Absa launches new Islamic banking product
After recognising the growing need for banking products and services that specifically address the requirements of its customers, Absa Bank Botswana introduces Islamic Banking Fixed Deposit Account.
The growth of Islamic finance has been exponential during the last few years. The bank has developed the introduction for an alternative form of saving and investing that operates separately from other conventional accounts. Through this product, transactions are done under the governance of Shari’ah Law. “As a bank, we remain dedicated to finding relevant and purposeful solutions dedicated to meeting the everevolving needs of our customers. We continue to offer customer- centric solutions and we are excited to introduce a value offering solution to the market that provides an alternative form of banking and investing,” said Keabetswe Pheko- Moshagane, Managing Director, Absa Bank Botswana. The Absa Islamic Banking Fixed Deposit Account features include statements upon request, a minimum opening balance of P1000, and an investment term of eight days up to five years. Moreover, the Islamic Banking proposition has a dedicated Relationship Manager ( RM) and Contact Centre Support. The account has been certified Shari’ah compliant by an independent Shari’ah Advisory Committee.
Although the primary target market of Islamic Banking is the Muslim Community, this proposition is not exclusively for Muslims. The proposition is available to anyone that would like to consume Islamic Banking products irrespective of their religious denomination. Absa Bank Botswana will continue to develop and grow the Islamic Banking portfolio to meet the diverse needs of customers. The Bank commits to becoming the leading financial services partner in the market.
“Part of our commitment as Absa Bank Botswana is building and creating a friendly banking environment for our customers. Our goal is to expand access to tailor- made financial services and cater to the different needs of our customers and help them find ways to get things done,” concluded Keabetswe PhekoMoshagane.