In our guide today we will focus on Absa Islamic profit shares in south africa.
The term ‘Mudarabah,’ is used to mean the form of profit-sharing enterprise in the Islamic economic system.
The Absa Islamic products follow a defined process of calculated and distributed profits.
These products have been developed for the Muslim community, who willingly operate financially according to Shari’ah law.
We will first show you products for the Absa Islamic profit shares.
Absa Islamic Profit Shares
Absa Islamic profit shares have well-defined profit-sharing ratios which are received from shariah investment activities.
The profits are shared between customers and Absa over the agreed profit sharing ratios.
The shariah supervisory board approves profits upon doing the calculations.
Distribution of profit shares is done at the financial period selected for Madhubala investments.
These are the features of Islamic profit shares in South Africa.
What Are The Products
There are five Mudharabah products namely:
- Islamic savings account
- Islamic youth account
- Islamic target save account
- Islamic term deposit account
- Islamic dynamic deposit account.
The Islamic savings account is ideal when you want to save based on the pre-agreed profit share principle.
Islamic target saving account provided its customer with returns based on the Mudharabah principle and managed separately from other Absa funds.
Islamic youth account is a transactional and savings account that provides under 20s materials needed to become responsible money savers.
Islamic term deposit accounts offer a competitive return that will vary according to your chosen investment period.
Islamic dynamic deposit account allows you to choose your depositing terms and investment amount and gives you the chance to choose the amount of money you would like to access immediately.
These are the products of Islamic profit shares in South Africa.
What are the benefits Of The Islamic Profit Shares In South Africa
You will get an additional profit share for large investments.
You get a chance to choose a flexible investment term from 8 days to 60 months.
There are no monthly admin fees where you choose to receive your profit shares paid out or capitalized every month.
You get a debit card that is accepted worldwide, and you’ll be given statements if you so wish.
You are given accounts notification of activities via SMS or email and statements with electronic funds transfers in the Islamic youth account.
These are the benefits of Absa Islamic profit shares in South Africa.