GoTyme Bank broadens Shari’ah-compliant funding for South African SMEs
GoTyme Bank broadens Shari’ah-compliant funding for South African SMEs. GoTyme Bank is expanding access to Shari’ah for Business, a funding solution designed to provide qualifying South African businesses with an alternative way to access finance while adhering to Islamic finance principles.
The solution is structured through a Wakaalah arrangement and is available to qualifying businesses regardless of the owner’s faith or background.
GoTyme Bank said the offering forms part of its efforts to give business owners greater choice when funding their operations and growth.
Shari’ah for Business is designed to support the purchase of Shari’ah-compliant goods through a structure that does not charge interest, known as riba. The funding arrangement is intended to support genuine commercial activity while following established Shari’ah principles.
The structure is independently reviewed and overseen by a Shari’ah Advisory Committee made up of qualified Shari’ah scholars. The committee provides guidance and oversight on the structure and arrangement to support continued alignment with Shari’ah principles.
GoTyme Bank has also introduced dedicated Shari’ah Funding Specialists to assist business owners throughout the funding process.
The specialists provide information about how the solution works, explain the Wakaalah structure and support customers from their initial enquiry through the application process.
The bank said the approach is intended to provide business owners with a dedicated point of contact and specialist assistance when considering Shari’ah-compliant funding.
Shari’ah for Business is positioned as an alternative to conventional interest-based funding for business owners seeking financing that aligns with Islamic finance principles.
GoTyme Bank said the solution is intended to provide greater funding choice to South African businesses, including entrepreneurs for whom Shari’ah-compliant finance is a faith-based requirement.
