How are Halal Money Index grades calculated?

Each provider is scored on Shariah integrity (35 points: the strength and credibility of Shariah oversight, with claims requiring published evidence such as named boards, fatwas and audit reports), transparency (20: whether the board, scholars, methodology and real fee numbers are publicly disclosed, plus how complete the provider's data profile is), cost/value (15: pricing transparency, since publishing actual rates and fees beats hiding them in a Schedule of Charges), and track record (10: at least a year in operation earns full marks, so longevity beyond that adds nothing). A 20-point verified-data credit reflects how recently our editorial team verified the provider's data against its published sources, and it decays when verification goes stale. Up to 4 editor's-pick points recognize documented benefits the rubric can't quantify, awarded only with a published rationale. Missing data is never excused: it scores a conservative floor and is flagged. Every grade is reviewed and approved before publication.

Is a low grade a religious ruling that a provider is not halal?

No. The Index is not a fatwa and HalalWallet does not issue religious rulings. A low Shariah-integrity score most often means a provider has not published evidence of independent Shariah oversight, which is a transparency problem, not necessarily a compliance one. The established Islamic banks and windows in South Africa appoint their own independent Shariah boards and name their scholars. We encourage every consumer to review a provider's own Shariah documentation and consult a qualified scholar for religious questions.

Can providers pay for a better grade?

No. Grades are computed from the same rubric for every provider and the methodology is published in full on this page. Even the editor's-pick points are capped at 4, positive-only, and require a published rationale. Providers can improve their grade one way: by publicly disclosing stronger Shariah oversight, real rates and fees, and a complete data profile.

Why do many South African providers share the same grade?

Because their public disclosure profiles genuinely are similar. The established Islamic banks, windows, and Shariah fund managers in South Africa maintain formal Shariah boards, name their scholars, and publish oversight detail, so the Shariah-integrity pillar clusters near the top. What separates leaders is the rest: publishing actual profit rates and fees instead of pointing to a general pricing guide, publishing a founding date, and documenting more of the product line. Where the registry can't verify a data point, the provider scores the conservative floor for it.

How often are grades updated?

Grades recompute whenever the underlying registry data changes: new Shariah certifications, new declared rates, fee changes, or new disclosures. Every change is re-reviewed before it publishes. The Index is a living scorecard, not an annual snapshot.

The independent scorecard for halal money in South Africa

The Halal Money Index

Every South African halal provider, graded from A to B− on a transparent rubric: Shariah integrity, transparency, pricing disclosure, track record, and verified data. Computed from HalalWallet's live provider registry, reviewed before publication, and updated whenever the data changes.

Quick Answer

The Halal Money Index grades every South African halal finance provider from A to B- on Shariah integrity (35 points), transparency and data completeness (20), cost/value measured as pricing disclosure (15), track record (10), and verified data (20). Up to 4 further points are an editor's pick, awarded only with a published rationale. Coverage is shown for context but never scored. Of the 38 provider grades published so far, 18 earn an A or A-. The rest range from B+ down to B-, the floor grade, which means we don't yet have enough verified information rather than that a provider is bad. Grades are computed from HalalWallet's live provider registry and reviewed before publication.

Islamic Bank Accounts

Compare all islamic bank accounts options →

Mudarabah savings, interest-free transactional accounts and fixed-term deposits from Islamic banks and windows.

A
Absa Islamic BankingHigh confidence
The most transparent big-bank rates in the market, advertising up to 7.85 percent on immediate-access savings and 10.70 percent on term deposits, under a named four-scholar committee.
Named Shariah board · est. 2006 · available across South Africa · Mudarabah Savings with Monthly Profit Share
Score breakdown
Shariah integrity
34/35
Transparency
19/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A
Al Baraka BankHigh confidence
South Africa's only full Islamic bank, profitable for 36 straight years, is also the only institution publishing realised monthly profit rates, under a four-scholar board with a signed annual Shariah report.
Named Shariah board · est. 1989 · 3 provinces · Qard (Transactional Current Account)
Score breakdown
Shariah integrity
34/35
Transparency
19/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A
FNB Islamic BankingHigh confidence
Mirrors the full FNB account ladder at identical fees with unusually well documented deposit terms, under the Aznan Hasan chaired FirstRand committee, though its 60/40 Mudarabah split trails Standard Bank's 50/50.
Named Shariah board · est. 2004 · available across South Africa · Qard-based Transactional Banking (segregated Islamic funds)
Score breakdown
Shariah integrity
34/35
Transparency
18/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A
Standard Bank Shari'ah BankingHigh confidence
Publishes the most transparent compliance artefact in SA Islamic banking, an annual signed product-by-product certificate, and states a depositor-favourable 50/50 fixed deposit split, but the personal shelf is narrow.
Named Shariah board · available across South Africa · Mudarabah (50/50 Profit Split Fixed Deposit)
Score breakdown
Shariah integrity
34/35
Transparency
18/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
HBZ Bank SIRATMedium confidence
Names the contract on every page and serves its trade community under the Daud Bakar chaired group board, but profit rates are quoted at branches rather than published online.
Named Shariah board · est. 1995 · 3 provinces · Mudarabah (Profit-Share Savings)
Score breakdown
Shariah integrity
34/35
Transparency
15/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026

