The Viability of Islamic Banking and Finance in a Capitalist Economy: A South African Case Study

@article{Vahed2008TheVO,
  title={The Viability of Islamic Banking and Finance in a Capitalist Economy: A South African Case Study},
  author={Goolam Vahed and Shahid Vawda},
  journal={Journal of Muslim Minority Affairs},
  year={2008},
  volume={28},
  pages={453 - 472}
}
  • G. Vahed, S. Vawda
  • Published 1 December 2008
  • Economics
  • Journal of Muslim Minority Affairs
Muslims in post-apartheid South Africa have been seeking to introduce stricter Islamic codes in the public and private domains to redefine the kind of Muslims they want to be. An important aspect of this process is the attempt to reconcile living in a “non-Islamic” country with Islamic principles relating to finance, banking, and investment. Muslims are prohibited from engaging in interest (riba)-related economic activities. Muslim minorities worldwide are pioneering efforts in shariah… 

Islamic banking in South Africa – form over substance?

The purpose of this study is to understand the economic substance of Islamic banking transactions in South Africa and to analyse whether the economic substance is closely related to the legal form.

The Development of Islamic Finance in Emerging Markets: The Republic of Kazakhstan

The growth in Islamic Finance in many regions of the world during the last decade has been both significant and rapid, and has provided both individuals and businesses with the possibility of raising

Islamic Banking and its Perspectives

In the recent years, the global banking system has experienced large aftershocks. The global economic crisis that began in 2008, and its consequences, succeeded to close down many large banking

Ethics, Practice, and Future of Islamic Banking and Finance

Over the past thirty years, investment funds constructed to reflect the social, ethical, and environmental (SEE) concerns of modern-day investors have become considerable forces in financial markets.

Requirements for the Success of Islamic Finance in Canada (Syarat dan Keperluan untuk Menjayakan Kewangan Islam di Kanada)

Islamic finance is at its first steps in Canada andthe financial institutions offering Islamic financial products face many problems performing their services. This paper has the objectives of

Determinants of Viability of Islamic Banking Products: A Case Study of Jaiz Bank Plc

: This paper investigates the long-term prospects of Islamic banking products in Nigeria amidst the rising popularity/acceptability of non-interest banking, especially the Islamic banking system. The

Marketing Islamic Financial Services: A Review, Critique, and Agenda for Future Research

Islamic finance has experienced rapid growth globally, surpassing the USD 2 trillion mark in 2017. As a result, the literature related to Islamic finance and banking is rather rich. Despite the

Constraints in the Application of Partnerships in Islamic Banks: The Present Contributions and Future Directions

Partnership is considered as the essence of Islamic banking. Therefore, Islamic banks are supposed to rely on the partnership contracts for acceptance of deposits and investment of funds. In

Variants of Participatory Financing for Risk Assessment and Mitigation in Islamic Banking

The participatory modes of Islamic financing including Musharakah and Mudarabah are widely accepted as the ideal modes of financing among the jurists of Islamic banking and finance. However,

Employees' Perceptions about Islamic Banking and its Growth Potential in Pakistan

This paper investigates the perceptions of employees in Islamic banks and Islamic branches of conventional banks regarding practices and growth of Islamic banking in Pakistan. For this purpose,

References

SHOWING 1-10 OF 36 REFERENCES

Islam and the Moral Economy

How do modern Muslims adapt their traditions to engage with today's world? Charles Tripp's erudite and incisive book considers one of the most significant challenges faced by Muslims over the last

Changing Islamic Traditions and Emerging Identities in South Africa

The deracialization of South African society in the midst of accelerating economic and cultural globalization has set in motion profound social, cultural and political changes that have confronted

Indian merchants and dukawallahs in the Natal economy, c1875–1914

In the early years of the last quarter of the nineteenth century, Natal provided an ideal environment in which Indian merchants could flourish. Under‐supplied with money and goods, with relative

Passengers, partnerships, and promissory notes : Gujarati traders in colonial Natal, 1870-1920

There were no complicated business arrangements. People trusted each other in those days. When you opened a shop, you would do your utmost to pay your creditors first.... To be insolvent was a

Promises of (im)mediate salvation: Islam, broadcast media, and the remaking of religious experience in Mali

In this article, I take the highly successful Muslim preacher Cherif Haidara in Mali as a starting point to explore the conditions that, throughout the contemporary Muslim world, facilitate the rise

Islam and the Moral Economy: The Challenge of Capitalism

Acknowledgements Glossary Introduction 1. The 'social problem' 2. Islamic social critics 3. Islamic socialism 4. Islamic economics and Islamic banks 5. Repertoires of resistance: Islamic

Banking, Credit and Capital in Colonial Natal, c.1850-1910

In 1843 Natal, on the south east coast of Africa, became a British colony after a contest between Boer and British forces which had culminated in the battle of Congella. The colony was not

Multiple communities: Muslims in post-apartheid South Africa

Re-formatting the economy: Islamic banking and finance in world politics