The Inkatha Freedom Party (IFP) welcomes with great satisfaction the landmark ruling by Judge Muzi Ncube of the Pietermaritzburg High Court, which reinstates the operational functions of Ithala Bank. This ruling marks a significant victory not only for the Ithala Bank clients but also for the people of KwaZulu-Natal.
Ithala Bank is a cornerstone of economic development in our province and a living legacy of the IFP’s Founder and President Emeritus, Prince Mangosuthu Buthelezi. It was established with the core mission of bringing financial services to communities that had long been excluded from mainstream banking. For decades, Ithala has stood as a symbol of economic empowerment and community upliftment.
This judgment reaffirms the critical role that Ithala plays in supporting small businesses, creating jobs, and fostering inclusive growth in KwaZulu-Natal. The IFP has always defended Ithala’s mandate and operational independence, and this court ruling validates our unwavering stance.
We commend Judge Ncube for a ruling that demonstrates judicial wisdom and a clear understanding of the developmental needs of KwaZulu-Natal.
The IFP remains committed to ensuring that Ithala Bank continues to serve its foundational purpose and grows stronger as a developmental financial institution.
The decision to suspend Ithala’s licence by the Prudential Authority was ill-advised and wholly malicious. It has burdened and inconvenienced thousands of innocent lives and compromised countless of businesses.
As we celebrate this victory, we also call on all stakeholders—including government, regulators, and the private sector—to rally behind Ithala and ensure its long-term sustainability for the benefit of all citizens of KwaZulu-Natal.
Ithala Bank is the pride of the people of KwaZulu-Natal.
Issued by:
Mkhuleko Hlengwa MP
IFP National Spokesperson
Inkatha Freedom Party
Media Enquiries:
Ms. Ayanda Zulu
IFP National Communications Officer
082 866 4029
