As a leader in South Africa’s Islamic Finance arena, Absa Islamic Banking has been on a journey to establish a business that can truly distinguish itself from its competitors through a segmented approach and full-service offering.
Absa Islamic Banking was recently recognised as the “Best Islamic Banking Window – South Africa” by International Finance for 2024. The team behind the success is seasoned financial services professionals guided by Shaheen Suliman, who has previously held various leadership roles in Balance Sheet Restructuring, Treasury Structuring, and Islamic Banking expansion in Africa. He is a Chartered Accountant and a CIMA Diploma holder in Islamic Finance. Shaheen has received many innovation awards and was recognised as “Upcoming Personality in Global Islamic Finance” at GIFA 2023.
In his recent interview with International Finance, the banking veteran spoke in detail about what sets Absa Islamic Banking apart from its competitors, and giving a sneak peek of future plans.
Excerpts from the interview:
Absa Islamic Banking was honoured as the “Best Islamic Banking Window – South Africa” by International Finance for 2024. What factors do you think contributed to this recognition?
Absa Islamic Banking’s recognition by International Finance is a reflection of our unwavering commitment to being a trusted partner for our clients. We understand that our clients have diverse needs, and we continuously innovate to deliver solutions that put them at the centre of everything we do.
This award highlights the progress we have made in expanding our market presence as a result of our holistic product offering that caters to both the personal and business banking needs of our customers. Our embedded processes and structures are rigorously designed and then certified by an independent Shariah Supervisory Committee.
Earlier this year, Absa Islamic Banking announced its new brand repositioning. Tell us about it.
Our new signature or strapline “Your Story Matters,” signals a shift to meeting our customers with empathy during every stage of their journey. This promise reflects our commitment to delivering an experience that is seamless, intuitive and anticipatory. We believe every story holds significance, regardless of its scale.
That’s why we’re focusing our solutions and services around the needs of people, the planet, businesses and society. We want to be more human-centred whilst being guided by empathy. Our goal is to ensure the stories of our customers, colleagues and communities are not only heard, but also supported with tailored solutions, beyond banking. This also applies to the Absa Islamic Banking offering.
What upcoming features and services can clients look forward to from Absa Islamic Banking?
Our clients can expect continued innovation and a broader range of Shari’ah-compliant products tailored to meet their evolving financial needs. Our segment and sector-based approach ensures that all customers are catered for, and we are constantly exploring ways to improve the customer experience.
Additionally, enhancements to our treasury model have allowed us to offer more competitive and flexible pricing, further enhancing the value we provide to our clients. As always, our client’s financial well-being and Shari’ah-compliance will remain at the core of everything we do.