FNB Islamic Business Banking is FNB's Shariah-compliant business current account range, sold in three tiers by annual turnover: Islamic Gold Business at R96 a month for businesses turning over up to R5 million, Islamic Platinum Business at R150 a month for R5 million to R60 million, and Islamic Enterprise Business on relationship pricing above R60 million. No interest is charged or earned, a linked Islamic Business Call account comes at no extra cost, and conventional overdrafts cannot be attached. Vehicle, asset and commercial property finance is offered on Ijarah and related contracts priced off FNB's Islamic Banking Base Rate of 10.75%. This review covers the accounts, the published fees, the finance options and how FNB compares with Standard Bank and Al Baraka for a small business.
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What FNB Islamic Business Banking actually includes
FNB runs its Islamic offering as a window inside a conventional bank rather than as a separate licensed entity. For business customers the window covers a transactional current account in three tiers, a linked Islamic Business Call account for surplus cash, an Islamic 48 Hour Cash Accelerator notice account, an Islamic Term Deposit, Islamic Vehicle and Asset Finance, Commercial Property Finance, a third-party investment manager facility, Takaful cover for business assets, and FNB Connect SIM bundles. Card acceptance is through the same Speedpoint devices the conventional business accounts use, with Speedpoint Go listed at R230 a month and Speedpoint Pro at R320 a month on the Islamic business page.
FNB states four principles on its business page: no earning or paying of interest, income generated through services, trading, leasing or investment in real assets, deposits accepted on a profit-and-loss sharing basis, and no guarantee of capital or profit on investment accounts. A signed Shariah compliance certificate is linked from the page. FNB also states that the Islamic accounts are open to customers of all faiths, which matters for a business with mixed ownership that wants a single compliant account. Our FNB Islamic Banking provider page covers the personal side and the Shariah governance in more detail.
The three accounts and who qualifies
FNB sorts businesses by annual turnover, and the tier decides both the monthly fee and the level of service. The qualifying bands and fees below are taken directly from FNB's Islamic business banking page as at October 2026.
| Account | Turnover band | Monthly fee | Service model |
|---|---|---|---|
| Islamic Gold Business | Up to R5 million a year | R96 | Standard business banking, app and online |
| Islamic Platinum Business | R5 million to R60 million a year | R150 | Business banker support |
| Islamic Enterprise Business | R60 million and above | Relationship pricing | Dedicated executive, tailored services |
FNB says the pricing structure and other benefits are the same as its conventional Gold, Platinum and Enterprise business accounts. That is the practical meaning of a banking window: the compliant account is the conventional product with the interest removed and the non-compliant facilities stripped out, not a differently priced product. Opening requires a South African ID, proof of address not older than three months, and a deposit or EFT of any amount to activate. Applications run through the FNB App product shop, the website, or the Business Help Desk on 087 736 2247.
Fees: what FNB publishes and what it does not
The only fees printed on the Islamic business page are the monthly account fees, the Speedpoint rentals and the Connect bundle prices. Transaction fees, cash deposit fees, immediate payment fees and card fees are not listed there. Because FNB says the pricing structure matches the conventional tier, you should work from the conventional Gold or Platinum Business pricing guide for those line items and confirm with the Business Help Desk before switching. The absence of a dedicated Islamic business pricing guide is a transparency gap compared with Standard Bank, which publishes a stand-alone eight-page 2026 pricing document for its Shari'ah Business Current Account, and with Al Baraka, which publishes a one-page business fee sheet effective 1 August 2026.
For a business doing a lot of cash handling or many immediate payments, that detail decides the real monthly cost far more than the R96 or R150 headline. Our guide to Islamic business bank accounts in South Africa sets out which fee lines to request from each bank before you compare.
The Islamic Business Call account and where surplus cash earns
Every FNB Islamic Business account comes with a linked Islamic Business Call account at no additional cost. FNB describes its purpose as keeping savings separate from the primary account, with funds in the call account eligible to earn a profit share. The profit share is Mudarabah-style: the bank invests pooled deposits in Shariah-compliant activities and shares the result, and FNB's own principles page states that capital and profit may not be guaranteed. The call account's published rate was not available on the pages we could reach, so treat it as a parking account and ask for the current indicative rate.
