Absa Bank Kenya PLC has made a bold leap in Islamic finance by launching two new Shariah-compliant products: La Riba Timiza, Kenya’s first fully mobile Islamic banking platform by a Tier 1 bank. Also the La Riba Card, a riba-free payment card. Aimed at enhancing financial convenience for customers.
This latest development underscores Absa’s strategic ambition to deepen financial inclusion. Additionally it’s tailored to offer ethical solutions to underserved and unserved customer segments. The Bank has reaffirmed its position as a pioneer in Islamic banking in Kenya. Absa bank introduced the service two decades ago.
Speaking during the launch event, Absa Bank Kenya Managing Director and CEO Abdi Mohamed stated:
“We take great pride in being the first bank in Kenya to pioneer Islamic banking 20 years ago. We are also the first Tier 1 bank to launch a fully Shariah-compliant mobile banking service platform.” he stated
La Riba Timiza: First of Its Kind
The La Riba Timiza mobile platform allows customers to conveniently manage payments. Also helps access instant short-term financing, and save towards financial goals, all in adherence to Islamic banking principles. The platform can be accessed via the Timiza mobile app or the USSD code *848#.
La Riba Card: Ethical, Everyday Payments
The La Riba Card offers customers an everyday payment solution. It’s featuring unsecured financing limits, flexible repayment plans, cashback rewards on local and international purchases. Also offers discounts at partner outlets, and even premium airport lounge access. This is all without violating Islamic finance prohibitions against interest (riba).
Both solutions are structured on Murabaha, an Islamic financial principle that ensures transparency and prohibits interest-based transactions. They have been developed in close consultation with Absa’s independent Shariah Board. Ghis is ensuring full compliance with Islamic finance standards.
“Our additional offerings under La Riba banking are rooted in Islamic values and provide a range of ethical. Inclusive, and accessible financial solutions tailored to meet the needs of our Islamic customers,” said Mohamed.
“At the heart of this is the belief that every story matters. We are committed to supporting our customers’ growth journeys with solutions that align with their values.”
Beyond Religion: Ethical Banking for All
While primarily designed for Muslim clients, the La Riba products are also open to non-Muslim customers. This are clients who seek ethical and interest-free banking aligned with Islamic principles.
However, over the past decade, Kenya’s Islamic banking sector has seen rapid growth and is now widely regarded as a key instrument for driving financial inclusion. The country’s high digital literacy over 80 percent of the population — positions these mobile-first solutions as timely and impactful.
Last year, Absa opened its flagship La Riba Centre at BBS Mall in Eastleigh and launched Kenya’s first Shariah-compliant structured investment notes as well as Tawarruq, an unsecured personal lending facility.
With La Riba Timiza and La Riba Card, Absa continues to solidify its leadership in ethical finance, blending technology, innovation, and inclusive banking for a broader impact on Kenya’s financial landscape.