Forex - Absa

What is the easiest way to recieve money internationally?

On average, I will be receiving R3000 a month from America. What is the simplest, most cost effective way to recieve it?
PayPal is a bit of a hassle with having to withdraw to FNB first and then into my bank acc. Are there better options?
submitted by pxtal13 to southafrica [link] [comments]

The rough guide to the Islamic Investment world (in South Africa)

So this is my rough guide to Islamic investments within the South African Universe (it can apply globally, except my examples is all South African based). Hope it is informative and encourages halal investing.
Suggestions welcome
Section 1: Investment Universe 
  1. Islamic Bank fixed deposits
About: Invest your money for a fixed period (1 month up to 5 years). Get profit when period is completed
Pros: Reliable profit , Low financial risk, low Islamic risk : covered by a board of Shariah scholars
Cons: Low profit rates.

  1. Unit trusts
About: Collective investment - managed by investment company, protected by SA law, typically invests in equities, sukuks and property
Pros: Plenty of choice, Provided by registered Financial Service Providers, Sharia Boards , diversification
Cons: Typically High fees, .

  1. ETF
About: Collective investment
Pros: low fees, Provided by registered Financial Service Providers, Sharia Boards , diversification
Cons: only one option in SA, heavily weighted on Resources

  1. Shares
About: Pick your own stocks off the exchange
Pros: High profit potential,
Cons: Very Risky, No Islamic oversight (hence need to do your own screening)

  1. Property
About: Tried and test property
Pros: Stable Asset, Tangible, Straightforward, Zakah benefits,
Cons: High capital outlay, expensive legal costs (transfebond registration) , Not very liquid,
  1. Custom Wealth Solutions
About: Customized Wealth management and investments
Pros: Professional advice, custom solution
Cons: Available exclusively to high net worth individuals, Investment advise appears to be fee based

Section 2: Definitely not halal 
  1. Margin based investing: Margin = interest = haram. Also very risky
  2. Futures contracts: Shorting, going long, all CFD's and futures contracts are impermissible. Because a condition for a halal investment is that the underlying asset must be owned
  3. Forex: Or at least forex based on CFD's and margins. Buying dollars to travel should be perfectly fine.
  4. Stocks/Equities that primarily deal in haram activities: Gambling, pork, etc

Section 3: Grey Areas 
  1. Crypto ( Bitcoin ,etc) : In theory these should be more "halal" than fiat currency (what all money in the world is) however there are differences of opinion.
  2. Shares : There are grey areas : Most companies has an element of haram income (interest, etc). Scholars have devised ratios to to filter out "islamic stocks" from haram stocks (30-33% max debt, max 5% haram income, liquid ratios, etc). It is for this reason these stocks requires dividend purification.
However you should be aware of this before venturing into to stocks as you might not be comfortable with that thought (This also affects EFTs, Unit trusts, etc).
3 Easy Equities: Easy equities makes it cheap and easy to own equities. However I would at all times buy/sell only whole shares and not fractional shares. Fractional shares are done as a CFD (a bit different from a forex CFD). You get all the benefits of ownership such as dividends and capital gains on a pro rate basis. But you do not actually own the CFD until you buy enough CFD to get a real whole share. That being said, it is still grey, best to avoid fractional shares entirely
4. Halal Forex Accounts: Somehow these are marketed that way. Here's a link to (Islamic Finance Guru) who has a bit more knowledge on this. (Note: I am not affiliated in any way or get any benefit)
Section 4: Conclusion 
I sincerely hope this helps , and encourages to invest in the Islamic world.
Any ideas, inputs and suggestions welcome.


Disclaimer 1 : Corrections welcome, I am not a learned scholar, this is not financial advice, you bear the responsibility & consequences of your own decisions/investments
Disclaimer 2 : At some point FNB Sharia board quit , they subsequently hired a new board. They don't however make it easy to find who is in the board from their website. However the information can be found in news websites.
submitted by Flying_Koeksister to IslamicFinance [link] [comments]

Absa Online Unit Trust Functionality Enhancement 3 SA banks implicated in collusion to fix currency trades www.youtube.com Bibiano ForeX - YouTube

currency: buying: selling: usd: 3605.06: 3742.20: gbp: 4745.04: 4953.62: eur: 4170.25: 4464.38: kes: 31.37: 35.79 CBK Suspends Absa Bank From Forex Trading During the ban period Absa cannot transact in the inter-bank foreign exchange market. by Samuel Gitonga April 9, 2020 April 9, 2020 0. 0 Shares. Share; Tweet; Pin it; Share; Email; More; Absa Bank Kenya Plc CEO Jeremy Awori. Central Bank has suspended the lender from trading forex temporarily for flouting anti-money laundering regulations. The Central ... Absa Bank ( Mauritius) Limited is regulated by the Bank of Mauritius and the Financial Services Commission. Experience banking at your fingertips If you require information on COVID-19, visit the Absa COVID-19 page or go to covid19.mu Sitemap Absa Bank Ghana Limited. Registered in Ghana (registered no. CS144072016). Registered Office: Absa House, High Street, Accra, Ghana. Absa Bank Ghana Limited is regulated by the Bank of Ghana. The Central Bank of Kenya (CBK) has taken regulatory action against Absa Bank Kenya for failing to provide information about some foreign exchange transactions conducted in March 2020. The flagging of Absa’s forex transactions coincided with CBK purchase of dollars from the domestic financial market with the reserve bank seeking to grow its usable foreign exchange reserves ... CBK has ordered Absa to cease trading as an authorised Forex dealer for five working days- Thursday, April 9, 2020, to Wednesday, April 15, 2020. In the statement, CBK said Absa has been banned and cannot transact in the inter-bank foreign exchange market. However, the regulator has allowed the lender to settle committed transactions as of April 8. SWIFT codes for all branches of ABSA BANK LIMITED. Swift codes. Business Identifier Codes (BIC codes) for thousands of banks and financial institutions in more than 210 countries. Absa Bank Kenya Plc, formerly Barclays Bank Kenya Limited, has been suspended from Forex trading for seven days, the Central Bank of Kenya (CBK) said on Thursday. In a statement, CBK said Absa bank had flouted anti-money laundering rules after its management failed to provide information about some specific foreign exchange trades that it conducted in March 2020. In a statement yesterday, financial sector regulator Central Bank of Kenya (CBK) said Absa, formerly Barclays Bank of Kenya, flouted several regulations in some forex trading conducted last month.

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Absa Online Unit Trust Functionality Enhancement

www.youtube.com Absa Bank Kenya has been suspended from Forex trading for seven days by the Central Bank of Kenya. CBK has ordered the bank to stop foreign exchange transactions from today up to the April 15th ... forex account absa forex account axis bank forex demo account app forex managed account agreement forex demo account australia forex account south africa open forex account and get bonus forex ... ABSA, Standard Bank and Investec have been named in a statement released by the Commission earlier. The ABSA linked banks include ABSA Bank Limited, and two arms of Barclays. The facility also allows you to add Absa Fund Manager's bank account information as a beneficiary on your transactional bank account for ad-hoc deposits using the unit trust account number and ... The Competition Commission has referred a collusion case to the Tribunal for prosecution against 17 banks, including three of South Africa's big banks. The C...

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