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Absa Bank Kenya introduces new products targeting muslims

The new branch and product enhancement align with Absa’s current strategy, which aims to transform the bank into a people’s champion fit for modern-day business. 

In an effort to boost Muslim investors’ and asset owners’ financial literacy, Absa Bank Kenya has launched new products.

Among the new products are unsecured personal lending solutions (Tawarruq), which target scheme customers working at both county and national governments.

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The new products are sharia-compliant investments that were rolled out as Absa Bank opened its newest branch at the BBS Mall, in the commercial area of Eastleigh, Nairobi.

Speaking during the branch opening, Absa Bank Kenya’s Managing Director, Abdi Mohamed, said that customers will have access to transactional accounts, savings accounts, and Mudharabah deposit accounts, as well as access to Shari’ah-compliant investments and financial advisory services, among other offerings.

“We have been active in this space, but now we aim to expand our distribution network to meet the current and desired needs of our customers, wherever and however they best prefer. We are therefore proud to continue playing a part in supporting business growth in Eastleigh and, by extension, Nairobi. The community here is well known for its business prowess, and we take this warm invitation to be their trusted financial partner,” said Mr. Mohamed.

Absa also launched Kenya’s first Shariah-compliant structured investment notes in order to close a current market gap.

The notes, which offer offshore exposure and the chance to leverage possible upside profits while guaranteeing capital protection, are intended for elite clients.

“Towards that end, we have also expanded our Shariah Board membership, reflecting our commitment to embracing diversity. This independent board now represents a wide range of oversight, perspectives, and expertise, allowing us to better understand our customers and meet their diverse needs responsibly,” added Mr. Mohamed.

The new branch and product enhancement align with Absa’s current strategy, which aims to transform the bank into a people’s champion fit for modern-day business.

The bank achieves this by benchmarking market offerings against consumer needs, ensuring alignment with present and evolving consumer demands.

 

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