The Principles of Islamic Banking within a Capitalist Economy in Sout

The researcher will have to analyse the issues of the current Islamic banking methods from a theoretical aspect in conjunction with religious requirement, pertaining to modern day practices. In an attempt to investigate the efficiency and authenticity of the Islamic banking system in South Africa in substantiating whether it really is Islamic. This study requires the evaluation of qualitative data built on a qualitative analysis conducted to determining whether the South African banking climate is conducive to the really Islamic methodologies in its application to the banking system, and to view customer concerns and understandings of the true principles. Thematic analysis with 20 in-depth interviews held with representatives, from Islamic banks, conventional banks entrepreneurs, investors and economists and Muslim from the general public which also contains magazine articles and You Tube video to reveal their views in aid of governing this research to an interesting conclusion.This research has proven through the interpretations of the finding that Islamic banking is not really Islamic and does not comply with the Islamic code of ethics