GoTyme Bank Introduces Shari’ah for Business Through a Wakaalah Structure
The global Islamic finance industry is one of the fastest-growing segments of financial services, with assets estimated to exceed $4 trillion worldwide.
In South Africa, where Muslims make up about 2% of the population (around 1.1 to 1.3 million people), demand for Shari’ah-compliant financial products has historically outpaced availability, particularly for small and medium-sized business owners.
GoTyme Bank is addressing that gap with Shari’ah for Business, a Shari’ah-compliant funding solution structured through a Wakaalah arrangement.
Importantly, the solution is not limited to Muslim business owners. It is available to any qualifying South African business looking for an investment-based alternative to conventional interest-bearing finance.
What the Wakaalah Structure Actually Means
Understanding Shari’ah for Business starts with understanding what it is, not what it replaces.
Under the Wakaalah structure, GoTyme Bank invests in a business’s trading activity by appointing the business owner as its agent.
The business uses the funds to purchase Shari’ah-compliant, non-perishable trading goods, sells those goods as part of its normal operations and repays the investment from the proceeds. No interest is charged. No riba.
A single Wakaalah agreement governs the arrangement, and it concludes once the agreed maximum amount is reached.
This is a genuine investment structure, not a repackaged loan. The distinction matters in both principle and practice.
Independent Oversight From Qualified Scholars
A key feature of the solution is its independent Shari’ah Advisory Committee (SAC), made up of three qualified Shari’ah scholars: Muftī Ahmed Suliman, who has served as a Shari’ah Advisor and Board Member for financial institutions locally and internationally for over two decades; Muftī Zaid Haspatel, an accomplished Islamic scholar specialising in Islamic jurisprudence; and Muftī Yusuf Suliman, accredited by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) as a Shari’ah Advisor and Auditor.
The committee independently reviews and oversees the overall Wakaalah structure, providing ongoing guidance to ensure continued Shari’ah compliance. This independent oversight distinguishes a credible Shari’ah-compliant product from one that simply carries the label.
How Payments Work
Payments are collected automatically, by debit order, as a percentage of average daily or weekly card payments. This means repayments move in line with trading activity rather than a fixed monthly instalment, a structure consistent with how GoTyme for Business approaches conventional business funding.
The agreed maximum amount is known upfront, providing clarity from the beginning of the arrangement.
Qualifying Criteria
To be eligible for Shari’ah for Business, a business needs a minimum monthly turnover of R50,000 and at least six months of active trading. Funding ranges from R50,000 to R5 million across terms of three to twelve months, with payment within 24 hours of contract approval.
Funding must be used to purchase Shari’ah-compliant goods in accordance with the Wakaalah agreement. It cannot be used for salaries, rent, refinancing or settling other funding arrangements. A dedicated Shari’ah Funding Specialist guides each applicant through what qualifies before any agreement is signed.
Available to All Qualifying Businesses
There is no religious requirement to apply. The solution is open to any South African business that meets the qualifying criteria and operates within a Shari’ah-compliant trade or activity, regardless of the owner’s faith or background.
For some business owners, Shari’ah-compliant funding is a matter of deeply held principle. For others, it represents a values-aligned alternative to conventional finance. Shari’ah for Business serves both.
To learn more or speak to a dedicated Shari’ah Funding Specialist, visit gotyme.co.za/business/funding/shariah-for-business.
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