Absa Bank Kenya PLC has announced an enhancement of its Shariah-compliant banking offering through the launch of La Riba Timiza – Kenya’s first fully mobile banking platform by a Tier 1 Bank. At the same time, the Bank has introduced the Absa La Riba Card, a Shariah-compliant card that makes payments easier for customers.
This marks a significant milestone in Absa’s strategic commitment to deepen financial inclusion, aligning with its strategy to be a people’s champion that caters to diverse consumer segments.
The La Riba Timiza is a mobile banking solution that offers customers convenience in payments, instant short-term financing, and the ability to save towards a goal in accordance with Islamic finance principles. Customers can access this via the Timiza mobile application available on Google Play or the App Store or through the USSD code.
On the other hand, the La Riba Card serves as an everyday payment solution for individuals and businesses. La Riba customers benefit from an unsecured financing limit with flexible repayment options, exclusive discounts with every Visa card swipe, cashback rewards on local and international purchases, and access to premium international Airport Lounge experiences, among other advantages.
Speaking during the launch of the enhanced La Riba banking offering, Absa Bank Kenya MD & CEO Abdi Mohamed reiterated the Bank’s focus on extending access to financial services to underserved and unserved customer segments. “We take great pride in being the first Bank in Kenya to pioneer Islamic banking 20 years ago, and now we are also the first Tier 1 Bank to launch a fully Shariah-compliant mobile banking service platform,” said Mr. Mohamed.
“Our additional offerings under La Riba banking, which are rooted in Islamic values, provide a range of ethical, inclusive, and accessible financial solutions tailored to meet the needs of our Islamic customers. Our goal is to promote greater financial inclusion,” he added.
The La Riba Timiza and La Riba Card are based on Murabaha, an Islamic principle that strictly forbids transactions involving interest, and have been developed in close consultation with Absa Bank’s independent Shariah Board to ensure they adhere to Islamic finance standards and meet the financial needs of the Muslim community.
La Riba banking is designed not only to serve Muslim customers but also to accommodate conscientious non-Muslim customers who follow Shariah guiding principles and values.
Over the past decade, Islamic banking in Kenya has expanded considerably and has been recognised by regulators and analysts as a crucial tool in closing the financial inclusion gap. Demonstrating leadership in the financial sector, Absa’s La Riba Timiza and La Riba Card come at a time when many financial institutions are embedding ethical banking and financial inclusion into their core business strategies. Furthermore, with over 80% of the country’s population being digitally proficient, these solutions represent a positive step towards empowerment through digital innovations.
Last year, Absa Bank Kenya opened its first flagship La Riba Centre at BBS Mall, Eastleigh. The Bank also launched Kenya’s first Shariah-compliant structured investment notes, tailored for premier clients, as well as Tawarruq, an unsecured personal lending solution.
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