
    • Shop securely with One-Time PIN transaction verification
    • Use your debit card to check your balance and statement, withdraw, deposit and transfer money at ATMs
    • Visit absa.co.za and register for Absa Online:
      • Instantly set limits to pay beneficiaries
      • Reset a locked or forgotten online password
      • Retrieve your debit PIN online
      • Make immediate interbank payments online
    • You can change your PIN at any Absa ATM or Absa branch
    • Add Absa Rewards and you’ll earn cash rewards on all qualifying transactions every time you swipe your debit card
    • A debit card which can be used worldwide
    • Your account number stays the same even if you upgrade your account or transfer to another branch

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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