FNB Islamic Gold Business Account Review 2021

The FNB Islamic Gold Business Account is a first-tier business cheque account for Islamic banking. The account is Shari’ah compliant and offers similar features, pricing, rewards, and benefits as that of the FNB Gold Business Account

To make sure that the account is strategically structured to meet acceptable standards based on Islamic banking, FNB has set up the Shari’ah Advisory Committee to supervise, monitor, review, and approve activities of Islamic banking from FNB. 

You can expect better business banking from FNB with the FNB Islamic Gold Business Account. This account comes with a set of benefits that ensures that you get the best of Islamic banking. However, since this is a first-tier business cheque account, there aren’t any top of the range benefits. 

The Islamic Gold Business Account comes with business solutions that enable businesses to receive and spend money in different ways. By having the FNB Islamic Gold Business Account, you get access to the FNB’s eWallet Pro, Business Forex services, PayPal and FNB merchant services. 

Furthermore, the account enables account holders to earn and spend rewards with FNB eBucks rewards program for business. Rewards are only for qualifying FNB Islamic Business card holders. The rewards can be spent online on the eBucks store or at any participating store. 

FNB Islamic Gold Business Account Summary 

FNB Islamic Gold Business Account is a Shari’ah compliant business cheque account available to any business operating in South Africa. Qualifying businesses need to earn an annual turnover of R0.00 – R5,000,000.00. The account charges R8.00 for ewallet transactions and has an international transaction fee of 2.75% per transaction.

Transacting at an FNB branch costs more for the FNB Islamic Gold Business Account as transfers cost R15.00, third party payments costing R80.00 and stop payments cost R80.00 per transaction. Consultant assisted transactions costs even more and these should be avoided.

Benefits of the FNB Islamic Gold Business Account 

  1. There is restricted functionality on debit cards whereby you can empower your staff by issuing them with a limited function debit card. 
  2. Can transact electronically where you can make once-off and recurring payments as well as stop orders and debit orders using online banking for business. 
  3. Comes with a Visa debit card that you can use to make purchases in-store and online both locally and internationally. 
  4. The account comes with business solutions for transacting purposes. Business solutions are as follows :
    1. eWallet Pro. 
    2. Business Forex. 
    3. PayPal. 
    4. Merchant Services. 
  5. Comes with free AA roadside assistance if you have your petrol card linked. 
  6. Comes with an instant accounting software solution that enables businesses to record their day to day transactions. 
  7. The account can accommodate any type of industry transactions and can also be customized to suit the banking needs of specific industries. 
  8. Can get vehicle and asset finance as an account holder. 
  9. There is an opportunity to own property through property finance for Islamic Gold Business Account holders. 
  10. Has a 48-hour cash accelerator that will help your business with planned expenses and future expenses. 
  11. You can open a virtual card for online transactions so that you can always be safe when shopping online.

FNB Islamic Gold Business Account Fees 2021

Fee descriptionSingle FeePay As You Use Fee
Electronic Debit transactions Free for the 1st 30 transactions and R19.00 per transaction thereafter Free for the 1st 50 transactions and R19.00 per transaction thereafter 
FNB ATM Cash Withdrawals feeFree for the 1st 5 transactions and R2.00 per transaction thereafterFree for the 1st 10 transactions and R2.00 per transaction thereafter
Cash deposits at an FNB ATM Free for up to R50,000.00 and R4.50 + R0.80 per R1,000.00 or part thereofFree for up to R100,000.00 and R4.50 + R0.80 per R1,000.00 or part thereof
Pay and Clear now transaction feeFree for the 1st transaction and R35.00 per transaction thereafter Free for the 1st transaction and R35.00 per transaction thereafter 
Electronic Transfers FreeFree
Transfers at an FNB branchR15.00R15.00
Consultant assisted Transfers  R80.00R80.00
International currency commission and conversion fee2.75% of the transaction value2.75% of the transaction value
Other  bank’s ATMs prepaid purchasesR15.00R15.00
FNB Connect prepaid purchases Free Free
External debit order feeR19.00R19.00
Third-party payments at an FNB branch R80.00R80.00
Stop payment using digital channelsFreeFree
Stop payment at an FNB branch R80.00R80.00
Debit order dispute using digital channels R5.00R5.00
Debit order dispute at an FNB branch or telephone banking R40.00 R40.00
eWallet payments per transaction R2.00 + R8.00 per R1,000.00 or part thereofR2.00 + R8.00 per R1,000.00 or part thereof
Reversal of incorrect eWallet transaction R55.00R55.00
FNB Islamic Business Account Fees and Rates 2021

Competitive Advantages of the FNB Islamic Gold Business Account

  • The account is flexible with different pricing options to choose from. 
  • The account is easy to open as it can be opened online. 
  • There are no hidden costs when it comes to maintaining the account. 
  • The account allows for multiple cards to be taken.
  • Comes with business solutions that help a business transact on other platforms.

Competitive Disadvantages of the FNB Islamic Gold Business Account 

  • The account charges more on branch and cell phone assisted transactions.

How to qualify for the Account 

  1. Must be a registered company in South Africa. 
  2. Have South African green barcoded ID books or Smart cards for the directors of the company. 
  3. Proof of address for the company owners. 
  4. Company documents must include the company registration certificate. 
  5. Company’s income tax number. 


The FNB Islamic Gold Business Account is a great account for a small businesses that prefer Islamic banking. The account is versatile and offers much needed support for small businesses to prosper.


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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at [email protected]

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