Absa Islamic Gold Value Bundle Account Review 2022

• Absa Islamic Gold Value Bundle Account is comparable to the Absa Gold Value Bundle Account but adheres to Shari’ah regulations.
• There are retrenchment and disability payments as well as an Islamic death benefit included in the Islamic Gold Value Bundle Account.
• Absa Islamic Gold Value Bundle Account is a Shari’ah-compliant check account based on the Qardh structure.
• An Islamic Gold Value Bundle account entitles you to a 50% reduction on the monthly service charge for your spouse.

Everyone, including non-Muslims, can use the Absa Islamic Gold Value Bundle. Anybody looking for a different approach to financial services can open this account as an alternative to traditional banking.

Absa Islamic Gold Value Bundle Account is comparable to the Absa Gold Value Bundle Account but adheres to Shari’ah regulations. There are retrenchment and disability payments as well as an Islamic death benefit included in the Islamic Gold Value Bundle Account.

Absa Islamic Gold Value Bundle Account Summary

Absa Islamic Gold Value Bundle Account is a Shari’ah-compliant check account based on the Qardh structure. A monthly service fee of R109.00 is charged on this account. With an R30,000.00 account balance, 50% savings are available. With this account balance, service fees total R54.50 per month. An Islamic Gold Value Bundle account entitles you to a 50% reduction on the monthly service charge for your spouse.

The account’s Islamic death benefit is R20,000.00. Additionally, the Islamic Gold Value Bundle account includes R5000.00 in retrenchment insurance and R5000.00 in disability insurance, both of which are payable in two R2,500.00 instalments.

The Islamic Gold Value Bundle account includes the Absa Rewards program, which pays cashback on debit card swipes. Your debit card and checks are accepted worldwide.

Absa Islamic Gold Value Bundle Account Benefits

1. 24-hour self-service access to Absa digital platforms at no additional cost.
2. Your account number stays the same even if you want to downgrade or upgrade your account.
3. Comes with security features such as the One Time PIN (OTP), debit card chip, and a unique pin.
4. You get to be a member of the Absa rewards program which will allow you to start earning cashback when you swipe your card.
5. Comes with many unlimited services such as stop orders, internal debit orders, electronic transfers between linked accounts and internal accounts, swipes at point of sale, electronic payments, and notifications.
6. Free Absa ATM cash withdrawals of up to R4,500.00 per month.
7. Free Absa ATM cash deposits of up to R4,500.00 per month.
8. Comes with an Islamic death benefit of R20,000.00.
9. Comes with a retrenchment cover of R5000.00 which is payable in two equal instalments over two months when retrenched.
10. You get a disability cover of R5000.00 which is payable in two equal instalments over two months.

Absa Islamic Gold Value Bundle Account Fees 2022

Competitive Advantages of the Absa Islamic Gold Value Bundle Account

• The account comes with access to Absa rewards program whereby you get rewarded with cash instead of points.
• Comes with multiple unlimited services such as access to Absa digital platforms, Transaction notifications, internal debit orders, stop orders, point of sale purchases, debit card purchases, etc.
• Comes with security features such as 3D security verification for online shopping, and pin code for card purchases and withdrawals.
• Unused transactions are included in the next month’s bundle.
• Comes with convenient 24-hour self-service access through Absa online, mobile banking App and telephone banking.
• The account is available to anyone that wants to bank with Absa regardless of their faith.

Competitive Disadvantages of the Absa Islamic Gold Value Bundle Account

• Doesn’t come with a revolving loan facility.
• The account doesn’t offer an overdraft facility and instant loan like the Absa Gold Value Bundle Account.

How to qualify for the Account

1. Have a valid South African ID book or Smart card or have a valid passport if you are not a South African citizen.
2. You need to earn a gross income of R4000.00 or more per month.
3. Have your latest proof of income or your latest three months bank statement showing proof of income.
4. Proof of residence that is not older than 3 months at the time of application.

Conclusion

Absa Islamic Gold Value Bundle Account is an excellent choice for anyone looking to begin banking with a Shari’ah-compliant check account. Additionally, it is suitable for people seeking high-quality banking services with several benefits. While the account has a monthly service fee of about R100.00 for a gold account, which is somewhat hefty, the account’s complimentary benefits outweigh the monthly service fee.