Absa unveils first fully mobile Shariah-Compliant banking platform

Absa Bank Kenya has broken new ground in ethical finance by unveiling La Riba Timiza, the first fully mobile Shariah-compliant banking platform by a Tier 1 bank in the country.

Alongside it, the bank has introduced the La Riba Card, a Shariah-compliant payment solution designed to give customers easier, interest-free access to digital financial services.

The two offerings mark a major step in Absa's efforts to serve diverse financial needs while promoting inclusion and values-based banking.

Speaking during the launch on Thursday, Absa Kenya Managing Director and CEO Abdi Mohamed reaffirmed the bank's commitment to inclusive financial solutions.

"We take great pride in being the first Bank in Kenya to pioneer Islamic banking 20 years ago, and now we are also the first Tier 1 Bank to launch a fully Shariah-compliant mobile banking service platform," Mohamed said.

He highlighted that the additional offerings under La Riba banking, which are rooted in Islamic values, provide a range of ethical, inclusive, and accessible financial solutions tailored to meet the needs of the bank's Islamic customers.

Absa CEO further noted that the goal is to promote greater financial inclusion.

"At the heart of this is the belief that every story matters, and we are dedicated to supporting our customers' growth journeys and co-creating solutions that align with their beliefs and values," he added.

The bank says these new solutions are part of its broader strategy to deepen financial inclusion by offering accessible, ethical, and convenient banking services to more people, especially those previously underserved by the mainstream financial system.

La Riba Timiza allows customers to access instant short-term financing, make payments, and save towards specific goals, all in line with Islamic finance principles that prohibit interest-based transactions.

Customers can access the service via the Timiza app on Google Play or the App Store, or by dialling *848# and selecting the La Riba option.

The La Riba Card complements this by serving as a daily payment tool for individuals and businesses.

Cardholders enjoy benefits such as unsecured financing with flexible repayment terms, cashback rewards on both local and international transactions, exclusive merchant discounts with every Visa swipe, and access to premium international airport lounges.

Both La Riba Timiza and the La Riba Card are built on Murabaha, a Shariah-based structure that avoids interest and instead uses a transparent cost-plus-profit model.

The products were developed in close consultation with Absa's independent Shariah Board to ensure full compliance with Islamic banking guidelines.

While designed with the Muslim community in mind, La Riba banking is also open to non-Muslim customers who prefer banking guided by ethical, interest-free financial principles.

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Islamic banking has grown rapidly in Kenya over the last ten years, with regulators and financial experts recognising it as a key contributor to financial inclusion.

As more institutions embrace ethical banking, Absa's move strengthens its leadership in offering values-based products in a market where over 80 percent of the population is digitally active.

Last year, the bank opened its first flagship La Riba Centre at BBS Mall in Eastleigh and introduced Kenya's first Shariah-compliant structured investment notes tailored for premier clients.

It also launched Tawarruq, an unsecured personal lending solution under Islamic finance.