Shari'ah Law governs the manner in which Muslim people conduct their lives, including banking. Islamic Banking is deduced from the Shari'ah Law; hence it differs from conventional banking and forbids the payment or earning of interest, among other requirements.
As an alternative financial system to conventional banking, each of the solutions within Absa Islamic Banking are managed and administered according to Shari’ah Law under the guidance of the Absa Shari’ah Supervisory Board - comprising learned Muslim scholars.
This independent board specialises in Fiqh Almua’malat (Islamic Commercial Jurisprudence), directing, approving, reviewing, supervising and monitoring the activities of Absa Islamic Banking to ensure Shari'ah compliance.
For more information related to Islamic banking products please visit our homepage.