NAIROBI, Kenya, July 11 – Absa Bank Kenya has unveiled La Riba Timiza, the nation’s first totally Shariah-compliant cellular banking platform by a Tier 1 financial institution, alongside the La Riba Card, a riba-free fee card developed in keeping with Islamic finance ideas.
The transfer is aimed toward deepening monetary inclusion by providing moral, values-based banking merchandise that serve Kenya’s rising Islamic finance market. The new merchandise are designed for people and companies searching for interest-free, Shariah-compliant monetary options.
La Riba Timiza, accessible by way of the Timiza app or by dialing *848#, permits clients to make funds, entry short-term financing, and save in the direction of private targets — all inside the framework of Islamic banking, which prohibits curiosity (riba).
La Riba Card, in the meantime, gives versatile fee choices, reductions, cashback rewards, and entry to premium airport lounges. It is tailor-made to clients preferring a Shariah-compliant way of life, together with small companies and professionals.
“We take nice delight in being the primary financial institution in Kenya to pioneer Islamic banking 20 years in the past, and now we’re additionally the primary Tier 1 financial institution to launch a totally Shariah-compliant cellular banking service,” stated Abdi Mohamed, Absa Bank Kenya CEO. “These improvements replicate our dedication to moral, inclusive, and accessible banking.”
Both merchandise are structured across the Murabaha precept, which includes cost-plus-profit preparations slightly than interest-based lending. Absa confirmed that they have been developed in full session with the financial institution’s impartial Shariah Board to make sure strict compliance with Islamic monetary rules.
The launch alerts Absa’s strategic concentrate on tapping into Kenya’s rising demand for faith-based monetary companies whereas contributing to the nationwide agenda on monetary inclusion.
