The Absa Islamic Business Evolve Zero Account is a Shari’ah compliant cheque account for sole proprietors. The account was first introduced in 2020 due to the effects of Covid-19 on owner based businesses as they were affected the most.
Sole proprietors are important in the South African economy but are however are the least catered for in the banking sector. Thus Absa Bank came up with the Absa Islamic Business Evolve Zero Account along with the Absa Business Evolve Zero Account to address some of the concerns sole proprietorships encounter.
To assist with the financial needs of sole traders the Absa on this account cut off the monthly service fee completely and added other value-added benefits to help sole proprietors meet their partial compliance objectives.
The Islamic Business Evolve Zero Account offers free quoting and invoicing platforms that sole proprietors can take advantage of. Not only does the account offer quoting and invoicing platforms, but the account also offers a full payroll feature and VAT report generation system.
The Absa Islamic Business Evolve Zero Account is a Shari’ah compliant business cheque account that uses a tier system for transaction purposes. The account has a monthly service fee of R0.00. To qualify for the Islamic Business Evolve Zero Account, clients must be a sole proprietor and earn an annual turnover of less than R5,000,000.00.
The Islamic Business Evolve Zero Account uses a tier system for transactional billing purposes with the main billing categories being payments, immediate payments, debit orders, and debit card purchases. The tiering system is progressive since the cost of transacting increases per tier.
By virtue of having this account, clients get to have access to a dedicated service desk. The team of bankers are there to help sole proprietors with their daily banking needs.
|#||Fee description||Fee per transaction|
|1||Monthly Administration Fee||R0.00|
|2||Payments of first 5 transactions||R1. 45|
|3||Payments of 6 – 10 transactions||R2.50|
|4||Immediate payments to first 5 transactions||R8.00|
|5||Payments of 11 – 190 transactions||R10.00|
|6||Payments of 190 plus transactions||R15.00|
|7||Immediate payment of over 5 transactions||R49.00|
|8||First 5 debit order transactions||R3.50|
|9||Debit orders between 6 – 10 transactions||R6.00|
|10||Debit orders between 11 – 15 transactions||R19.00|
|11||Card purchases for the first 10 transactions||Free|
|12||Card purchases between 11 – 30 transactions||R4.20|
|13||Debit orders of more than 15 transactions||R25.00|
|14||Card purchases between 31 – 80 transactions||R6.00|
|15||Over 80 card purchases||R10.00|
|16||Internal account transfers||Free|
|17||Internal debit orders||Free|
|18||Digital banking subscription||Free|
|19||Cashflow manager offering||Free|
|20||Visa debit card fee||Free|
The Islamic Business Evolve Zero Account offers the best value for money for sole proprietorships. With this account, sole proprietors can now perform banking transactions and also get value-added services for free.