The Islamic banking system is embedded in Islamic law and ethics and is a solution specifically suited to banking customers who want to adhere to Shari’ah requirements.Islamic Banking Amman Muhammad says Islamic banking is a credible alternative to conventional or mainstream banking for all South Africans, not just Muslims.at the institution’s offices in Sandton recently.
“Islamic banking is premised upon Islamic principles and the rules of the Shari’ah, which is Islamic law. But I think it is very important to note that Islamic banking is available to anyone who chooses, irrespective of their religion, creed or their race. “We’ve worked with FNB that caters to the demands of all of South Africa. Given the very diverse population we have in South Africa, FNB, 20 years ago when we started this, started taking into account the needs of all South Africans.” Muhammad said.“Since then, we’ve added and grown. Today we’re close to being fully-fledged in terms of a product offering that covers all elements of transactional, investment, lending and even Islamic insurance cover.
Muhammad said extensive study and analysis have gone into the principles of Islamic banking. He added that within the Islamic economics and finance space, FNB has a consensus of multiple Islamic scholars and bodies that allow FNB Islamic Banking to operate.