This is the 2nd IFN South Africa event.
Islamic banking and finance in South Africa is governed by the same legislation as its conventional counterpart, with accommodations for Shariah compliant transactions. Sukuk were formally recognized in 2011 as an instrument for the government, but later in 2016, were opened up to public entities and listed companies.
South Africa boasts one fully-fledged Islamic bank and four banks offering Islamic products on a window basis. There are also two fully-fledged Takaful operators.
There are 11 asset management companies offering Shariah instruments with over 20 Islamic funds, including at least three exchange-traded funds (ETFs), in the South African Islamic fund space.
South Africa was the first African government to tap the global Sukuk market with its debut issuance worth US$500 million in 2014. A sophomore rand denominated Sukuk facility is expected in 2021.
South Africa is a pioneer in the African Islamic finance space and will continue to develop it’s eager domestic market.
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