While Shari'ah for Business is rooted in the principles of Islamic finance and structured through a Wakaalah arrangement, the solution is available to all qualifying South African businesses, regardless of the owner's faith or background.
The launch forms part of GoTyme Bank's commitment to providing business owners with greater choice in how they fund and grow their businesses.
South Africa's small business sector is diverse, with entrepreneurs seeking funding solutions that align not only with their business goals but also with their personal values. For some business owners, Shari'ah-compliant funding is an important faith-based requirement. For others, it provides an alternative to conventional interest-based funding.
Shari'ah for Business has been developed to meet this growing demand by offering a funding solution that supports genuine commercial activity while adhering to established Shari'ah principles.
Shari'ah for Business is structured through a Wakaalah arrangement, a recognised Islamic finance structure that enables qualifying businesses to access funding for the purchase of Shari'ah-compliant goods.
The solution is designed to support real business activity and provides business owners with a funding option that does not charge interest (riba).
To help ensure ongoing Shari'ah compliance, the structure is independently reviewed and overseen by a Shari'ah Advisory Committee made up of qualified Shari’ah scholars. The committee provides oversight and guidance on the overall structure and arrangement, helping ensure that the solution remains aligned with Shari'ah principles.
Recognising that many business owners may be unfamiliar with Shari'ah-compliant funding, GoTyme Bank has introduced dedicated Shari'ah Funding Specialists to guide customers throughout the process.
From the initial enquiry through to the application journey, specialists help business owners understand how the solution works, answer questions about the Wakaalah structure and provide support throughout the funding process. This personalised approach ensures that business owners have access to knowledgeable support and a dedicated point of contact from start to finish.
As demand for alternative funding solutions continues to grow, GoTyme Bank believes business owners should have access to a wider range of funding options that support their ambitions while respecting their values.
Business owners interested in learning more about Shari'ah for Business can speak to a dedicated Shari'ah Funding Specialist to understand how the solution works and whether their business may qualify.
To learn more or book a call, visit https://gotyme.co.za/business/funding/shariah-for-business.
