Al Baraka Bank Al Baraka Business Banking Account

A transactional account for SMEs, close corporations, companies, partnerships, sole proprietors and trusts, with a low R50 monthly admin fee and a R500 minimum opening balance. It supports linked multiple profiles, bulk beneficiary uploads and batch payment capture and release for payroll, free local point-of-sale card purchases, retailer till-point cash deposits, Absa cash-accepting ATMs, SARS payments, real-time payments and e-stamped statements. Internet banking for business carries an additional monthly subscription. A Corporate Account variant serves medium and large businesses, alongside Non-Profit Organisation, Social Responsibility Card and Estate Late accounts for specialised entities.

For an SME that wants its banking clean from riba end to end, the Business Banking Account is the anchor: R50 a month buys batch payroll, bulk payments and access to a business investment shelf with published Mudaraba rates. The absence of an overdraft is structural, not an oversight; Al Baraka replaces it with trade finance facilities, so businesses with revolving working-capital needs must plan the facility route in advance. Where the account really differentiates is the specialised entities layer: attorney trust savers, estate late accounts and NPO accounts mean professional practices can hold client and fiduciary money compliantly. Big-four windows offer slicker platforms; none offers a fully Islamic balance sheet behind the account.