Islamic Home Financing

Compare all islamic home financing options →

Musharaka co-ownership and Ijarah home finance from Islamic banks and windows.

A
Al Baraka BankHigh confidence
Musharaka home finance to 90 percent of property value over up to 30 years with no early settlement penalties, under the bank's four-scholar board; the rate is fixed for 12 months and reviewed annually.
Named Shariah board · est. 1989 · 3 provinces · Musharaka (Third-Party Purchase and Purchase of Equity)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A
FNB Islamic BankingHigh confidence
Diminishing Musharaka co-ownership up to 30 years priced off a published 10.50 percent Islamic Banking Base Rate, the only big-four home finance option, under the FirstRand committee's signed certificate.
Named Shariah board · est. 2004 · available across South Africa · Diminishing Musharaka (Co-Ownership Home Finance)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026

Islamic Car Financing

Compare all islamic car financing options →

Murabaha and Ijarah vehicle financing without conventional interest mechanics.

A
Al Baraka BankHigh confidence
Three published vehicle structures, fixed Murabaha and fixed or variable Ijarah, with deposits, tenors and vehicle-age limits all stated; the profit rate itself is quoted per deal.
Named Shariah board · est. 1989 · 3 provinces · Murabaha or Ijarah (Fixed and Variable Vehicle Finance)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A
FNB Islamic BankingHigh confidence
Ijarah finance over 12 to 72 months that also covers private sales, priced off the published 10.50 percent base rate, under the FirstRand committee's signed certificate.
Named Shariah board · est. 2004 · available across South Africa · Ijarah (Lease-Based Vehicle and Asset Finance)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
Absa Islamic BankingHigh confidence
Ijarah lease-to-own with up to 100 percent financing and bundled roadside assistance under a named four-scholar committee; rentals are set per credit assessment rather than published.
Named Shariah board · est. 2006 · available across South Africa · Ijarah (Lease-to-Own Vehicle Finance)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
HBZ Bank SIRATMedium confidence
The only SA lender applying Diminishing Musharakah to vehicles, aimed mainly at commercial fleets, under the group's named Shariah bench; pricing is agreed per facility.
Named Shariah board · est. 1995 · 3 provinces · Diminishing Musharakah (Vehicle Finance)
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
No Bank Vehicles (NBV)Awaiting verified dataHigh confidence
An interest-free, penalty-free direct rental with payments fixed at signature and a 10 percent minimum deposit, but no Shariah board, scholar or certificate is published and the scheme only went live in June 2025.
No public Shariah review · est. 2025 · 3 provinces · Rent-to-Buy (Ijarah-style direct rental)
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026

Halal Investing

Compare all halal investing options →

Shariah-compliant unit trusts, ETFs, and investment platforms.

