Islamic Banking Cheque Accounts

ABSA and FNB offer Islamic finance products that are all Shari’ah compliant. These Islamic banking in South Africa accounts have no credit or debit interest and there is also no overdraft facility. They are Cheque Accounts which make them transactional accounts and are perfect for Islamic finance.

Compare Islamic banking accounts before you decide to just use one.

Islamic ABSA Banking

The Islamic finance account from ABSA is called the Islamic Silver Value Bundle which requires you to pay a monthly fee of R79. In order to qualify for this particular Islamic finance product you will need to earn a minimum of R3000 per month.

The ABSA Islamic finance account will give you free and unlimited swiping, unlimited debit orders, SMS payment notifications and allow you to make electronic transfers and electronic payments. This then makes Islamic banking in South Africa easier.

You receive 5 free withdrawals per month and after you have used these 5 free withdrawals’ you will pay R3.95 plus 1.15% of the amount that you are withdrawing. If you use another banks ATM facility you pay R9.95 plus 1.15%.

When there is an unpaid debit order a fee of R60 each will apply to the first 3 and then R138 each within 12 months.

ABSA also offer two other Islamic finance in South Africa accounts those being the Gold Islamic cheque account which is R109 per month and the Platinum which is R149. You can apply to these if you meet the income criteria.

If you are able to maintain a certain positive balance in your account then you may receive up to half price on your monthly fee.

Islamic FNB Banking 

FNB offer Islamic banking in South Africa with the Islamic Smart Cheque Account that has a monthly fee of R84 and you will need to earn R2000 per month to qualify.

You receive free and unlimited swiping, free subscription to online, cell phone and telephone banking, unlimited debit orders, electronic transfers, electronic payments and SMS notifications.

When you withdraw from an FNB ATM there is no fee for the first 6 withdrawals in the month but after these the fee is R6.30 per R500. If you withdraw from a different banks ATM the fee is 1.26% of the amount withdrawn plus R6.50.

Unpaid debit order fees are the same as ABSA being R60 each for the first 3 and then R138 each within 12 months.

If you qualify on the income criteria you can also look at the FNB Gold Islamic Cheque Account which is R100 per month and the Platinum account which is R135 per month.

You can apply for these Islamic finance products online as long as you have all your necessary documentation or you can go into a branch and open this Islamic finance in South Africa options.

Islamic banking in South Africa is then available and they do comply with Shari’ah making Islamic finance in South Africa easy and you are able to transfer and make payments quickly by using online banking.

If you are not sure about these accounts then it’s a good idea to compare them accurately and to also call the branches and enquire.

Reviews

ABSA -

03-06-2019

FNB -

30-05-2019

FNB -

Forex

Lianagainsford 21-10-2017

FNB -

Lianagainsford 21-10-2017

ABSA -

11-10-2017

NEDBANK -

2017 30-08-2017

ABSA - online banking

can some one tell me if you can open an account online if you not SA citizen and you live offshore?

ronaldndenda 30-08-2017

ABSA -

ronaldndenda 30-08-2017

ABSA - Student loan

Can i be please granted with a student loan i need to further my studies next year.

Moshiliabne 21-08-2017

FNB - Credit Card Fraud on a card i hadn't received yet

I upgraded my credit card and fraud happened on the card that was still with the couriers and they had linked my cheque card to that card as well and transactions were done also from the cheque account. My question was who linked my cheque card to a credit card that i hadn't received yet and i was given lousy excuses, no apology from the bank what so ever. I then decided to closed both my cheque account and credit card and I want nothing to do with the bank anymore. They might have the best self service channels but their contact centre sucks. bad service, consultant drop calls and are very rude. I wonder if tehy listen to their calls or if they have Quality Assurance. But hey i'm happy with the bank i choose after them. They treat me like i'm their only customer.

18-08-2017

CAPITEC BANK -

Kati 02-08-2017

ABSA -

27-07-2017

ABSA -

27-07-2017

Standard Bank -

27-07-2017

Standard Bank -

27-07-2017

ABSA -

27-07-2017

ABSA -

27-07-2017

ABSA -

27-07-2017

ABSA -

27-07-2017

ABSA -

27-07-2017

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