Absa Bank Launches Women-Only Shariah Account
Absa Bank Launches Women-Only Shariah Account
Launch of La Riba Sultanah
Absa Bank Kenya PLC has launched La Riba Sultanah, the country’s first women-only Shariah-compliant bank account. The account empowers women entrepreneurs to achieve financial independence and grow their businesses while banking ethically.
This milestone aligns with Absa’s sustainability pillar, which focuses on deepening financial inclusion and serving diverse consumer needs. Sultanah allows women to manage finances easily, grow savings in line with their values, and access Shariah-compliant financing.
Customers will also benefit from mentorship, networking opportunities, and market access through business clubs and partner events.
Driving Inclusion and Ethical Banking
During the launch, Absa Bank Kenya’s Chief Finance Officer, Yusuf Omari, emphasized that Sultanah is designed for visionary women who want to bank ethically while meeting their financial goals.
“La Riba Sultanah empowers women without compromising their values. It reflects our commitment to inclusive, ethical, and innovative financial solutions that help customers thrive,” Omari said.
He added that Absa aims to serve women who have long been excluded from mainstream finance. Sultanah provides tailored tools for financial management, savings, and investments that align with women’s faith, values, and ambitions.
The package also includes a Shariah-compliant credit card offering cashback rewards, health and wellness benefits, and education support.
Absa Bank Launches Women-Only Shariah Account
Commitment to Islamic Finance Innovation
The launch took place at the 2025 Absa Annual Islamic Conference in Nairobi, which gathered scholars, industry leaders, and policymakers to discuss the future of Islamic finance. The event also saw the unveiling of the Association of Shariah Compliant Service Providers of Kenya, which will champion advocacy, research, and policy support.
Absa pioneered Islamic banking in Kenya 20 years ago and continues to lead with innovative offerings. Its La Riba products follow Murabaha, an Islamic principle that prohibits interest.
They are developed in consultation with Absa’s independent Shariah Board to meet customer needs while adhering to Islamic finance standards.
La Riba banking serves both Muslim and non-Muslim customers who value ethical and faith-based financial solutions. In July, Absa also introduced La Riba Timiza, Kenya’s first fully mobile Islamic banking platform, alongside the Absa La Riba Card.
