Yesterday, Absa Bank unveiled La Riba Timiza, Kenya’s first fully Shariah-compliant mobile banking platform by a Tier 1 bank. The bank plans to use this product to deepen financial inclusion among Muslims and other consumers. The bank also introduced a new Shariah-compliant payment solution dubbed La Riba Card.
Absa was among the first banks to pioneer Islamic banking in Kenya 20 years ago. With the new launch, the bank strengthens its offering in ethical finance and expand access to previously underserved customers.
Speaking during the launch of the enhanced La Riba banking offering, Absa Bank Kenya MD&CEO Abdi Mohamed reiterated the Bank’s focus on extending access to financial services to underserved and unserved customer segments.
“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,” said Mr. Mohamed.
“Our 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 our Islamic customers. Our 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.
What is La Riba Timiza?
La Riba Timiza is a Shariah-compliant mobile banking platform that offers:
- Instant short-term financing
- Goal-based savings
- Ethical banking free from interest (riba)
- Access via the Timiza app or *848#
What is the La Riba Card?
The La Riba card has the following Key features:
- Shariah-compliant everyday payment card
- Unsecured financing with flexible repayments
- Cashback and discounts on local/international purchases
- Airport lounge access and Visa benefits
According to Absa, both solutions are based on Murabaha, which is a core Islamic finance principle that prohibits interest-based transactions. Before launch, they were reviewed by Absa’s independent Shariah Board.
Why These Solutions Matter
These two solutions matter in the Kenyan market as they:
- Address demand for ethical, faith-aligned finance
- Appeal to Muslim and non-Muslim conscientious consumers
- Tap into Kenya’s 80%+ digitally savvy population
Islamic banking in Kenya is growing, with major banks now investing in ethical, Shariah-compliant financial tools. The new solutions by Absa follow recent innovations like its flagship La Riba Centre in Eastleigh and Kenya’s first Shariah-compliant structured investment notes.
