Finance based on the Wakaalah structure

Our Shari’ah-compliant business funding solution is structured using the Wakaalah model, where GoTyme Bank invests in your business to purchase qualifying trading goods. You sell those goods and repay from the proceeds.

The structure involves no interest (riba) and no conventional loan. It is governed by a single Wakaalah agreement and independently overseen by a Shari'ah Advisory Committee of qualified Muftis. While designed around ethical Islamic principles, this finance option is available to anyone seeking an alternative to interest-based finance.

How Shari'ah for Business Works

GoTyme Bank

Appoints you as their agent & releases investment.

Funding provided

Wakaalah - you receive funds into nominated account.

Purchase goods

You purchase Shari’ah-compliant, non-perishable goods.

Agreement ends

The agreement concludes once the maximum amount has been reached.

Share proceeds

Proceeds are shared through the agreed payment mechanism until the maximum amount is reached.

Trade as normal

Your business trades as part of its normal operations.

The Wakaalah principle

Shari'ah for Business is structured through a Wakaalah arrangement that supports genuine commercial activity without charging interest (riba). The structure is independently overseen by our Shari'ah Advisory Committee.

Meet our Shari'ah Advisory Committee

Muftī Ahmed Suliman

Muftī Ahmed is a Sharī’ah scholar of high repute in the Islāmic Banking, Investments and Insurance space. He has served as a Sharī’ah Advisor and Board Member for numerous financial institutions for over two decades, both locally and internationally. He completed the BA/MA Ālim course (Higher Islāmic Studies) and thereafter attended the Iftā course (Islāmic Jurisprudence and issuance of Fatāwā [Islāmic verdicts]), at Darul Uloom Zakariyya.

He served as a Muftī for the Jamiatul Ulama KZN (Council for Muslim theologians) for three years, looking after the Fatwā and Judicial Departments, and was also a member of the Mediation and Arbitration committee. Additionally, on behalf of Jamiatul Ulama KZN, Muftī Ahmed served on the Board of Muftis of South Africa.

Muftī Zaid Haspatel

Muftī Zaid Haspatel is an accomplished Islāmic scholar who completed his BA/MA Āalim course with distinction, followed by the Iftā course, specializing in Islāmic jurisprudence and the issuance of Fatāwā (Islāmic verdicts), at Darul Uloom Zakariyya. He also earned a master’s degree in Islāmic Studies, cum laude, from the University of South Africa.


Since his graduation, he has been a lecturer at Darul Uloom Zakariyya and actively participates in the field of Iftā, with a particular emphasis on Islāmic finance. His expertise has led him to serve as a Sharī'ah Advisor for various prominent Islamic Financial Institutions.

Muftī Yusuf Suliman

Muftī Yusuf, a credible and esteemed scholar, completed his BA/MA in Āalim and Iftā (issuance of verdicts) from Darul Uloom Zakariyya, Lenasia (South Africa). He is accredited by the Accounting and Auditing Organization for Islāmic Financial Institutions (AAOIFI) as a Shari’ah Advisor and Auditor. Additionally, he holds a Certificate in Qadhā (adjudication) from Imarat Shari’ah, Patna Bihar, India.

Having been contracted by BANKSETA, Muftī Yusuf developed the Islāmic banking training material for all South African Islāmic Banks. Muftī Yusuf serves on the boards of various Islāmic Banks, Asset Managers and Takāful companies.

Our committee is available to provide guidance and answer any questions you may have about the funding solution.

Man working in textile store

Ambition deserves momentum

Your business will need to meet the following criteria:

  • Minimum monthly turnover of R50,000
  • At least 6 months of active trading

Funding built around your business

Once approved, you'll have access to:

  • Funding from R50,000 to R5 million
  • Terms from 3 to 12 months
  • Payment within 24 hours of contract approval

Shari'ah for Business FAQs

Shari'ah for Business is structured through a Wakaalah arrangement that supports genuine commercial activity without charging interest (riba). The structure is independently reviewed and overseen by a Shari'ah Advisory Committee.

A conventional loan involves borrowing money and repaying it with interest (riba). Shari'ah for Business works differently. GoTyme Bank appoints your business as its agent under a Wakaalah agreement and provides funding. Your business purchases Shari'ah-compliant goods and trades as part of its normal business operations. Payments are collected automatically in accordance with the Wakaalah agreement until the agreed maximum amount has been reached, at which point the agreement concludes. No interest. No riba.

No. Anyone looking for a funding solution that aligns with their values can apply. Shari'ah for Business is available to all qualifying South African businesses, provided the business operates within a Shari'ah-compliant trade or activity.

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 or any goods that are not Shari'ah compliant. Your Shari’ah Funding Specialist will confirm what qualifies before you proceed.

Payments are collected automatically from your business sales in accordance with the agreement, by debit order, and are calculated as a percentage of your average daily or weekly card payments. This means payments move in line with your trading activity rather than following a fixed monthly instalment. Payments continue until the agreed maximum amount has been reached.

Shari'ah for Business is independently reviewed and overseen by a Shari'ah Advisory Committee (SAC) made up of qualified Shari'ah scholars. The committee approves and oversees the overall Wakaalah structure and arrangement, and provides ongoing guidance to ensure continued Shari'ah compliance.

GoTyme Bank appoints your business as its agent under the Wakaalah agreement. Your responsibility is to use the funding to purchase Shari'ah-compliant goods and to trade them as part of your normal business activities, in accordance with the agreement.

  • GoTyme Bank appoints your business as its agent under a Wakaalah agreement.
  • Funding is provided.
  • Your business purchases Shari'ah-compliant goods.
  • Your business trades as part of its normal business operations.
  • Payments are collected automatically in accordance with the Wakaalah agreement until the agreed maximum amount has been reached.
  • The agreement concludes.

Before the agreement is signed, your Shari’ah Funding Specialist will discuss your business, trading activity and expected profit margins to help ensure the funding solution is appropriate for your business.

Yes. Once an agreement has concluded, you may be eligible to apply for additional Shari'ah for Business funding, subject to GoTyme Bank's assessment and approval criteria at the time.

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