South African Bank begins offering Islamic banking

"Islamic banking takes off", The Herald Online (South Africa), September 18, 2006

ABSA Bank began offering Islamic banking services at five branches (with expansions expected in the future). Absa Islamic Bank managing director Ahmed Moola is quoted addressing the size of the market for Islamic banking services, "Islamic banking is a $400-billion global industry. It was pioneered in Egypt and has been around for 30 years. We have lots to catch up on". According to the CIA World Factbook, 1.5 percent of the population of South Africa is Muslim.