Absa Bank Kenya PLC has enhanced its Shariah compliant banking product with the launch of La Riba Timiza and Absa La Riba Card.
La Riba Timiza is a mobile banking solution that offers payment options, instant loans, and the ability to save towards a goal in accordance with Islamic finance principles. Customers can access this via the Timiza mobile application, which is available on Google Play or the App Store and select the La Riba option. It can also be accessed via the USSD code *848#.
On the other hand, the La Riba Card serves as an everyday payment solution for individuals and businesses. La Riba customers benefit from an unsecured financing limit with flexible repayment options, exclusive discounts with every Visa card swipe, cashback rewards on local and international purchases. They also have access to premium international Airport Lounge experiences, among other advantages.
Speaking during the launch of the enhanced La Riba banking offering, Absa Bank Kenya MD & CEO Abdi Mohamed reiterated the Bank’s focus on extending access to financial services to underserved and unserved customer segments.
“We take great pride in being the first Bank in Kenya to pioneer Islamic banking 20 years ago, and now we are also the first Tier 1 Bank to launch a fully Shariah-compliant mobile banking service platform. Our additional offerings under La Riba banking, which are rooted in Islamic values, provide a range of ethical, inclusive, and accessible financial solutions tailored to meet the needs of our Islamic customers. Our goal is to promote greater financial inclusion. At the heart of this is the belief that every story matters, and we are dedicated to supporting our customers’ growth journeys and co-creating solutions that align with their beliefs and values.” said Mr. Mohamed.
The La Riba Timiza and La Riba Card are based on Murabaha, an Islamic principle that strictly forbids transactions involving interest. Both products have been developed in close consultation with Absa Bank’s independent Shariah Board to ensure they adhere to Islamic finance standards and meet the financial needs of the Muslim community.
La Riba banking is designed not only to serve Muslim customers but also to accommodate conscientious non-Muslim customers who follow Shariah guiding principles and values.
Last year, Absa Bank Kenya opened its first flagship La Riba Centre at BBS Mall, Eastleigh. The Bank also launched Kenya’s first Shariah-compliant structured investment notes, tailored for premier clients, as well as Tawarruq, an unsecured personal lending solution.