Black Muslim entrepreneur recording voice message on mobile phone while working at her office.

As of my last update in September 2021, Islamic banking in South Africa was reasonably accessible and had been steadily growing in popularity. South Africa has a sizeable Muslim population, and there is a demand for banking services that align with Islamic principles.

Several financial institutions in South Africa offer Islamic banking products and services to cater to this demand. These Islamic banks and Islamic windows of conventional banks operate in compliance with Sharia principles and offer a range of products, including Islamic home financing (Murabaha), Islamic savings accounts (Wadiah), Islamic fixed deposits (Mudarabah), and Islamic personal finance (Ijarah, Takaful, etc.).

Additionally, some conventional banks in South Africa may have dedicated Islamic banking divisions or sections that provide Sharia-compliant products and services alongside their regular offerings.

The South African government has been supportive of Islamic finance and has taken steps to facilitate its growth. In recent years, there have been efforts to develop the regulatory framework for Islamic banking to promote greater participation and investment in the industry.

However, it’s worth noting that the accessibility of Islamic banking might vary depending on the specific region within South Africa. In major cities with a larger Muslim population, you are more likely to find a broader range of Islamic banking options. In more rural or less densely populated areas, the availability might be more limited.

For the most current and accurate information on the state of Islamic banking in South Africa, I recommend checking with local banks or financial institutions that offer Islamic banking services.

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