Absa Islamic Premium Banking Account Review 2021

Posted on Jan 5, 2021 by Staff Writer

Rateweb | South Africa

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Islamic Premium Banking Account offers a gateway to Shari’ah-compliant private banking. The account is full of benefits and discounts and comes at a very low monthly service fee. The account is most suitable for young professionals that want to be prioritised for banking purposes. 

By having the Islamic Premium Banking Account, you get access to lifestyle benefits that come for free and with other benefits that come at an additional cost. You also get a premium banking service that includes access to private banking services such as access to a private banker by phone or online chat. The private banking service is available to all premium bank account holders 24/7.

There are added benefits that come with premium banking such as retrenchment benefit, disability benefit and death benefit. Account-holders also get cashback whenever they swipe their card through the Absa Rewards program

Absa Islamic Premium Banking Account Summary 

Absa Islamic Premium Banking Account is a Shari’ah compliant cheque account that is based on a Qardh structure. The account has a monthly service fee of R190.00 and an international transaction fee of 2.75%. The minimum income requirement for the account is R25,000.00 per month and is available to those that are above the age of 18. 

Clients get access to a financial advisor who is there to help them with banking and wealth management. There is also a free stockbroking account that clients can open that comes with no monthly administration fees. The stockbroking account allows for investments in JSE Shari’ah-compliant shares and a Shari’ah top 40 exchange-traded funds. 

The account has exclusive benefits for users. Clients can subscribe to the Absa rewards program and receive cashback whenever they swipe their Islamic Premium debit card and also earn up to 20% cashback every time they shop or fill up at Sasol. 

Clients get access to 22 of the world’s major currencies whenever they need them. Furthermore, clients can make swift transfers to accounts abroad using the Islamic Premium account or make convenient transfers through the western union cash send or receive facility. 

Absa Islamic Premium Banking Account Benefits 

  1. Access to a private banker via a phone call or online chat. 
  2. Comes with a death lump sum benefit of R25,000.00 which is paid directly to your beneficiaries when you pass on. 
  3. Retrenchment cover of R10,000.00 which is payable over two months. 
  4. A disability cover of R10,000.00 which is payable over two months. 
  5. Access to the Absa Rewards program where you can earn cashback when you swipe your Islamic Premium Banking debit card. 
  6. Access to your savings and/or cheque account if you have an Islamic Premium Banking credit card. 
  7. Clients get access to priority bankers at selected Absa branches. 
  8. Access to an advisor whenever you need one. 
  9. Free stockbroking account that is Shari’ah compliant. 
  10. 50% off on your spouse’s Premium Banking monthly service fee. 
  11. Comes with free Islamic will writing. 
  12. Can get up to 30% discount off the base price on certain flight bookings made with Etihad airlines when booking through the exclusive and dedicated TravelStart link. 
  13. Clients get access to foreign banknotes. 
  14. Comes with unlimited card swipes. 
  15. Can keep all your card and payments details in your MasterPass digital wallet. 

Absa Islamic Premium Banking Account Fees 2021

#Fee description Amount
1Monthly service feeR190.00
2Discounted monthly service fee on spouse premium account50% of the monthly service fee in you maintain R50,000.00 
3Monthly subscription fees for Absa digital platforms Free
4Absa ATM cash deposits at an Absa ATM Free up to R6,500.00, thereafter R2.00 per R100.00 
5Cash deposit through Cash Acceptor Free up to R6,500.00, thereafter R2.00 per R100.00
6Cardless cash deposit through cash Acceptor Free up to R6,500.00, thereafter R2.00 per R100.00
7Cash withdrawals at an Absa ATM Free up to R6,500.00, thereafter R2.00 per R100.00
8Debit card purchase feeUnlimited 
9Point of sale cash withdrawals Unlimited 
10Account payments via Absa digital platforms Unlimited 
11External debit ordersUnlimited 
12Funds transfer via Absa digital platformsUnlimited 
13Stop ordersUnlimited 
14Internal debit ordersUnlimited 
15Balance enquiries at an Absa ATM, online, or telephone Unlimited 
16Notification feeFree
17eStatement feeFree
18Deposit at an Absa branchR65.00
19Withdrawal at an Absa branchR75.00 + R2.10 per R100.00 
20Point of sale purchase overseas R4.00
21Point of sale withdrawals overseasR75.00
22Funds transfer at an Absa branch R75.00
23Account payments at an Absa branchR75.00 
24Immediate interbank payments at an Absa ATM R65.00
25Immediate interbank payments telephone adviser assisted R72.00
Absa Islamic Premium Banking Account Review 2021

Competitive Advantages of the Absa Islamic Premium Banking Account 

  • Has private banking services such as access to a priority banker. 
  • Can invest in shares with the free stockbroking account. 
  • Access to a financial advisor who can assist with financial analysis needs, wills and estate planning. 
  • Has a death lump sum benefit. 
  • Spouse premium banking account comes with a 50% off on monthly service fee. 
  • Clients get retrenchment and disability benefits. 
  • Gives access to the Absa Rewards program. 
  • The account has unlimited swipes. 
  • The Islamic Premium Banking debit card comes with Contactless tap and pay. 

Competitive Disadvantages of the Absa Islamic Premium Banking Account 

  • Clients don’t get a dedicated private banker. 
  • Clients need to pay a subscription fee when they join the Absa Rewards program. 

Account Requirements 

  1. Must be over the age of 18 at the time of application. 
  2. Have a valid South African ID book or Smart. 
  3. Earn a minimum monthly income of R25,000.00 or more. 
  4. Proof of residence that is not older than 3 months at the time of application. 
  5. Your latest salary advice. 
  6. You must be a South African citizen. 

Conclusion 

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.

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