Joining a fast-growing niche segment, Absa Bank Botswana has expanded its services, introducing its latest product, the Islamic Banking Fixed Deposit Account. Through this product, transactions are done under the governance of Shari’ah Law.

The Absa Islamic Banking Fixed Deposit Account features include statements upon request, a minimum opening balance of P1,000 and an investment term of eight days up to five years.

Moreover, the Islamic Banking proposition has a dedicated Relationship Manager and Contact Centre Support. The account has been certified Shari’ah-compliant by an independent Shari’ah Advisory Committee.

Speaking during the launch, Absa Bank Botswana Managing Director, Keabetswe Pheko-Moshagane said the growth of Islamic finance has been exponential during the last few years hence Absa’s introduction of an alternative form of saving and investing that operates separately from other conventional accounts.

“After recognising the growing need for banking products and services that specifically address the requirements of our customers, we have decided to introduce Islamic banking.

“As a bank, we remain dedicated to finding relevant and purposeful solutions dedicated to meet the ever-evolving needs of our customers. We continue to offer customer-centric solutions and we are excited to introduce a value-offering solution to the market that provides an alternative form of banking and investing,” she said. Pheko-Moshagane said although the primary target market of Islamic Banking is the Muslim community, this proportion is not exclusive to Muslims.

She said the proposition is available to anyone that would like to consume Islamic Banking products irrespective of their religious denomination.“Absa Bank Botswana will continue to develop and grow the Islamic Banking portfolio to meet the diverse needs of customers.

“The bank commits to becoming the leading financial services partner in the market. Part of our commitment as Absa Bank Botswana

is building and creating a friendly banking environment for our customers. Our goal is to expand access to tailor-made financial services and cater to the different needs of our customers and help them find ways to get things done,” said Pheko-Moshagane.