Article by Absa Bank
Absa offers you exclusive banking solutions to suit your specific financial requirements.Absa Islamic Banking is advised and guided by the independent Shariah Supervisory Board, a panel of experts in Shariah Law and its application in economics.We understand that customers who seek Shariah-compliant banking solutions have essentially the same banking requirements as other customers, and our solutions are developed to ensure you are able to manage your personal finances with ease, freedom and flexibility.Islamic banking is an alternative to conventional banking that is available to anyone who seeks a different approach to financial services, not only for members of the Muslim community who wish to operate financially in line with Shariah Law.Islamic banking has attracted attention recently due to the speed of its growth internationally and the fact that Islamic banks fared better than conventional banks in the recent economic crisis, due to the strict guidelines of Shariah.Islamic Cheque AccountEveryday banking cheque account which is fully compliant with Shariah LawDo you want to be able to access and manage your money anytime, anywhere, while complying with Shariah Law? With an Absa Islamic Cheque Account, you will be able to manage your everyday banking needs, from making withdrawals, deposits, transfers and payments to requesting balances and statements confident that all of the services are Shariah compliant.An Absa Islamic Cheque Account also lets you manage your money in a variety of convenient ways, including via the internet, your cellphone, an ATM, the telephone or your nearest Absa branch.Islamic Vehicle and Asset FinanceNo matter what kind of vehicle or other movable asset you need, or whether it is for business or personal use, Absa Islamic Vehicle and Asset Finance will ensure that you get the best deal in a fully Shariah compliant manner.Using the concept of Ijaarah, which is similar to leasing, you can enjoy access to a vehicle or other movable asset for a fixed period and price. This approach is Shariah compliant and allows you to benefit from the unique advantages as well, such as 100% financing and various tax benefits.Islamic SavingsA Shariah-compliant savings account that provides you with a negotiated profit-share payout and a card that you can use to access your funds at any timeIslamic TargetSave from AbsaA monthly deposit account that will produce returns at the end of the calendar year, based on the Mudarabah profit-share principle and the proportion of your contribution.With no administrative or service fees, an Islamic TargetSave Account provides an affordable and effective way of obtaining returns on your savings, even if you
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