Are you curious to learn about the Absa Islamic dynamic deposit in South Africa? Then check out this guide!
This account prioritizes long-term earnings and is guided by the shariah law.
This product allows you to choose the deposit amount investment term and choose the amount you want to access immediately.
We will first show you the requirements to qualify for this account.
Requirements For Islamic Dynamic Deposit
Below are the requirements to apply for the Absa Islamic dynamic deposit:
- You need your ID book or smart ID
- Proof of residence not older than three months
- An initial deposit of R1 000
These are the basic requirements to apply for Absa Islamic deposit in South Africa.
Absa Islamic Dynamic Deposit
Your capital is guaranteed just like in other Absa fixed deposit accounts.
You are not charged any monthly fees for this account.
To open an account, you need a minimum investment of R1 000.
You can choose a flexible investment term from 8 days to 60 months.
You can have immediate access to 0%, 10%, 20%, 30%, 40% or 50% of your investment.
You can choose to receive your profit share paid out or capitalized every month.
You qualify to earn an additional 0.5% per year on a deposit of up to R100 000 invested for 12 months or longer provided that you are 55 years and older.
You do not earn interest from this account, but instead, you agree on the share of profit and losses from the account.
These are the features of the Islamic dynamic deposit in South Africa.
What Are The Benefits
You have access to some of your mudarabah funds during the savings term.
The minimum number of funds you can access is 0%, and the maximum is 50%.
There are no hidden costs in this account, meaning that it’s an affordable investment product.
You can offer additional profit share for more significant investments.
These are the benefits of the Absa Islamic dynamic deposit in South Africa.