Absa Islamic Savings Account

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South African Coins and Notes, Image Credit: Wikipedia

Get an Absa Islamic Savings Account and start saving and managing your money – this can be the way to start your banking profile with the bank you trust. This account is based on the Mudarabah pre-agreed profit-share principle.

The Absa Islamic Savings Account is Shari’ah compliant, thus you can enjoy the freedom of doing your daily banking routine. You will be able to enjoy the profit share annually, and it is aligned with the principle of Shari’ah laws.

The Islamic Youth account has no monthly fees and it is designed to best suit your everyday way of banking. You get access to your funds any time of the day; there are no minimum or maximum investment periods.

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Requirements for opening the Islamic Savings Account

  • Opening this account requires a minimum deposit of R50 as an activation fee, and the R50 balance has to be maintained within the account
  • You will have to produce a valid South African ID or passport
  • Proof of residence not older than 3 months is needed to continue with the process to open your account

Islamic Saving Account Features

  • The account is Shari’ah compliant (Shari’ah – the code of law derived from the Koran and from the teachings and example of Mohammed – Lingoes )
  • Your investment is accessible immediately; there are no minimum or maximum investment periods. You can immediately use the funds however you want.
  • The Islamic Saving Account gives you all banking features, you can make electronic payments or make ATM withdrawals or visit the Absa branches for withdrawals and/or any kind of query you have for your account.
  • You will be able to make requests and get your banking statements
  • If your account has R16 500 or more, you will be able to make some transactions for free
  • Your Islamic Saving Account will be able to make payments to other banks and or any other 3rd party payment
  • Absa’s financial year-end is on the 31st of December; your annual profit share will be paid into your Islamic Savings account on the 25th of January of the following year.
  • Get access to Aba Online Banking, Absa Banking App and Telephone Banking any time of the day.

You can make as many transactions as you wish. The Islamic Saving Account comes with a card (Islamic Cheque Absa debit chip card) to make all kinds of ATM and POS (Point-of-sale) transactions (checking balances, statements, withdrawals, deposits and transfer money at ATMs).  Please keep your Pin safe as it’s your personal identification number and no one should know it.

You can shop online with the One Time PIN transaction as part of verification for security measures. You will be able to register for online banking. Absa Online Banking gives you access to set limits, pay beneficiaries, set or reset online passwords, retrieve debit card pin, you can transfer money between your accounts.

Change your PIN at any Absa branch and or Absa ATM, earn rewards when you swipe your debit card and can be used globally. Your account number stays the same regardless that you upgrade or transfer to another branch; it is advisable that you visit the Absa Islamic Saving Account Page for more information.

You can call 0860 000 786 for additional information or email islamicbanking@absa.co.za alternatively, you can visit the nearest Absa Branch.


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