ABSA would expand its Islamic banking franchise in South Africa and the region using the same strategies that would make it the “go to” bank as coined last week by group CEO Maria Ramos. Islamic banking is operated under the principles of Sharia law which, among other practices, prohibits the charging of interest on loans.
Arrie Rautenbach, Absa’s head of retail markets, said in an interview Islamic banking had always been a strategic initiative for Absa. This was shown by what he said were the “pioneering” propositions that the Barclays-owned bank had brought to the market………………………………………..Full Article: Source