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Absa First With Islamic Investment Offering   Article Date :30 Nov 2005 Investment products to comply with Shari'ah law of Islamic banking principles. Absa says it is the first major bank in South Africa to offer investment products specifically designed to comply with Shari'ah law of Islamic banking principles. It said the achievement helps it to realise its strategic intent to provide banking and investment products to meet the needs of its diverse client base. Islamic banking products are not new to the South African market but until now equity investment products were not available from any of the major banks. With the launch by Absa Private Bank of Absa's Islamic Investment Account and Islamic Offshore Investment Account, Absa has chosen to focus on ensuring the highest degree of Shari'ah compliance and maintaining the quality of the investment product and client service. "These are not only the first products in Absa's Islamic Wealth Series, but also the first in a series of lifestyle tailored offerings by Absa Private Bank. We are committed to managing, preserving and growing the wealth of all our clients, taking into account their financial needs as well as their lifestyle needs," says Zarina Bassa, Absa executive director responsible for Private Banking."This entails consideration of the unique cultural and religious dimensions that influence the management of the wealth of theindividual, the family and the business," adds Bassa. Hassen Sheik Ebrahim, General Manager of Private Wealth Solutions at Absa Private Bank, adds that the launch is in line with Absa's mission to be the leading financial services group serving all of its stakeholders."This means respecting the values, customs, beliefs and integrity of all our clients. The Muslim community should have the right to select Shari'ah compliant wealth management products at the institution of their choice without compromising on quality. By selecting Absa, clients have the added benefit of dealing with a large established bank." CLICK HERE TO RETURN TO THE MAIN NEWS PAGE