n Law, Democracy & Development - Islamic Canon law encounters South African financing and banking institutions : prospects and possibilities for Islamic economic empowerment and Black Economic Empowerment in a Democratic South Africa

Volume 12, Issue 1
  • ISSN : 1028-1053
  • E-ISSN: 2077-4907



South Africa's government is committed to deracialising the economy and empowering the broader South African population. This type of economic and social philosophy is solidly based upon the Freedom Charter that espouses the principle of the sharing and empowering society as a whole, and not just certain privileged racial or social groups, as was previously practised by the apartheid regime. It was never the intention of the present government that the economy should merely change from the previously entrenched economic empowered class (that formerly occupied dominant positions within an apartheid-driven economy) to an emerging previously disadvantaged economic dominant class assuming the same roles (to the exclusion of others) within a democratic South Africa. This would simply be the mere switching of hands of an economy that has failed to undergo any radical systemic transformation in an era which demands the ongoing democratisation of its previously segregated and exclusionist social institutions. The inclusion of a privileged few formerly disadvantaged South Africans would simply not be enough to successfully reverse the devastating effects the apartheid legacy had bequeathed to the majority of historically disadvantaged South Africans.

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