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Absa Islamic Premium Banking Account Review 2022

Absa Islamic Premium Banking Account
  • Islamic Premium Banking Accounts allow Shari’ah-compliant access to private banking.
  • The account includes a variety of benefits and discounts in addition to a low monthly subscription fee.
  • By opening an Islamic Premium Banking Account, you will receive premium lifestyle bonuses in addition to other incentives.
  • Absa Islamic Premium Banking Account is a Shari’ah-compliant check account structured according to the Qardh system.
  • Additionally, clients can open a free stockbroking account with no monthly administration fees.

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 Summary 

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.

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 2022

Fee description Amount
Monthly service feeR190.00
Discounted monthly service fee on spouse premium account50% 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 feeUnlimited 
Point of sale cash withdrawals Unlimited 
Account payments via Absa digital platforms Unlimited 
External debit ordersUnlimited 
Funds transfer via Absa digital platformsUnlimited 
Stop ordersUnlimited 
Internal debit ordersUnlimited 
Balance enquiries at an Absa ATM, online, or telephone Unlimited 
Notification feeFree
eStatement feeFree
Deposit at an Absa branchR65.00
Withdrawal at an Absa branchR75.00 + R2.10 per R100.00 
Point of sale purchase overseas R4.00
Point of sale withdrawals overseasR75.00
Funds transfer at an Absa branch R75.00
Account payments at an Absa branchR75.00 
Immediate interbank payments at an Absa ATM R65.00
Immediate interbank payments telephone adviser assisted R72.00
Absa Islamic Premium Banking Account Review 2022

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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