The growth of Islamic banking and financing as an alternative financial management model is
flourishing in new regions. South Africa is one of the markets which is opening up to Islamic
banking and finance as the need for financial products that comply with Shariah is increasing,
among both Muslims and non-Muslims. It is, thus essential that the extent to which the true
benefits of Islamic banking are being realised within the South African context are examined
as it is important that this practice be properly understood by its constituents and that the
perceptions of Islamic banking be well managed. The purpose of this research is to study the
perceptions of Islamic banking in South Africa. More specifically, the study seeks to explore
the current level of awareness of the culture of Islamic banking and the criteria that shape a
consumer’s banking choice.
A comparative, quantitative study between Muslim and non-Muslim chartered accountants
was conducted using a structured questionnaire which contained specific questions relating to
perceptions, awareness and bank selection criteria. The results of the study indicate that the
majority of Muslim and non-Muslim chartered accountants have a low level of knowledge
about Islamic banking terms. As expected there are differences in the perceptions of Islamic
banking between Muslim and non-Muslim chartered accountants with religion emerging as
the primary reason for Muslims engaging with an Islamic bank. However, non-Muslims may
also be attracted to this form of banking if they were more aware of its principles and
methods. As regards the issue of bank selection criteria, most of the respondents were
engaged in conventional banking and the provision of fast and efficient services was clearly
primary importance to both Muslim and non-Muslim chartered accountants.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:wits/oai:wiredspace.wits.ac.za:10539/14062 |
| Date | 07 March 2014 |
| Creators | Vawda, Mariam |
| Source Sets | South African National ETD Portal |
| Language | English |
| Detected Language | English |
| Type | Thesis |
| Format | application/pdf |
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