Absa Bank Kenya has introduced La Riba Timiza, the first fully Shariah-compliant mobile banking platform developed by a Tier 1 bank in Kenya.
This groundbreaking initiative seeks to promote financial inclusion by offering ethical, interest-free banking solutions tailored specifically for Kenya’s growing Islamic finance sector.
“We take immense pride in being pioneers of Islamic banking in Kenya since 2003, and now, we are excited to be the first Tier 1 bank to launch a fully Shariah-compliant digital banking solution,” stated Abdi Mohamed, CEO of Absa Bank Kenya. “This innovation underscores our commitment to delivering inclusive, ethical, and accessible financial services that serve the diverse needs of our customers.”
The platform is designed for both individuals and businesses that require banking products in line with Islamic principles.
La Riba Timiza is easily accessible through the user-friendly Timiza mobile app or by dialing *848#, allowing users to effortlessly conduct everyday financial transactions.
The platform also provides opportunities for users to save towards personal goals, such as education or home purchases, and offers short-term financing options that all comply with Islamic banking tenets, which expressly prohibit interest (riba).
In addition, the La Riba Card enhances this offering by providing Shariah-compliant payment solutions. This card includes benefits such as flexible transaction options, exclusive discounts at partnered merchants, cashback rewards on purchases, and access to premium airport lounges for frequent travelers. The card is particularly aimed at consumers who lead a values-driven lifestyle, including entrepreneurs and professionals who require financial tools that align with their ethical beliefs.
Both La Riba Timiza and the La Riba Card are structured based on the Murabaha model,a transparent cost-plus-profit financing method that replaces conventional interest-based lending with straightforward pricing. Absa Bank has emphasized that these innovative products were developed after extensive consultation with its independent Shariah Board to ensure comprehensive adherence to established Islamic finance standards.
This launch is part of Absa’s broader strategy to address the increasing demand for faith-based financial solutions while contributing to Kenya’s national goals for enhanced financial inclusion, economic empowerment, and reduced barriers to accessing compliant financial services.
By introducing these products, Absa Bank aims to serve a wider customer base while reinforcing its leadership position in the Kenyan banking sector.
