Absa launches interest-free banking with more savings

Absa Islamic Banking has launched the world’s first Islamic Cheque Value Bundle.

July 29, 2013

Absa Islamic Banking has launched the world’s first Islamic Cheque Value Bundle which is a Shari’ah compliant banking solution that presents customers with a bundle of transactions and other services included in a competitive single monthly fee and further cash back on their banking as they add further products to the bundle.

This follows a year after Absa Bank introduced the conventional Value Bundles account which was recognised by 2012’s Finweek Survey of bank fees as the best value transactional option from South African banks.

“Absa’s Islamic Cheque Value Bundle offering will be the first Shari’ah compliant product of its kind to be marketed in the world. With the Value Bundles rebate customers can enjoy monthly savings of up to 70% of their monthly fees depending on the type of account they hold and the number of eligible products they have with us,” said Arrie Rautenbach, Absa Head of Retail Banking.

He adds: “Absa Rewards members could build up even more uncapped cash rewards on Debit, Credit and Cheque card spend with the Value Bundles offering, where customers can earn up to 1% of their spend on any card, regardless of how much they spend.”

The bank said customers with the new Absa Islamic Cheque Value Bundle will receive free Absa Rewards subscription for one year, free bank switching assistance, cash rebates for taking up several other eligible products, discount on the monthly fee for keeping a set positive balance and unique to Absa – the rollover of free unused transactions for one month, among other benefits.

Rautenbach further described the undertaking as truly consumer led based not only on need but also social preference. “We understand that customers who seek Shar’iah-compliant banking solutions have essentially the same banking requirements as other customers, and our solutions are developed to ensure they are able to manage their personal finances with ease, freedom and flexibility.”

“By allowing us the ability to offer these great savings to an interest free banking model, this offering ensures that Absa Islamic Banking customer’s needs are put first. This is in line with our focus on the customer that seeks to make banking easier and more affordable for our customers,” concludes Rautenbach.