Islamic Finance

PART ONE By MAHMOOD SANGLAY The presumed tension between piety and prosperity is not consistent with the Islamic tradition. The Qur’an does not sanctify poverty, nor does it make riches proof of divine favour. Instead, the Qur'an and the Prophet Muhammad (ﷺ) admonish lawful enterprise that enables...

Islamic finance and waqf offer Africa practical tools to fund infrastructure, widen financial inclusion and strengthen social development. Drawing on Indonesia’s experience, the writer argues that sukuk and waqf can work together at scale. By DR IRFAN SYAUQI BEIK When I stood before an audience of bankers,...

Mufti Taqi Usmani’s fatwa explains why cryptocurrencies are considered impermissible under Shariah, citing speculation, lack of intrinsic value and concerns over their status as recognised wealth. By MOGAMAT ALI SALIE As cryptocurrencies continue to reshape global finance, Muslim investors are increasingly asking a fundamental question: Are digital...

By MAHMOOD SANGLAY PART TWO In this concluding part of the series we follow Prophet Muhammad ﷺ as he migrated to Madinah in 622. He was not simply relocating a private enterprise. He was leading a vulnerable community of migrants who had lost homes, assets and trading...

By MAHMOOD SANGLAY PART ONE To remember the Prophet Muhammad ﷺ in Rabi’ al-Awwal only as a messenger is to miss an important part of the life Muslims seek to honour. In this two-part series we explore how, long before revelation, he knew the pressures of earning,...

Islamic banking gives South African Muslims access to Shariah-compliant financial services without interest. Through structures such as murābaḥah, mushārakah and ijārah, finance is based on trade, partnership, leasing and shared risk. By ASSOCIATE PROFESSOR ASHRAF BOOLEY The Quran lays out the injunction for interest-free finance for the...

Ever used or thought of using artificial intelligence (AI) for financial advice? Is it a good idea? BOMIKAZI ZEKA AND RAECHEL JOHNS offer some professional advice on this somewhat unchartered financial frontier. Anyone with the internet, even on their phone, can access AI. Tools like ChatGPT, Claude...

In the last of this two-part series, we examine why a DIY will may leave Muslim families exposed to overlooked debts, vulnerable heirs, inadequate provision for children and legal complications, and why Islamic estate planning matters. Walk into any bank, stationery shop or browse the internet and...

By MAHMOOD SANGLAY A halal label can lower an investor’s guard precisely when vigilance is most needed. Recent cases show how faith, community endorsements and promises of exceptional returns may be engineered to convert religious trust into financial loss. The danger has a name: affinity fraud. It...

By MOHAMED JAFFER Death may come without warning, yet many Muslims postpone drafting a valid Islamic will. Proper planning protects spouses and children, honours Allah’s inheritance laws and prevents grief from becoming a costly legal crisis for them. “It won’t happen to me.” Those are perhaps the...