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.
How to get it and what can you expect
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
- Monthly commitment and minimum balance of R100
- Four withdrawals per year with 32 days’ notice required before each withdrawal
- Statements are issued on request