Are you interested in learning about the Absa Islamic target save in South Africa? Then check out this article.
This disciplined savings account offers good profit sharing in exchange for saving a specified amount of money every month for a certain period.
The account provides you with returns-based on the Mudarabah principle, which is ring-fenced and managed independently from other Absa funds.
The returns and profits are also compliant with the shariah laws.
We will start by showing you the requirements to apply for this account.
What Are The Requirements
Below are the requirements to apply for the account:
- A valid South African ID
- You need proof of residence not older than 90 days
- R100 deposit to open the account
- You should make a monthly deposit of R100 for at least six months
These are the basic requirements to apply for the Absa Islamic target save in South Africa.
How To Apply For Absa Islamic Target Save
If you are an existing Absa client, you can apply for this account through Absa online banking or the mobile app.
If you are not registered for online banking, you can visit the nearest Absa branch, where you will register and get a PIN.
Use the PIN given to activate your online banking.
If you are a new client, you need to visit the Absa branch near you and apply for the product.
Remember to carry with you all the documents stated above.
This is how to apply for the Absa Islamic target save in South Africa.
Absa Islamic Target Save
As the name suggests, the account’s main objective is to save towards a target.
You need to make a monthly commitment of R100.
Your account balance should not be less than R100.
You can make up to four withdrawals in a year with 32 days’ notice.
If you withdraw before the 32 days notice, you will be penalized heavily.
You will be issued the account statements anytime you request, free of charge.
If you have any queries regarding your account, you can contact Absa through 0860 000 786.
This is all you need to know about Absa target save in South Africa.