List Of Muslim Banks In South Africa

What is Muslim Banks?

Islamic banking is a form of banking based on Islamic principles. Basically, in Islamic banking it is not allowed to pay and receive interest but rather it is based on profit sharing.

Islamic banks focus on generating returns on investments through investment tools that are “Shari’a” compliant.

Below Are The List Of Muslim Banks In South Africa

1 Albaraka Bank South Africa

2 Jordan Islamic Bank

3 Absa Islamic Bank.

Which bank is best for Islamic banking?

Al Rajhi BankPlease click to return to the AB 500 page.

STRENGTH RANKISLAMIC BANK RANKBANK
11Al Rajhi Bank
25Qatar Islamic Bank
337Vakif Katilim Bankasi

Does Nedbank have Islamic banking?

Nedbank Group [JSE:NED], South Africa’s fourth-biggest bank, does not offer any Islamic banking products in South Africa.

Absa Islamic finance offers businesses current and retail accounts. Its offerings range from savings, investments, term deposits and commercial asset finance.

How do Islamic bank make money?

Islamic banks are to collect zakat (obligatory religious alms giving) from customers’ accounts – at least according to some sources.

A board of Sharia experts is to supervise and advise each Islamic bank on the propriety of transactions to “ensure that all activities are in line with Islamic principles”.