Click here to learn more or speak to a dedicated Shari\u2019ah Funding Specialist<\/strong><\/a><\/li>\n<\/ul>\n\n\n\nGoTyme Bank is addressing that gap with Shari\u2019ah for Business, a Shari\u2019ah-compliant funding solution structured through a Wakaalah arrangement.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
What the Wakaalah Structure Actually Means<\/h2>\n\n\n\n
Understanding Shari\u2019ah for Business starts with understanding what it is, not what it replaces.<\/p>\n\n\n\n
Under the Wakaalah structure, GoTyme Bank invests in a business\u2019s trading activity by appointing the business owner as its agent.<\/p>\n\n\n\n
The business uses the funds to purchase Shari\u2019ah-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.<\/p>\n\n\n\n
A single Wakaalah agreement governs the arrangement, and it concludes once the agreed maximum amount is reached.<\/p>\n\n\n\n
This is a genuine investment structure, not a repackaged loan. The distinction matters in both principle and practice.<\/p>\n\n\n\n
Independent Oversight From Qualified Scholars<\/h2>\n\n\n\n
A key feature of the solution is its independent Shari\u2019ah Advisory Committee (SAC), made up of three qualified Shari\u2019ah scholars: Muft\u012b Ahmed Suliman, who has served as a Shari\u2019ah Advisor and Board Member for financial institutions locally and internationally for over two decades; Muft\u012b Zaid Haspatel, an accomplished Islamic scholar specialising in Islamic jurisprudence; and Muft\u012b Yusuf Suliman, accredited by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) as a Shari\u2019ah Advisor and Auditor.<\/p>\n\n\n\n
The committee independently reviews and oversees the overall Wakaalah structure, providing ongoing guidance to ensure continued Shari\u2019ah compliance. This independent oversight distinguishes a credible Shari\u2019ah-compliant product from one that simply carries the label.<\/p>\n\n\n\n
How Payments Work<\/h2>\n\n\n\n
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.<\/p>\n\n\n\n
The agreed maximum amount is known upfront, providing clarity from the beginning of the arrangement.<\/p>\n\n\n\n
Qualifying Criteria<\/h2>\n\n\n\n
To be eligible for Shari\u2019ah 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.<\/p>\n\n\n\n
Funding must be used to purchase Shari\u2019ah-compliant goods in accordance with the Wakaalah agreement. It cannot be used for salaries, rent, refinancing or settling other funding arrangements. A dedicated Shari\u2019ah Funding Specialist guides each applicant through what qualifies before any agreement is signed.<\/p>\n\n\n\n
Available to All Qualifying Businesses<\/h2>\n\n\n\n
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\u2019ah-compliant trade or activity, regardless of the owner\u2019s faith or background.<\/p>\n\n\n\n
For some business owners, Shari\u2019ah-compliant funding is a matter of deeply held principle. For others, it represents a values-aligned alternative to conventional finance. Shari\u2019ah for Business serves both.<\/p>\n\n\n\n
To learn more or speak to a dedicated Shari\u2019ah Funding Specialist, visit gotyme.co.za\/business\/funding\/shariah-for-business<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"The global Islamic finance industry is one of the fastest-growing segments of financial services, with assets estimated to exceed $4 trillion worldwide.<\/p>\n","protected":false},"author":57,"featured_media":876216,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"posted","_sma_x_autopost_error":"","_sma_x_post_id":"2101959125022265826","_sma_facebook_post_id":"191437357620492_2211895146297551","_sma_instagram_post_id":"","_sma_x_attempts":1,"footnotes":""},"categories":[10459],"tags":[24755],"class_list":["post-876215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-gotyme-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/876215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=876215"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/876215\/revisions"}],"predecessor-version":[{"id":876411,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/876215\/revisions\/876411"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/876216"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=876215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=876215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=876215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}