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ABSA

Absa Islamic TargetSave Account

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.

Absa Islamic TargetSave Account
Saving, Image Credit: Commerce Bank Of Wyoming

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.

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

  • 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.

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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