Absa Bank Kenya PLC has announced that it launched a new Shariah compliant account designed to empower women entrepreneurs with financial independence and business growth.
Dubbed the La Riba Sultanah account, it is designed to help customers manage finances effortlessly, grow their savings while aligning to their values. Additionally, customers can access diverse Shariah compliant personal and business financing, mentorship and networking, and markets through business clubs and partner conferences.
Speaking during the launch, Absa Bank Kenya Chief Finance Officer Yusuf Omari said that Sultanah is built for the visionary business woman that wants to bank ethically while meeting their business financial goals.
“La Riba Sultanah is designed to empower women without compromising their values. It reflects our continued efforts to support all segments of the economy by providing inclusive, ethical, and innovative financial solutions that enable our customers to thrive,” said Mr. Omari.
He added: “We are making deliberate efforts towards serving women who have historically been excluded from the financial ecosystem and active economic participation due to a lack of tailored financial solutions. Through Sultanah, we are bridging this gap by providing them with the right tools for financial management, savings, and investment that align with their faith, values, and ambitions.”
Additionally, customers will access a Shariah compliant Credit Card that has an enhanced value proposition, including cashbacks and discounts, health and wellness with complimentary health check-ups and wellness packages at partner clinics, education and career advancement programmes.
The solution was launched on the sidelines of the 2025 Absa Annual Islamic Conference in Nairobi, which brought together scholars, industry leaders and policy makers for a two-day deliberation on the legal framework surrounding Islamic finance.
Among the key highlights of the conference was the launch of the Association of Shariah Compliant Services Providers of Kenya. The association aims to facilitate advocacy, lobbying, and the demystification of Islamic finance as an alternative model for financial inclusion. The association will also facilitate research and generate evidence-based data to inform policymaking and work towards influencing responsive policy frameworks.
A leader in the sector, Absa Bank Kenya was the first bank to introduce Islamic banking in Kenya two decades ago. This underscores the bank’s commitment to innovations that cater to diverse segments.
Absa Bank’s La Riba offerings are grounded on Murabaha, an Islamic principle that strictly forbids transactions involving interest. They were 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.
In July, Absa Bank launched La Riba Timiza, Kenya’s first fully mobile banking platform and the Absa La Riba Card, a Shariah-compliant card.