Absa Kenya revamps La Riba offering
In a bid to cater to a broader customer base and enhance its Shariah-compliant product portfolio, Absa Bank Kenya has announced enhancements to its La Riba offering.
This move comes amidst a competitive landscape in Kenya’s banking sector, with institutions seeking to tap into previously underserved segments.
One of the key introductions by Absa is Kenya’s first Shariah-compliant structured investment notes. These notes, tailored for premier clients, offer offshore exposure and the potential for attractive returns, all while ensuring capital protection.
Additionally, Absa has rolled out unsecured personal lending solutions (Tawarruq), specifically targeting scheme customers working at both County and National governments.
This move is aimed at making inter-generational wealth creation more accessible to a wider audience.
Absa Bank Kenya’s Managing Director, Abdi Mohamed, highlighted the institution’s commitment to governance structures and customer-centric products during the opening of the lender’s new outlet at Easleigh based BBS Mall.
“As Absa, we are uniquely positioned to make a substantive difference while being keen on our governance structures,” noted Mr. Mohamed.
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Shariah Board membership
He also highlighted the bank’s expanded Shariah Board membership, which now represents a diverse range of oversight, perspectives, and expertise, enabling the bank to better understand and meet the needs of its customers responsibly.
The unveiling of the flagship La Riba center at BBS Mall Eastleigh marks a huge step in Absa’s network expansion and underscores its commitment to delivering tailored Shariah-compliant products and services to the Kenyan market.
Customers can now access a range of Shariah-compliant offerings at the Eastleigh branch, including transactional accounts, savings accounts, Mudharabah deposit accounts, as well as access to Shari’ah-compliant investments and financial advisory services.
Mr. Mohamed reiterated Absa’s strategy to transform into a people’s champion, aligning its offerings with consumer needs and evolving demands.
The revamped La Riba offering and the expanded Shariah Board membership underscore Absa Bank Kenya’s resolve to provide innovative and responsible banking solutions to its customers.
