Islamic Banking is an alternative to conventional banking that is available to anyone who seeks a different approach to financial services, not only for members of the Muslim community who wish to operate financially in line with Shari’ah Law but also designed for non-Muslims.
Like conventional banks, an Islamic bank is an intermediary and trustee of other people’s money with the difference that it shares profit and loss with its depositors. This difference introduces an element of mutuality in Islamic banking, making its depositors as customers with some ownership rights.
Did You Know?
Islamic banks cater for both the clients’ personal and business needs, within and out of South Africa. If you are travelling out of South Africa, an Islamic bank will provide you with the following Shari'ah compliant financial products;
- Travellers cheques
- Foreign exchange
- Cash Passports
- Inward and Outward Remittances
Find out which banks offer competitive exchange rates and favourable service fees for all your national and international banking transactions and investments which are tailored to accommodate your personal needs.