Learn more about our Shari’ah-compliant products

Absa’s Islamic banking is advised and guided by the independent Shari’ah Supervisory Committee, a panel of experts in Shari’ah law and its application in economics.

Here’s what you need to know

  • How can a conventional bank offer Islamic banking services?

    1. Conventional banks can sell Shari’ah-compliant products because Islamic law does not require that the seller of the product be Muslim or that its other services also be Islamic. It does require that the product or service be in compliance with Shari’ah guidelines.
    2. Absa Islamic banking has not only developed Shari’ah-compliant products but it has adopted an end to end Shari’ah process. All our products and detailed embedded processes are approved and certified by the Absa Islamic banking independent Shari’ah Supervisory Committee comprising of eminent scholars in the field of Islamic banking:

    • Mufti Ashraf Qureishi
    • Dr Yunoos Osman
    • Dr Aznan bin Hasan
  • How can Absa Islamic banking and its products be considered Islamic?

    Absa Islamic banking has not only developed Shari’ah-compliant products but it has adopted an end-to-end Shari’ah process. All our products and detailed embedded processes are approved and certified by the Absa Islamic banking Shari’ah Supervisory Board, comprising of eminent scholars in the field of Islamic banking. The scholars are not employees of Absa Islamic banking and are independent.

  • What constitutes Riba?

    Simply, Riba is also interest. “Any loan that derives benefit”. It could be understood by the following example: If person A lends person B R10 000 and requires B to pay him R11 000 after four months, the additional R1000 is interest and impermissible.

    Note: Riba is a fundamental prohibition in terms of Islamic law.

  • Is my debit card for use in other countries?

    Your Absa Islamic banking debit card can be used for transactions in SA and internationally wherever you see the Visa / Visa Electron or Maestro / MasterCard logos are displayed. The logo on your debit card will guide you on where your card may be used e.g. at retailers that accept MasterCard.

  • Are the Islamic products for Muslims only?

    Islamic deposits are ringfenced within Absa and utilised to fund Shari’ah Compliant financing and trading activities. The profits generated from these commercial transactions are then shared with depositors according to the agreed upon profit share ratios applicable to the relevant Savings and Investments products offered.

  • Islamic Personal Banking Brochure

    Download your brochure to find out how you can manage your finances in line with Shari'ah law.

More about Shari'ah-compliant banking

  • How are the profits generated?

    Profit is calculated on the average daily balance.
    Capitalisation takes place on the 31 December of every year and the payment takes place on 25 January each year.

Please note: To provide our products and services, we collaborate with other companies, some of which may use our branding. Our Privacy Policy does not apply to these companies' websites. For their privacy policies, please refer to the respective service provider's site.

Need more help?

Let one of our consultants help you with your Islamic banking enquiries.

Call us on: 0860 000 786

Email us at: islamicbanking@absa.co.za

Visit your nearest branch