The FNB Islamic Platinum Business Account is a premier banking solution designed specifically for businesses that adhere to Islamic banking principles. This account is tailored for enterprises with an annual turnover between R5 million and R60 million, offering a comprehensive suite of benefits that go beyond basic banking needs.
In 2024, the FNB Islamic Platinum Business Account continues to be a competitive option for businesses seeking Shari’ah-compliant financial services. The account not only meets the essential transactional needs of a business but also provides value-added services that help businesses grow, manage cash flow, and maintain compliance with Islamic law.
Key Features and Benefits
1. Shari’ah Compliance The FNB Islamic Platinum Business Account is governed by a Shari’ah Advisory Committee, composed of scholars recognized locally and internationally. This committee ensures that all activities within the account comply with Islamic banking principles, providing businesses with the peace of mind that their financial operations are in line with their religious beliefs.
2. Comprehensive Business Solutions The account includes access to several business solutions tailored to meet the specific needs of your business. These include:
- eWallet Pro: A convenient way to send and receive payments instantly.
- Business Forex: Facilitates international transactions, making it easier for businesses to operate globally.
- PayPal™: Enables seamless transactions for businesses that operate online or engage in international trade.
- Merchant Services: Offers businesses the tools they need to process payments, manage transactions, and optimize cash flow.
3. Enhanced Security Security is a top priority for FNB, and the Islamic Platinum Business Account reflects this with several built-in features:
- Restricted Functionality Debit Cards: Empower your staff by issuing them debit cards with limited functionality, protecting your business’s funds and sensitive information.
- Online Secure: A free service that helps ensure your online transactions on third-party websites are safe by creating a secure password for your business.
4. Digital Banking Convenience The FNB Islamic Platinum Business Account is fully integrated with FNB’s digital platforms, allowing businesses to manage their finances with ease:
- Online Banking for Business: Allows for easy, once-off and recurring transfers, payments, and debit orders.
- FNB Mobile App: Manage your account, make payments, and even create and manage virtual cards directly from your smartphone.
5. Value-Added Services Beyond traditional banking, FNB offers several complimentary services that add significant value to the Islamic Platinum Business Account:
- Instant Accounting: Automatically record transactions as they occur, manage cash flow in real-time, and compile financial statements and reports.
- Free AA Roadside Assistance: Available for clients with a linked petrol card, ensuring peace of mind during business travel.
- Access to SLOW Lounges: Enjoy complimentary access to both domestic and international SLOW lounges, offering a comfortable space to relax or work while traveling.
6. eBucks Rewards Businesses can earn up to 40% cashback in eBucks on qualifying transactions. These rewards can be spent at a variety of partners, including HP Store, Engen, Checkers, and Workshop17, providing additional value for everyday business expenses.
Islamic Business Call Account
The FNB Islamic Platinum Business Account is linked to the Islamic Business Call Account, a savings account designed to help businesses manage their cash flow effectively. This account allows businesses to ring-fence funds for specific purposes, such as PAYE, VAT, staff bonuses, or other short-term obligations. The Islamic Business Call Account also offers immediate access to funds and the potential to earn an indicative profit share rate on the balance maintained.
Competitive Fees and Charges
The FNB Islamic Platinum Business Account offers competitive pricing, ensuring that businesses get maximum value for their banking spend. Below is an overview of the key fees associated with the account in 2024:
| Fee Description | Fee |
|---|---|
| Electronic Transfers using FNB Digital Platforms | Free |
| Consultant Assisted Transactions | R88.00 |
| Internal Debit Order Fee | No charge |
| External Debit Order Fee | R12.00 |
| Scheduled Payments (FNB Branch) | R20.00 |
| Send Money (eWallet) | R2 + R2.40 per R100.00 |
| Withdrawal at an FNB ATM | R2.00 per R1,000.00 or part thereof |
| International ATM Withdrawal | R80.00 + R2.00 or part thereof |
| Deposit at an FNB Branch | R60.00 per cheque |
| Local and International Card Purchase Fee | R3.68 per transaction |
| International Payment in ZAR | 2% of transaction value, max R100.00 |
These fees are designed to offer businesses a cost-effective banking solution, allowing them to focus on growth rather than excessive banking costs.
Competitive Advantages of the FNB Islamic Platinum Business Account
- Shari’ah Compliance: The account is overseen by a Shari’ah Advisory Committee, ensuring that all banking activities align with Islamic principles.
- Comprehensive Digital Solutions: FNB’s digital platforms provide businesses with the tools they need to manage their finances effectively.
- eBucks Rewards Program: Earn up to 40% cashback on qualifying transactions, adding value to your everyday business spending.
- Tailored Business Solutions: FNB offers industry-specific products and services that cater to the unique needs of different businesses.
- Access to SLOW Lounges: Enjoy the convenience and comfort of FNB’s exclusive SLOW lounges during business travel.
Competitive Disadvantages of the FNB Islamic Platinum Business Account
- High Minimum Turnover Requirement: The account is only available to businesses with an annual turnover between R5 million and R60 million, potentially excluding smaller businesses.
- Premium Fees: Some of the fees, particularly for international transactions, may be higher compared to standard business accounts.
How to Qualify for the FNB Islamic Platinum Business Account
To qualify for the FNB Islamic Platinum Business Account, businesses must meet the following criteria:
- Annual Turnover: The business must have an annual turnover of R5 million to R60 million.
- Business Registration: The business must be registered in South Africa.
- Documentation: Required documents include a South African ID book/card, proof of residence (not older than three months), and the company’s registration certificate.
Conclusion
The FNB Islamic Platinum Business Account is an ideal solution for businesses that require Shari’ah-compliant banking services and operate within the R5 million to R60 million turnover range. With its comprehensive range of digital solutions, security features, and value-added services, the account offers businesses the tools they need to manage their finances efficiently and grow sustainably. While the account’s high turnover requirement may limit accessibility for smaller businesses, those that qualify will find the FNB Islamic Platinum Business Account to be a robust and reliable banking partner in 2024 and beyond.