IslamicFinance.de

Customers wanting assurances their investments “will not be channelled into the typical sin industries” is one of the reasons cited for a growth in demand for Islamic finance in South Africa. That’s according to Amman Muhammad‚ the FNB Islamic Banking’s CEO. Over the last few years‚ the bank has seen a consistent rise in the number of South African citizens‚ irrespective of faith‚ who have approached them for various Islamic banking services such as investment accounts‚ vehicle and property finance, he stated. Muhammad said that personal principles are starting to influence the type of banking solutions people choose.

FNB and Al Baraka Bank froze the bank accounts of Al Aqsa Foundation after it was added to the US Department of Treasury's Office of Foreign Assets Control list. According to the US departments website Al Aqsa funnels money collected for charitable purposes to Hamas terrorists. However, foundation spokesman Melissa Hoole denied ties to that organisation. Al Baraka had since agreed to allow some activity in the account.