A savings plan based on the Mudarabah principle

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.
 

Apply now
Apply now

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
Immediate access to your money

Funds are available for withdrawal without notice for 35 days after 31st December.

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 existing Absa customer, you can apply for an Islamic Target Save account online using Absa Online. If you are not an Absa customer, registering to become one is quick and easy.

When applying for an Islamic TargetSave account, you will need the following:

  • Your ID
  • Proof of residence (not older than 3 months)
  • A minimum initial deposit of R100 to open the account
  • A minimum monthly deposit of R100 for at least 6 months
Features of an Islamic TargetSave account
  • Monthly commitment and minimum balance of R100
  • 4 withdrawals per year with 32 days’ notice required before each withdrawal
  • Statements are issued on request

Need more help?

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

Call us on:

0860 000 786

E-mail us at:

islamicbanking@absa.co.za 

Visit your nearest branch