Al Baraka Bank launches Vivere: a Shari’ah-compliant foreign currency account for global transactions

Al Baraka Bank has announced that it has officially launched Vivere, a Shari’ah-compliant foreign currency account designed to provide South Africans seamless access to international transactions.

According to the bank, the new product represents a bold step in the bank’s strategy to combine ethical banking with digital convenience, while meeting the needs of customers who live, travel, and transact across borders.

The bank says that at the heart of Vivere, there is a secure VISA card that allows customers to hold and transact in six major international currencies: US Dollar (USD), Euro (EUR), British Pound (GBP), Turkish Lira (TRY), UAE Dirham (AED), and Saudi Riyal (SAR).

This multi-currency capability means customers can shop online, swipe in-store, withdraw cash abroad, and manage travel expenses with ease. The bank says Vivere is particularly well-suited for South Africans embarking on religious pilgrimages such as Hajj and Umrah, where access to foreign currency is essential.

“Vivere reflects our commitment to innovation that improves the everyday lives of our customers — locally and abroad,” says Shabir Chohan, chief executive officer of Al Baraka Bank.

The bank says with an annual fee of just $10, Vivere offers a cost-effective alternative to traditional foreign currency solutions. Customers no longer need to purchase physical notes or navigate complex exchange processes. Instead, they can send, store, and spend international funds directly from home, enjoying both convenience and peace of mind.

“We built Vivere to deliver financial freedom across borders, without complexity and without compromising our ethical values,” says Sumeshion Chetty, general manager of information technology.

The bank says the launch of Vivere highlights Al Baraka Bank’s strategic priorities:

• Digital convenience — simplifying global transactions through technology.
• Customer-centricity — addressing real-world lifestyle and travel needs.
• Shari’ah-compliant innovation — ensuring financial solutions remain ethical and inclusive.

The product was introduced with interactive activations and live demonstrations in Durban, Johannesburg, and Cape Town, drawing strong interest from customers and industry stakeholders, it says.

Vivere is now available at all Al Baraka Bank branches and online at welcome.albaraka.co.za.

PERSONAL FINANCE