Islamic banking becoming attractive to ‘Muslim and non-Muslim alike’
Customers wanting assurances their investments “will not be channelled into the typical sin industries” is one of the reasons cited for a growth in demand for Islamic finance in South Africa.
That’s according to Amman Muhammad‚ the FNB Islamic Banking’s CEO‚ who said that “Islamic banking and its principles-based approach is proving to be a viable option to both Muslim and non-Muslim alike”.
Said Muhammad: “Over the last few years‚ we have seen a consistent rise in the number of South African citizens‚ irrespective of faith‚ who have approached us for various Islamic banking services such as investment accounts‚ vehicle and property finance.
“Some customers want to be assured that their investments will not be channelled into the typical sin industries which they fundamentally do not support.”
Muhammad said that as “personal principles are starting to influence the type of banking solutions people choose…the broader financial services industry needs to acknowledge the rapidly changing needs and create solutions which are aligned to customers’ interests”.