Thursday, November 17, 2005

(12) Absa boosts new Islamic investment offering!

Source: Mail & Guardian
Date published: 10 November 2005
Summary: Absa claims that they are the first major bank in SA to offer investment products specifically designed to comply with Islamic Shariah law. With the launch by Absa Private Bank of Absa's Islamic Investment Account and Islamic Offshore Investment Account, Absa has chosen to focus on ensuring the highest degree of Shariah compliance and maintaining the quality of the investment product and clients.

Absa says it is the first major bank in South Africa to offer investment products specifically designed to comply with Islamic Shariah law.

It said the achievement helps it to realise its strategic intent to provide banking and investment products to meet the needs of its diverse client base.

Islamic banking products are not new to the South African market, but until now equity investment products were not available from any of the major banks.

With the launch by Absa Private Bank of Absa's Islamic Investment Account and Islamic Offshore Investment Account, Absa has chosen to focus on ensuring the highest degree of Shariah compliance and maintaining the quality of the investment product and client service.

"These are not only the first products in Absa's Islamic Wealth Series, but also the first in a series of lifestyle-tailored offerings by Absa Private Bank. We are committed to managing, preserving and growing the wealth of all our clients, taking into account their financial needs as well as their lifestyle needs," says Zarina Bassa, Absa executive director responsible for private banking.

"This entails consideration of the unique cultural and religious dimensions that influence the management of the wealth of the individual, the family and the business," adds Bassa.

Hassen Sheik Ebrahim, general manager of Private Wealth Solutions at Absa Private Bank, adds that the launch is in line with Absa's mission to be the leading financial-services group serving all of its stakeholders.

"This means respecting the values, customs, beliefs and integrity of all our clients. The Muslim community should have the right to select Shariah-compliant wealth-management products at the institution of their choice without compromising on quality. By selecting Absa, clients have the added benefit of dealing with a large, established bank."
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My comment:

What are the thoughts of other Muslim professionals that work in the finance and economics field?

How can we ensure that, given the current developments in the field, the system that Islam ultimately aims to achieve can eventually be realised?

Is it even necessary for other Muslim professionals to be concerned?

Will we ever be held accountable for how we used or even refuse to use the knowledge that Allah has allowed us to obtain in His cause?

Looking forward to your response,
Wasalaam
BILAL RANDEREE

1 Comments:

Anonymous Dreamlife said...

i don't know man...i shy away from in-depth-ness this deep when it comes to finance and businessy things - out of personal preference.

But its a good point - that we should educate ourselves about these kinda things.

The reality for me is that a.) i don't like the subject of finance and banking etc ; and b.) i have this idea that finding out about all of this - researching it - is very intimidating cos of the level of detail and complexity of financial systems.

I didn't like Economics much; and obviously there are a lot of others who are not inclined towards economics and financial related subjects.

the easy way, of course, would be if we could find simple, easy to understand books/articles/etc that breaks these things down for us - so the average person can understand it, then make their own decision based on their understanding - rather than having to decipher technical language...kinda like asking a non-lawyer to understand a complex legal contract.

simple versions...thats very important for a lot of people.

December 08, 2006 1:57 PM  

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