JOHANNESBURG – Non-Muslims in South Africa are turning to Islamic finance to guarantee investing their money in fields that are not negative for society, such as alcohol, tobacco and gambling.How, er, generous of them. And, at the same time, how Islamist. After all, the more people avail themselves of sharia financial services in particular, the more sharia there is around in general. (Did I mention that these services are booming?)
"Many non-Muslims choose Islamic banking products because they like knowing that their funds will never be invested in industries that are potentially negative for society, such as alcohol, tobacco, gambling and pornography,” Arrie Rautenbach, head of retail markets at Absa bank, told Business Live.
Trying to get a share of the booming Islamic banking industry, several South African banks are offering Shari`ah-compliant services, such as the First National Bank and ABSA bank.
The South African National Treasury has also announced plans to introduce Islamic bonds as part of efforts to get a share of the booming industry.
Over the past few months, the number of South Africans using Shari`ah-complaint banking products has remarkably increased to exceed 100,000 citizens.
The new Shari`ah-compliant services are available to all customers, regardless of their religion...
Sunday, June 10, 2012
Booming Sharia Finance Services in South Africa a Boon to Islamists
That according to onIslam, which does seem relish using the word "booming":