Absa Bank Kenya PLC has enhanced its Shariah-compliant banking offering by launching two products in response tailored to the customer. La Riba Timiza is Kenya’s first fully mobile banking platform by a Tier 1 Bank and the Absa La Riba Card, is a Shariah-compliant card that makes payments easier for customers.
This is part of Absa bank Kenya’s strategic commitment to deepen financial inclusion by catering to diverse consumer segments.
The La Riba Timiza is a mobile banking solution that offers customers convenience in payments, instant short-term financing, and the ability to save towards a goal in accordance with Islamic finance principles. Customers can access this via the Timiza mobile application, which is available on Google Play or the App Store and select the La Riba option, or through the USSD code *848#.
On the other hand, the La Riba Card serves as an everyday payment solution for individuals and businesses.
La Riba customers benefit from an unsecured financing limit with flexible repayment options, exclusive discounts with every Visa card swipe, cashback rewards on local and international purchases, and access to premium international Airport Lounge experiences, among other advantages.
Absa Bank Kenya, CEO, Abdi Mohamed says the lender is keen on extending access to financial services to underserved and unserved customer segments.
“We take great pride in being the first Bank in Kenya to pioneer Islamic banking 20 years ago, and now we are also the first Tier 1 Bank to launch a fully Shariah-compliant mobile banking service platform. Our additional offerings under La Riba banking, which are rooted in Islamic values, provide a range of ethical, inclusive, and accessible financial solutions tailored to meet the needs of our Islamic customers.
“Our goal is to promote greater financial inclusion. At the heart of this is the belief that every story matters, and we are dedicated to supporting our customers’ growth journeys and co-creating solutions that align with their beliefs and values,” said Mohamed.
The La Riba Timiza and La Riba Card are based on Murabaha, an Islamic principle that strictly forbids transactions involving interest, and have been developed in close consultation with Absa Bank’s independent Shariah Board to ensure they adhere to Islamic finance standards and meet the financial needs of the Muslim community.
La Riba banking is designed not only to serve Muslim customers but also to accommodate conscientious non-Muslim customers who follow Shariah guiding principles and values.
Absa Bank Kenya last year opened its first flagship La Riba Centre at BBS Mall in Eastleigh, Nairobi County.