Islamic Premium Banking Account provide access to private banking that is Shari’ah-compliant. The account comes with a slew of bonuses and discounts and a modest monthly subscription cost. The account is best suited for young professionals who wish to be prioritized when it comes to banking. By opening an Islamic Premium Banking Account, you gain access to complimentary lifestyle perks as well as additional benefits.
Additionally, you receive a premium banking service that includes access to private banking services such as telephone or online chat access to a private banker. Private banking is offered 24 hours a day, seven days a week to all premium bank account customers. Premium banking provides additional benefits such as retrenchment compensation, disability benefit, and death benefit.
Cashback is also available to account holders when they swipe their card through the Absa Rewards program.
Absa Islamic Premium Banking Account is a Shari’ah-compliant check account structured according to the Qardh system. The account charges a monthly service fee of R190.00 and a 2.75 percent international transaction fee. The account requires a minimum monthly income of R25,000.00 and is only open to persons over the age of 18.
Clients are connected with a financial advisor who can assist them with banking and wealth management. Additionally, clients can open a free stockbroking account with no monthly administration fees. The stockbroking account enables investors to invest in Shariah-compliant JSE shares and Shariah-compliant top 40 exchange-traded funds.
The account provides users with exclusive privileges. Clients can join the Absa rewards program and get cashback every time they swipe their Islamic Premium debit card. They can also earn up to 20% cashback at Sasol when they purchase or fill up. Clients have instant access to 22 of the world’s main currencies. Additionally, clients can conduct rapid transfers to foreign accounts using the Islamic Premium account or via the Western Union cash send or receive service.
|Monthly service fee||R190.00|
|Discounted monthly service fee on spouse premium account||50% of the monthly service fee in you maintain R50,000.00|
|Monthly subscription fees for Absa digital platforms||Free|
|Absa ATM cash deposits at an Absa ATM||Free up to R6,500.00, thereafter R2.00 per R100.00|
|Cash deposit through Cash Acceptor||Free up to R6,500.00, thereafter R2.00 per R100.00|
|Cardless cash deposit through cash Acceptor||Free up to R6,500.00, thereafter R2.00 per R100.00|
|Cash withdrawals at an Absa ATM||Free up to R6,500.00, thereafter R2.00 per R100.00|
|Debit card purchase fee||Unlimited|
|Point of sale cash withdrawals||Unlimited|
|Account payments via Absa digital platforms||Unlimited|
|External debit orders||Unlimited|
|Funds transfer via Absa digital platforms||Unlimited|
|Internal debit orders||Unlimited|
|Balance enquiries at an Absa ATM, online, or telephone||Unlimited|
|Deposit at an Absa branch||R65.00|
|Withdrawal at an Absa branch||R75.00 + R2.10 per R100.00|
|Point of sale purchase overseas||R4.00|
|Point of sale withdrawals overseas||R75.00|
|Funds transfer at an Absa branch||R75.00|
|Account payments at an Absa branch||R75.00|
|Immediate interbank payments at an Absa ATM||R65.00|
|Immediate interbank payments telephone adviser assisted||R72.00|
The Absa Islamic Premium Banking Account comes with many benefits and unlimited services and yet charges a high amount for branch transactions. To save on transactional fees, you need to avoid making branch transactions and make use of the Absa digital platforms whenever you transact.