ABSA Banking Solution | Islamic banking

• 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 Board comprising of eminent scholars in the field of Islamic banking:

• Sheikh Tauha Karaan
• 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.

• Is Absa Islamic banking in line with international standards?

Islamic banking is relatively new in South Africa, but we have been making great efforts and have already received significant international recognition. We won the 2006 Shari’ah Deal of the Year for South Africa and the 2007 award for the best Islamic Offering from a Conventional Bank. Absa Islamic Banking has also achieved the award for the Best Islamic Bank in Africa for the year ending 2007 & 2008 and in 2009, 2010, 2011, 2012, 2013 and 2014 Islamic Banking won Best Islamic Bank in SA. Global Finance magazine analysts also awarded us the Best Islamic Bank in Africa and the Middle East (non GCC for 2009, 2010 and 2011).
Voted Best Islamic Window in 2024 at Banker Africa awards.

• Does the cheque account have an overdraft facility?

 No overdraft facility is available.

• What happens if my cheque account is overdrawn?