Absa Bank Kenya PLC has launched La Riba Timiza, the country’s first fully Shariah-compliant mobile banking platform by a Tier 1 bank.
The product is accompanied by the Absa La Riba Card, a payment solution grounded in Islamic finance principles.
The move now positions Absa’s La Riba banking proposition to a suite of ethical financial products tailored for customers who prefer interest-free banking.
Accessible via the Timiza mobile app or USSD code, La Riba Timiza enables customers to make payments, access instant Shariah-compliant financing, and save towards specific goals—all in accordance with Islamic banking tenets, which prohibit interest-based transactions.
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“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 Absa Bank Kenya’s Managing Director and CEO, Abdi Mohamed.
The development of La Riba Timiza and the La Riba Card is anchored in Murabaha, an Islamic finance model that replaces interest with a profit margin, and was reviewed and approved by Absa’s independent Shariah Board.
While Islamic in structure, La Riba products are also open to non-Muslim customers who are drawn to ethical banking principles. This inclusive approach highlights the growing demand for interest-free and transparent financial services in Kenya’s evolving banking landscape.
Over the past decade, Islamic finance has gained significant traction in Kenya and has been increasingly recognized by regulators as a tool to bridge financial access gaps.
