Islamic banking continues to grow in South Africa
By Opinion
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An increasing awareness and understanding that every obligation attached to one’s wealth needs to be fulfilled in the proper manner is spurring a local boom in demand for alternative financial products and services from Islamic financial services providers.
Underscoring the increase in demand, the Banking Association of South Africa (BASA) said at its first Islamic Finance Conference held in September last year that much of what is required to help the country address its economic challenges can be found in the fundamental tenets of Islamic banking: fairness, transparency, risk-sharing and socio-economic responsibility.