Absa Bank Kenya has taken a bold step to remodel how Kenyans experience banking by launching two innovative Islamic banking products, fully-mobile La Riba and La Riba Sultanah.

This shows Absa’s commitment to inclusivity and its bid to open up banking solutions that cater to a wider segment of customers seeking ethical, transparent, and flexible financial options.

For many Kenyans, the perception has always been that Islamic banking or Islamic finance is reserved exclusively for Muslims, but Absa is seeking to change that narrative permanently.

Driving these products is the principle that ethical banking is universal; you don’t have to be Muslim to benefit from services designed around fairness, transparency, and shared value.

“Islamic banking is a product, not a religion. It’s for everyone!” said Absa Bank Kenya’s Head of Islamic Banking Tego Wolasa in an exclusive interview with Swala Nyeti.

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  2. Absa Bank launches Kenya’s inaugural Shariah-compliant product for women
  3. New alliance unveiled as Absa pushes for stronger policies to boost Islamic finance

La Riba

The first product, La Riba, is a fully mobile-based solution designed for convenience in a country where mobile banking has now become a way of life.

With La Riba, customers can save, transact, and access financing options directly from their phones, all while enjoying the principles of Shariah-compliant banking - no hidden charges, no compounding interest, and complete transparency.

“Islamic banking adheres to two sets of laws; it adheres to the Banking Act and others laws in Kenya, but in addition to those laws it has the Islamic Law of Contracts (shariah Law),” noted Wolasa.

La Riba ensures flexibility for the regular Kenyan; whether you are a small business owner looking for affordable financing, a salaried worker keen to save ethically, or a student seeking an friendly platform, La Riba delivers a simple, mobile-first gateway into banking.

La Riba Sultanah

The second product, La Riba Sultanah, is a financial solution designed especially for women.

The product empowers women to access financing and build sustainable businesses or invest in personal development, with repayment terms that are ethical and clear.

In a market where women entrepreneurs still face barriers in accessing affordable credit, La Riba Sultanah could be the game-changer they have been waiting for.

The Absa Bank Kenya product allows women to take charge of their financial future, in line with its broader vision of uplifting communities and promoting gender inclusion in banking.

Non-Muslims 

Islamic banking is built on the principle of fairness, and unlike conventional banking which revolves around charging interest, Islamic banking uses profit-and-loss sharing models.

Customers and the bank share risks and rewards, making the relationship more balanced and ethical.

For non-Muslims, the appeal in Islamic Finance lies in:

• Transparency: No hidden charges or interest compounding.

• Stability: Islamic banking discourages speculative investments, making it a safer option for conservative savers.

• Inclusivity: Anyone can sign up, whether Muslim or not.

In fact, many non-Muslims globally are increasingly embracing Islamic banking as an alternative to conventional finance, drawn by its emphasis on ethical investment and fairness in contracts.

Financial Inclusion

By rolling out La Riba and La Riba Sultanah, Absa Bank Kenya is also sending a strong message about its unwavering commitment to promoting financial inclusion countrywide.

Kenya harbors one of the fastest-growing financial sectors in Africa, yet access to banking products still remains uneven.

By offering tailored solutions that resonate with different lifestyles and beliefs, Absa is expanding the banking net wider to ensure more people can participate in wealth creation.

“In Islamic banking, we don’t treat money as a commodity; In conventional banking, traditionally we sell you money, you return it with some interest. In Islamic banking, Islamic economics prohibit interest but allows profit,” Wolasa concluded.

With Kenyans facing a high cost of living and economic uncertainties, products that promote fairness, shared risk, and transparent terms could resonate strongly with customers looking for financial partners they can trust.

Facing the Future

Absa Bank Kenya’s Islamic banking journey is not new as it has been quietly building a strong foundation over the years.

But with La Riba and La Riba Sultanah, the financial institution is sending a clear signal that the future of banking in Kenya is about choice, inclusivity, and innovation.

And as more Kenyans begin to appreciate the benefits of ethical finance, these products could well redefine how people choose to bank, whether they are Muslim or non-Muslim.

As Absa Bank puts it: you don’t need to be Muslim to enjoy Islamic banking; you only need to value fairness, inclusivity, and a financial partner that places your needs at the center.