For larger balances FNB publishes two other business-accessible options. The Islamic 48 Hour Cash Accelerator pays a monthly profit share after two days' notice, with no monthly fees, a R100,000 minimum opening deposit and indicative nominal rates that rise with balance to 7.40% per annum for R50 million and above. The Islamic Term Deposit, which FNB also calls the Islamic Fixed Deposit, takes lump sums from R10,000 for 30 days to 60 months with no monthly fees; the published table runs from 6.15% for one month on R10,000 to R249,999 up to 8.05% for 60 months on R1 million to R4,999,999. All of these are indicative profit rates, not promised returns, which is the trade-off every Mudarabah depositor accepts.
Finance for SMEs: vehicles, assets and property
FNB's Islamic Vehicle and Asset Finance is an Ijarah, a lease in which the bank buys the asset and rents it to the business, with ownership passing at the end. The page says it is suitable for individuals and businesses, covers movable assets including furniture, fittings, equipment and heavy commercial vehicles, and allows purchases from a dealership or privately. Private vehicle finance runs over 12 to 72 months. Pricing is set against the FirstRand Group Islamic Banking Base Rate, which FNB publishes at 10.75%; your contract rate is the base rate plus or minus a margin set on application, so the 10.75% is a reference point rather than your price.
Business applications go through a dedicated WesBank-hosted form, and FNB's iContract system lets a director sign the finance agreement online on behalf of the company. Commercial Property Finance is listed for buying, switching or refinancing business premises, but FNB publishes no structure, term or rate detail on the Islamic page, so a property deal starts with a conversation with a business banker. For working capital, FNB does not list a Shariah-compliant trade or cash-flow facility for SMEs on the page; the structures a bank could use for that are explained in our guide to Murabaha business finance.
What you cannot have: overdrafts and revolving credit
FNB is explicit that conventional overdraft and revolving facilities may not be linked to an Islamic Business account because they are not Shariah compliant, and that an existing overdraft must be settled before a conventional FNB business account can be converted. This is the single biggest operational difference for an SME moving across. A business that leans on an overdraft for month-end cash gaps has to replace that habit with a cash buffer in the call account, supplier terms, or an asset-backed facility.
It is also where FNB and Standard Bank diverge. Standard Bank's 2026 pricing guide for its Shari'ah Business Current Account lists a Shari'ah Overdraft with a 1.26% initiation fee, a R69 monthly fee for natural persons and a 0.05% monthly fee for juristic entities within a R99 to R290 band, plus review fees. The guide does not describe the contract behind that facility, so a business that needs a compliant short-term line should ask Standard Bank how it is structured and who certified it before relying on it. Our Standard Bank Shari'ah Banking page tracks what the bank has published.
Converting an existing FNB business account
FNB allows an existing business account to be converted rather than closed and reopened, which preserves the account history that suppliers and SARS already have on file. The steps FNB sets out are short.
- Settle any linked overdraft or revolving facility in full; FNB will not convert while one is open.
- Contact the Business Help Desk on 087 736 2247 or your FNB business manager and request conversion to the Islamic Business tier that matches your turnover.
- Have FICA documents ready: a South African ID and proof of address not older than three months, plus company documents if asked.
- Confirm the monthly fee of the new tier (R96 Gold, R150 Platinum, relationship pricing for Enterprise) and ask for the full transactional pricing guide in writing.
- Move surplus cash into the linked Islamic Business Call account once it is live, and consider the 48 Hour Cash Accelerator for balances above R100,000.
How FNB compares with Standard Bank and Al Baraka
Three banks publish Shariah-compliant business transactional accounts in South Africa with fee detail on their own sites. The comparison below uses only published figures.
