NAIROBI, Kenya, July 11 – Absa Bank Kenya has unveiled La Riba Timiza, the country’s first fully Shariah-compliant mobile banking platform by a Tier 1 bank, alongside the La Riba Card, a riba-free payment card developed in line with Islamic finance principles.
The move is aimed at deepening financial inclusion by offering ethical, values-based banking products that serve Kenya’s growing Islamic finance market. The new products are designed for individuals and businesses seeking interest-free, Shariah-compliant financial solutions.
La Riba Timiza, accessible via the Timiza app or by dialing *848#, enables customers to make payments, access short-term financing, and save towards personal goals — all within the framework of Islamic banking, which prohibits interest (riba).
La Riba Card, meanwhile, provides flexible payment options, discounts, cashback rewards, and access to premium airport lounges. It is tailored to customers who prefer a Shariah-compliant lifestyle, including small businesses and professionals.
“We take great pride in being the first bank in Kenya to pioneer Islamic banking 20 years ago, and now we’re also the first Tier 1 bank to launch a fully Shariah-compliant mobile banking service,” said Abdi Mohamed, Absa Bank Kenya CEO. “These innovations reflect our commitment to ethical, inclusive, and accessible banking.”
Both products are structured around the Murabaha principle, which involves cost-plus-profit arrangements rather than interest-based lending. Absa confirmed that they were developed in full consultation with the bank’s independent Shariah Board to ensure strict compliance with Islamic financial regulations.
The launch signals Absa’s strategic focus on tapping into Kenya’s growing demand for faith-based financial services while contributing to the national agenda on financial inclusion.
