Save With Discipline, Earn With Purpose
If you’re saving for something important — school fees, Umrah, or a future project — and you want to stick to Shari’ah principles, the Islamic Target Save account could be perfect for you.
It’s a disciplined savings account that rewards consistency with competitive profit rates, including a bonus if you save digitally. Plus, it gives you peace of mind knowing your funds are invested in a halal way.
Key Benefits – Why Choose Islamic Target Save?
- Earn profit every month, based on how much you save
- Profit rates increase as your balance grows
- Save automatically with a R250 recurring payment
- Get a bonus rate for using Absa’s digital channels (app or online)
- No monthly fees
- Shari’ah-compliant using the Mudarabah model
You can save knowing your money is being invested ethically, with oversight by an independent Shari’ah Supervisory Committee.
Profit Rates
Profit is calculated daily and added to your account monthly. The more you save, the more you earn: (For the most accurate and up-to-date interest rate, please visit absa.co.za)
| Balances | Standard Profit Rate | Digital Bonus Rate | Total Rate |
| R0.01 – R99.99 | 0.00% | 0.00% | 0.00% |
| R100 – R999.99 | 4.25% | 0.25% | 4.50% |
| R1,000 – R24,999.99 | 6.25% | 0.25% | 6.50% |
| R25,000 – R49,999.99 | 6.93% | 0.25% | 7.18% |
| R50,000 – R249,999.99 | 7.03% | 0.25% | 7.28% |
| R250,000 – R999,999.99 | 7.26% | 0.25% | 7.51% |
| R1,000,000 – R9,999,999.99 | 7.45% | 0.25% | 7.70% |
| R10,000,000 – R24,999,999.99 | 7.65% | 0.25% | 7.90% |
| R25,000,000 – R49,999,999.99 | 7.70% | 0.25% | 7.95% |
| R50,000,000 + | 7.70% | 0.25% | 7.95% |
How the Account Works
- Based on Mudarabah: You invest funds, Absa manages them in Shari’ah-compliant ways, and profit is shared.
- You must save at least R100 every month to keep the account active.
- Withdrawals are only allowed after 6 months.
- After that, you can make up to 4 withdrawals per year, each with 32 days’ notice.
- If you want to withdraw earlier, Absa may allow it — but you’ll pay a constructive liquidation fee.
What You Need to Open the Account
- Opening deposit: R100
South African Citizens:
- SA ID
- Proof of residence (not older than 3 months)
Foreign Nationals:
- Valid passport
- Proof of residence
- Work or residence permit
Where and How to Apply
You can apply:
- Online via Absa.co.za
- By calling 0860 111 515
- At your nearest Absa branch
To qualify for the digital bonus profit rate, manage your account exclusively through digital channels.
Other Things to Know
Statements
- Free email statements or view online.
- Paper statements or in-branch requests may carry a fee.
Withdrawals & Rules
- No withdrawals in the first 6 months.
- After that, 32-day notice applies.
- Missed notices or early withdrawals attract penalties.
Tax
- Profit is fully taxable.
- You’ll receive a tax certificate (IT3b) each year.
Is My Money Safe?
Yes. Your money is:
- Invested ethically
- Covered by CODI up to R100,000 per client
- Protected under Absa’s capital guarantee (subject to Mudarabah rules)
Remember: There is no guaranteed return. If no profit is made, you won’t receive a profit share. If there’s a loss, it’s limited to the amount you deposited.
Is This Account for You?
Go for it if:
- You want to save with discipline
- You’re looking for Shari’ah-compliant growth
- You want bonus profit for saving online
- You can commit to leaving your money untouched for at least 6 months
Not ideal if:
- You need frequent, easy access to your money
- You want a fully flexible savings account
Ready to Start?
If you’re serious about disciplined saving and you want to grow your money the halal way, open the Islamic Target Save Account today.
Start small with R100 — and watch it grow.
Buti.co.za helps you understand your choices — the next step is yours.