Absa launches women-only Islamic bank account to spur financial inclusion
Absa Bank Kenya Chief Finance Officer Yusuf Omari said Sultanah is built for the visionary business woman that wants to bank ethically while meeting their business financial goals.
In a strategic move aimed at deepening financial inclusion, Absa Bank Kenya has launched its first-ever women-only Shariah-compliant bank account.
The new offering, dubbed 'La Riba Sultanah', is part of the lender’s Islamic banking portfolio, and is specifically tailored to meet the unique financial needs of women, mainly muslim, in Kenya.
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According to the lender, the product is designed to help users manage finances effortlessly, grow their savings while aligning with their values.
Additionally, customers can access diverse Shariah-compliant personal and business financing, mentorship and networking, and markets through business clubs and partner conferences.
Nevertheless, customers will access a Shariah-compliant credit card that has an enhanced value proposition, including cashbacks and discounts, health and wellness with complimentary health check-ups and wellness packages at partner clinics, education and career advancement programmes.
The account adheres strictly to Islamic banking principles, including the prohibition of interest (riba), while offering women access to a wide range of financial services.
Absa says the launch marks a significant milestone in its strategic commitment, aligning with its sustainability pillar that seeks to deepen financial inclusion and to be a people’s champion that caters to diverse consumer segments.
Speaking during the launch, Absa Bank Kenya Chief Finance Officer Yusuf Omari said Sultanah is built for the visionary businesswoman who wants to bank ethically while meeting their business financial goals.
“La Riba Sultanah is designed to empower women without compromising their values. It reflects our continued efforts to support all segments of the economy by providing inclusive, ethical and innovative financial solutions that enable our customers to thrive,” Omari said.
“We are making deliberate efforts towards serving women who have historically been excluded from the financial ecosystem and active economic participation due to a lack of tailored financial solutions.”
He added that through the product, Absa is bridging the inclusion gap by providing women with the right tools for financial management, savings and investment that align with their faith, values and ambitions.
The solution was launched on the sidelines of the 2025 Absa Annual Islamic Conference in Nairobi, which brought together scholars, industry leaders and policy makers for a two-day deliberation on the legal framework surrounding Islamic finance.
Among the key highlights of the conference was the launch of the Association of Shariah Compliant Services Providers of Kenya.
The association seeks to facilitate advocacy, lobbying and the demystification of Islamic finance as an alternative model for financial inclusion.
The association also seeks to facilitate research and generate evidence-based data to inform policymaking and work towards influencing responsive policy frameworks.
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