Choosing the right financial product is crucial for individuals looking to align their banking needs with their personal values. For those who prioritize Shari’ah principles, finding an account that offers both compliance and extensive benefits is essential.

The Absa Ultimate Islamic Plus account stands out as a financial solution designed to integrate Islamic principles with modern banking conveniences. It ensures a premium banking experience for those seeking ethical, value-based financial management.

Key information about the Absa Ultimate Islamic Plus card

How does the annual fee work?

The Absa Ultimate Islamic Plus account comes with a monthly fee of R220, translating to R2,640 annually. This fixed cost reflects the premium services bundled with the account, including unlimited transactions, cashback rewards, and exclusive travel benefits. While the fee cannot be waived, it guarantees transparency with no hidden charges or unexpected costs.

For many, this predictable fee structure is a welcome feature, offering high-value services while upholding Islamic financial principles. Unlike cards that provide fee waivers under specific conditions, the Absa Ultimate Islamic Plus focuses on delivering consistent benefits to justify its premium cost. Customers can rest assured that every cent of the fee contributes to a superior banking experience tailored to their needs.

How is the credit limit determined?

The Absa Ultimate Islamic Plus account differs from conventional credit cards in its structure. While traditional cards assign limits based on creditworthiness, income, or debt levels, this account adheres to Islamic principles, ensuring fairness and mutual agreement.

For prepaid card-like solutions, the customer decides the spending limit by depositing the desired amount into their account. In cases where credit limits are offered, the institution follows a thorough assessment process, ensuring it aligns with Shari’ah-compliant practices. This personalized approach ensures financial responsibility while avoiding any form of interest-bearing debt.

Advantages of the credit card

• Shari’ah compliance: All processes adhere to strict Islamic principles, making it an ethical choice for banking.
• Unlimited transactions: Enjoy free digital payments, fund transfers, debit purchases, and account balance inquiries.
• Profit-sharing opportunities: Earn profit shares on savings with the Islamic Savings Booster, encouraging financial growth.
• Cashback rewards: Earn real cash back every time you swipe your card through the Absa Rewards program.
• Premium travel perks: Complimentary access to Bidvest Premier lounges for local and international departures.
• Comprehensive insurance coverage: Automatic basic travel insurance of up to R3 million ensures safety on your travels.
• Free withdrawals and deposits: Up to R9,000 in free Absa ATM withdrawals and deposits monthly.
• Spouse fee discounts: A 100% discount on spouse banking fees offers added value for families.

Standout advantage

The standout advantage of the Absa Ultimate Islamic Plus account is its commitment to combining modern banking features with ethical financial practices. Few accounts manage to offer such a robust set of perks, including travel insurance, cashback rewards, and unlimited transactions, while strictly adhering to Shari’ah principles. This balance between ethics and practicality makes it a truly unique option in the financial landscape.

Disadvantages

• High monthly fee: The R220 monthly cost may be prohibitive for some customers.
• Non-Shari’ah-compliant perks: Some bundled features, like the credit card and certain insurance products, do not align fully with Islamic principles.
• Limited accessibility: The account may not be ideal for those seeking basic banking solutions without premium features.

A standout disadvantage

The most notable disadvantage of the Absa Ultimate Islamic Plus account is the inclusion of non-Shari’ah-compliant features. Although the account itself adheres to Islamic principles, elements like the free credit card and some types of insurance deviate from these guidelines.

This inconsistency can be a significant concern for individuals seeking a completely Shari’ah-compliant banking solution, potentially diminishing its appeal among those with strict adherence to Islamic financial ethics.

Who can apply for this card?

To open the Absa Ultimate Islamic Plus account, applicants must meet specific eligibility requirements. You must be at least 18 years old and provide a valid South African ID. Additionally, you need to submit proof of income, residence, and financial stability. While the account is not marketed explicitly to individuals with low credit scores, maintaining a positive balance can enhance your chances of approval.

This account is designed for individuals with stable financial profiles who can afford the monthly fee and value the premium features offered. It is ideal for those seeking a Shari’ah-compliant banking solution with added perks, making it suitable for professionals and families alike.

How to apply for the Absa Ultimate Islamic Plus card

For the website

Applying through the Absa website is a straightforward process. Start by visiting the official page for the Absa Ultimate Islamic Plus account and selecting the “Apply Now” option. If you are a new customer, you will need to create an account on the platform by providing your email address, phone number, and other personal details.

Once your profile is set up, upload the necessary documentation, including your ID, proof of residence, and proof of income. The online portal allows you to track your application status, and you will be notified via email or SMS once your account is approved. Upon approval, your debit card will be dispatched to your nearest branch or directly to your address, depending on your preference.

Through the app

The Absa Banking App provides a seamless way to apply for the Ultimate Islamic Plus account. Download the app from your preferred app store and register by entering your personal details and creating a secure login. Navigate to the accounts section, select the Ultimate Islamic Plus option, and follow the guided application steps.

You will need to upload the same documentation as the website application process, including your ID and proof of residence. The app also enables you to track the progress of your application in real time. Once approved, you can activate your account directly within the app, and your debit card will be issued shortly thereafter. This method is ideal for those who prefer managing everything digitally.

At the branch

For customers who prefer a personal touch, visiting an Absa branch is an excellent option. Speak with a consultant who will guide you through the application process step by step. The consultant will help you complete the forms, verify your documentation, and answer any questions you may have about the account.

Once your application is submitted, the consultant will process it and inform you of your approval status. You can often receive your debit card directly at the branch, ensuring a smooth and efficient process. This option is particularly beneficial for those who want in-person assistance or have questions about the account’s features.