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

  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},
  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… 

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