Absa Bank Limited is a wholly-owned subsidiary of the Barclays Africa Group. The bank provides services primarily in South Africa and Namibia.
Absa Bank has a long history in the South African financial market. The institution continues to grow steadily. Now forming part of the Barclays group, Absa strives to extend its leverage on the financial market.
The bank offers a range of transactional, credit, savings and investment solutions. The bank also offers Islamic Banking.
More about Absa Islamic Banking
This type of banking offers specialised banking solutions. It is available to anyone who wants to bank differently –not only members of the Muslim community.
This type of banking complies with Shari’ah (Islamic Law) and its practical application through the development of Islamic economics.
The basic principles that govern Islamic banking are the sharing of profit and loss and that it is a culturally distinct form of ethical investing.
It prohibits the collection and payment of interest by lenders and investors. This is because the collection of interest is not permitted under Islamic banking law.
What benefits are offered?
Absa Islamic Banking is a Shari’ah-compliant product that makes mobile banking easier.
Customers have the ability to swipe their cards worldwide. There are no limits on where you swipe the card. As an Absa Islamic Banking customer you can manage and track your account online.
You get rewarded for using your card. You are responsible for ensuring that the rewards are used for benefits which are provided by Shari’ah Law.
You get access to a dedicated Islamic window.
You can manage and track your account online. This means that you can save a significant amount of time and money by avoiding having to spend hours waiting in long bank queues.