Shariah banking growing rapidly

Many non-Muslims like knowing they are not investing in alcohol, tobacco or porn. More than 100000 South Africans make use of the shariah-compliant banking products of local banks.

Eric Enslin, head of client engagement at FNB Wealth, said the shariah customer base is not exclusively Muslim.

Enslin said shariah banking is consistent with the principles of Islamic rulings and their practical application through the development of Islamic economics. Shariah prohibits the payment or acceptance of interest charges (riba) for the lending and accepting of money, as well as trade and other activities that provide goods or services considered contrary to its principles.

Business Live.co.za
Read more at

http://www.businesslive.co.za/personalfinance/2012/06/09/shariah-banking-growing-rapidly

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