Barclays’ South Africa-based subsidiary Absa has launched an Islamic Cheque Value Bundle which is a Shari’ah compliant banking solution.

The Absa Cheque Value Bundle offers customers a bundle of transactions and other included services for a single monthly fee with additional cash back on offer as customers add additional products to the bundle.

The bundle offers customers free Absa Rewards subscription for one year, free bank switching assistance, cash rebates for taking up several other eligible products and a discounted monthly fee for maintaining a qualifying minimum credit balance.

Arrie Rautenbach, Absa head of retail banking, said:

"We understand that customers who seek Shar’iah-compliant banking solutions have essentially the same banking requirements as other customers, and our solutions are developed to ensure they are able to manage their personal finances with ease, freedom and flexibility.

The Shari’ah compliant product launch comes one year after Absa introduced a conventional Value Bundles account.

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