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Absa introduces Islamic Business Banking

13 October 2011 Absa

Absa has introduced an Islamic business current account for its customers in an effort to meet their Islamic business needs.

The Bank, through its award-winning Islamic banking division, Absa Islamic Banking (AIB), has partnered with Absa Business Bank to further enhance Absa’s, Islamic business product offerings.

Until recently, AIB concentrated on the retail market, and now Absa will follow a holistic approach by offering a full customer value proposition to the Islamic business market as well.

“The need for business banking products has become critical to further enhance our current market share and offer innovative financial solutions to our customers," says Amman Muhammad, Managing Director of Absa Islamic Banking.

He adds that plans are afoot to subsequently extend Islamic business banking to other African countries. Islamic Retail and Corporate banking products have already been rolled out in Tanzania.

“The synchronisation of Absa Business Bank and Absa Islamic Banking in developing products of this nature serves to re-affirm Absa’s pledge as the premier provider of Islamic financial solutions in Africa,” says Muhammad.

Marcel De Klerk, Head of Product for Absa Business Bank says: “The launch of Islamic business products will not only broaden the range of our current offering in this business sector, but will strengthen our relationships and commitment to providing complete banking solutions for all our customers.”

He points out that these new products were designed to give business owners an option to choose Shari’ah-compliant solutions to address the crucial need for expansion and development of their business.

“It will ensure that the momentum and focus for expansion into this market is maintained and will enhance Absa’s reputation as a market leader for Islamic business Banking on the African continent.”

The current offering ranges from the transactional account for day-to-day financial management requirements via the use of the branch banking footprint to advanced electronic services.

The product value proposition includes savings and investments, term deposits, commercial asset finance and Takaful. Takaful, a Shari’ah compliant alternative which allows customers the peace of mind that comes with being well-insured.

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