It’s your Account, you decide how you want to save, how much and for how long. Absa offers you a chance to choose your Target and Save as you wish for a set period of time. The Absa Islamic TargetSave Account is designed to offer profit for saving a monthly specified amount of money each month for a period of your choice.
Your returns/profit share will be based on the Mudarabah principle and aligned to the principle of Shari’ah laws.
Your account matures on the 31st of December – during this period, you will have access to your fund for 10 days when your 10 days elapse, you will have to initiate a 32 days’ notice to access your funds again. The TargetSave Account from the Absa Islamic Banking has no monthly fees and there are no hidden costs.
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You are welcome to open the account online if you have Absa Online Banking, or you can open one for a quick registration.
Absa Islamic Target Account Requirements
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- Opening this account requires a minimum initial deposit of R100 and a minimum of R100 monthly deposits for at least 6 months.
- 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
You will need to adhere to your monthly commitment and your account must have a minimum balance of R100
In a period of a year, you will be able to make 4 withdrawals with a 32-days’ notice for each period. You have to request a banking statement to be issued when using the Absa Islamic TargetSave Account.
It is advisable that you visit the Absa Islamic TargetSave Account Page for more information.