ABSA expands Islamic banking services

Banking group Absa (ABSA) is the first South African bank to provide a full Islamic banking service, following on from its Shari'ah-compliant equity based investments last year. Absa Islamic Banking is operated and administered in accordance with Shari'ah principles. It offers Shari'ah savings accounts, finance facilities for assets and motor vehicles and Islamic wills. These products are managed and administered independently in accordance with Shari'ah law and independent Islamic scholars have been appointed to serve on the Shari'ah Supervisory Board.