| Bank | Entry monthly fee | Fee sheet published | Compliant overdraft listed | Vehicle and asset finance |
|---|---|---|---|---|
| FNB Islamic Gold Business | R96 (turnover up to R5m) | No dedicated Islamic business guide | No; overdrafts excluded | Ijarah, IBBR 10.75% reference, 12 to 72 months private |
| Standard Bank Shari'ah Business Current Account | R105 Enterprise, R120 Growth, R150 Premium, R180 Commercial | Yes, 2026 eight-page guide | Yes, Shari'ah Overdraft with 1.26% initiation | Not detailed in the business pricing guide |
| Al Baraka Business Account | R50 active account admin fee (R120 corporate) | Yes, one-page sheet effective 1 August 2026 | Not listed | Murabaha fixed and Ijarah variable, no admin fees, private sales excluded |
On the headline fee FNB's R96 sits between Al Baraka's R50 and Standard Bank's R105, but Al Baraka charges R100 a month on an account that has been inactive for three months and R120 for a corporate account, so a dormant second account at Al Baraka is dearer than it looks. Standard Bank's four tiers are relationship-based rather than turnover-based, and its guide also shows a UCount for Business rewards membership at R30 a month. Al Baraka is the only fully Islamic bank of the three and the only one with a fixed-rate Murabaha for vehicles; FNB and Standard Bank are windows with Shariah committees. See the Al Baraka Bank profile for its full account range.
Verdict: who should bank their business with FNB Islamic
FNB Islamic Business Banking is the right choice for an SME that already banks with FNB, uses the app and eBucks ecosystem, wants a conversion rather than a new account, and can live without an overdraft. The three-tier structure is clean, the linked call account solves the problem of idle cash earning nothing, and the vehicle and asset finance is the most flexible of the big three because it allows private purchases. The weaknesses are the missing Islamic business pricing guide, the lack of a published call account rate, and the absence of any compliant working-capital line.
A business that needs a short-term facility should price Standard Bank's Shari'ah Overdraft and ask hard questions about its structure. A business that wants the lowest admin fee and a fully Islamic counterparty should look at Al Baraka. Everyone should request the full transactional fee list in writing before switching, because the R96 headline is not where the cost of business banking lives. Start from the business financing hub to compare finance providers, and the bank accounts hub to see every Shariah-compliant account we track. Facts checked against fnb.co.za, standardbank.co.za and albaraka.co.za on 2 October 2026.
Frequently asked questions
How much does the FNB Islamic Gold Business account cost per month?
FNB lists the Islamic Gold Business account at R96 a month for businesses with annual turnover up to R5 million. Islamic Platinum Business is R150 a month for turnover between R5 million and R60 million, and Islamic Enterprise Business is on relationship pricing above R60 million. Transaction, cash and card fees are charged on top and follow the conventional tier's pricing, which FNB says is the same structure.
Can I have an overdraft on an FNB Islamic Business account?
No. FNB states that conventional overdraft and revolving facilities may not be linked to an Islamic Business account because they are not Shariah compliant. If you are converting an existing FNB business account, any linked overdraft must be settled first. Businesses that need a short-term facility must plan around a cash buffer in the linked call account or an asset-backed Ijarah.
Does the FNB Islamic Business Call account earn a profit share?
Yes. FNB says funds in the linked Islamic Business Call account are eligible to earn a profit share, and the account comes at no additional cost with every Islamic Business account. The rate is indicative and not guaranteed, in line with FNB's stated principle that capital and profit may not be guaranteed on investment accounts. Ask the Business Help Desk for the current indicative rate.
What is the FNB Islamic Banking Base Rate used for?
The Islamic Banking Base Rate, or IBBR, is the FirstRand Group reference rate against which FNB prices Islamic Vehicle and Asset Finance. FNB publishes it at 10.75%. Your actual Ijarah rental rate is set relative to the IBBR according to your credit profile and the asset, so the 10.75% is a benchmark for comparing quotes rather than the rate you will pay.
Can a non-Muslim business open an FNB Islamic Business account?
Yes. FNB states that its Islamic Banking is available to customers of all faiths. A company with mixed ownership, or one that simply prefers an account with no interest charged or earned, can open or convert to any of the three Islamic Business tiers using the same ID, proof of address and turnover documents as a conventional business account.
Compare providers in your state
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Does FNB offer Islamic commercial property finance for a small business?
FNB lists Commercial Property Finance on its Islamic business page for buying, switching, refinancing or growing a property portfolio, but publishes no structure, term or rate detail there. Treat it as available on application through a business banker. For an owner-occupied premises purchase, ask which contract is used, how the profit rate is set and whether early settlement carries a charge before comparing with Al Baraka.
