Today we will show you how the Absa Islamic youth account works in South Africa.
Banking is part of our lives in one way or another, and therefore no one is too young to learn about it.
Islamic youth accounts are designed for youths under the age of 20 to help them learn to save from an early age.
We will first show you how to qualify for the account.
How To Qualify For The Absa Islamic Youth Account
Below are the basic requirements for an Absa Islamic youth account:
- In addition, you should be under 20 years at the time of application.
- You need valid proof of residence not older than three months for the Islamic Account.
- Minors under 16 years need to have the original birth certificate
- A valid South African ID or smartbook or a valid passport if you are not a South African citizen
- A parent’s or guardian’s proof of residence not older than three months.
- Parent or guardian original ID
- Consent from parents or guardians at the time of opening the account
These are the requirements to qualify for the Absa Islamic youth loan.
We will now show you how the account works.
Absa Islamic Youth Account
The account’s main objective is to encourage young people to begin banking while still young and understand how money works in the banking system.
It is essential to begin Money management at an early age as it instills an attitude of investing, saving, and spending wisely.
When you open an Islamic account, you are given a debit card accepted countrywide and worldwide where the Visa logo is displayed.
An annual profit share function strictly adheres to Shari’ah legal guidelines.
The benefits of the account are designed for children.
The account holders receive cheap fast food vouchers, free data, and complimentary kids activity classes.
This is how the Absa Islamic youth account works in South Africa.
Now that you know how the account works, we will show you the benefits of having it.
Benefits Of The Islamic Account
Account-holders get free monthly data bundles that can be used through MTN, Vodacom, Cell C, and Telkom.
You get free food vouchers that can be redeemed at selected food outlets.
You have access to the Absa rewards program and can earn cashback.
There is no monthly service fee.
You get a reward if you maintain a balance of R500.00 throughout the month.
There is a free cheque deposit every month.
This is why you should open an Absa Islamic youth account in South Africa.
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