Shariah-compliant mutual fund launched in South Africa

Shariah-compliant mutual fund launched in South Africa

southafrica

Shariah40, an exchange-traded fund aimed at South Africa’s 400000 Muslim households, started trading on the JSE on Monday.

The initial public offering for the new top 40 index ETF opened on February 23 and raised R27-million ahead of listing.

The ETF is part of Absa Capital’s range. Ongoing screening of the sharia compliance of the ETF is conducted by Absa’s Islamic banking sharia supervisory board.

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One response to “Shariah-compliant mutual fund launched in South Africa

  1. As a South African, it is interesting to note the differences in the approaches of our local scholars with regard to Islamic finance. The South African subsidiary of Albaraka Bank, is at the moment openly condemned by the local scholars due to their apparent irregularites and non compliance with Shariah. A prominent local organisation has even published a document with cases of the banks apparent irregularities (http://www.al-inaam.com/books/Al_Baraka_undisputable_Riba.pdf). I’ve yet to see examples of this in other countries.

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