A
Camissa Asset ManagementHigh confidence
Three named AAOIFI-applying scholars on every fund document and the standout halal income fund at a 0.58 percent TER, with the equity fund among the big three since 2009.
Named Shariah board · est. 2009 · available across South Africa
Score breakdown
Shariah integrity
35/35
Transparency
19/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A
Oasis CrescentHigh confidence
The pioneer of SA halal investing since 1998, with a three-scholar global board of Yaqoobi, DeLorenzo and Daud Bakar, signed annual certificates and full TER disclosure across the range.
Named Shariah board · est. 1998 · available across South Africa
Score breakdown
Shariah integrity
34/35
Transparency
20/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A
Old Mutual AlbarakaHigh confidence
The country's oldest Islamic unit trust, running since 1992 under three named scholars applying AAOIFI standards with quarterly meetings, an external Shariah audit and published annual certificates.
Named Shariah board · est. 1992 · available across South Africa
Score breakdown
Shariah integrity
35/35
Transparency
19/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A
Element Investment ManagersHigh confidence
A pioneering 2006 Islamic equity fund under a three-member board with an internal AAOIFI-certified auditor and per-fund compliance certificates published on the manager's site.
Named Shariah board · est. 2006 · available across South Africa
Score breakdown
Shariah integrity
35/35
Transparency
18/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A
27four Investment ManagersHigh confidence
SA's only halal multi-manager, running the flagship Shariah balanced fund of funds since 2011 under the three-scholar board named in its product brochure, with fees published per fund.
Named Shariah board · est. 2011 · available across South Africa
Score breakdown
Shariah integrity
34/35
Transparency
19/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
SatrixHigh confidence
The JSE's only Shariah ETF at a market-low 0.40 percent TER, screened at index level by Yasaar Limited; there is no fund-level scholar board or purification reporting.
Index-level Shariah screening · est. 2009 · available across South Africa
Score breakdown
Shariah integrity
28/35
Transparency
13/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Sentio Capital ManagementMedium confidence
Systematic Shariah funds to AAOIFI standards with a published 1.21 percent TER and no performance fee, but the supervisory board's scholars are not named in any public document, which caps the grade.
Shariah board claimed, roster not published · est. 2016 · available across South Africa
Score breakdown
Shariah integrity
23/35
Transparency
13/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
EasyEquitiesHigh confidence
The dominant low-cost retail platform with a GIFS-monitored Shariah bundle under named scholar Mufti Ismail Ebrahim Desai and account-level Shariah flagging; fund-level governance rests with the hosted managers.
Named scholar via external firm · est. 2019 · available across South Africa
Score breakdown
Shariah integrity
25/35
Transparency
13/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026

Islamic Retirement (RA)

Compare all islamic retirement (ra) options →

Shariah-compliant retirement annuities and pension funds from Islamic asset managers.

A-
Oasis CrescentHigh confidence
The country's first Shariah retirement annuity, preservation funds and pension annuity, all invested through board-certified Oasis Crescent funds; fee schedules sit in application forms rather than a public rate card.
Named Shariah board · est. 1997 · available across South Africa
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
27four Investment ManagersHigh confidence
The multi-manager route across retirement annuity, umbrella, preservation and the only Shariah living annuity, under the brochure-named three-scholar board; layered fees are disclosed per application pack rather than a single table.
Third-party certified · est. 2007 · available across South Africa
Score breakdown
Shariah integrity
28/35
Transparency
14/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Alexforbes InvestmentsHigh confidence
Shariah portfolios inside SA's largest retirement administrator with dated fact sheets, but no scholar roster is published anywhere and no single public fee figure exists for the range.
Third-party certified · available across South Africa
Score breakdown
Shariah integrity
28/35
Transparency
9/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
SygniaHigh confidence
The low-cost platform route to an AAOIFI-screened balanced fund running since December 2010, though the fund's Shariah Supervisory Board members are not named in public materials.
Third-party certified · est. 2010 · available across South Africa
Score breakdown
Shariah integrity
28/35
Transparency
9/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026

Takaful

Compare all takaful options →

Family and general takaful providers regulated under South Africa's insurance framework.

A-
Tazkiya (Capital Legacy)High confidence
The largest Shariah-certified life cover in SA at up to R15 million on a waqf model, under a named three-mufti board, but pricing is quote-based and the posted certificate is dated 2022.
Named Shariah board · est. 2022 · available across South Africa
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Bryte TakafulMedium confidence
The only certified takaful underwriting capacity in SA short-term insurance, with five named scholars on the August 2025 certificate and major-insurer scale; every line is quote-based and no surplus distribution history is published.
Named Shariah board · est. 2019 · available across South Africa
Score breakdown
Shariah integrity
32/35
Transparency
11/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
FNB Islamic BankingMedium confidence
Bancassurance access to the Bryte takaful pool through FNB Brokers, listed on the FirstRand committee's signed certificate; contributions are quote-based with nothing published.
Named Shariah board · est. 2004 · available across South Africa
Score breakdown
Shariah integrity
32/35
Transparency
11/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
Discovery Health Medical SchemeAwaiting verified dataHigh confidence
Medical scheme membership on takaful principles at no extra cost, certified and audited annually by Discovery's Shariah committee, though only one committee scholar is publicly identified.
Shariah committee partially named · est. 2021 · available across South Africa
What we're missing to score higher:
- Board members / scholars not named
Recently verified Aug 2026

Personal Financing

Interest-free personal financing, from Qard Hasan lenders to Shariah-certified installment purchasing.

Grades for this category are in final editorial review and publish here first.

Islamic Business Financing

Compare all islamic business financing options →

Murabaha, Musharakah and Ijarah financing for farms, micro-enterprises and small businesses.

A-
FNB Islamic BankingHigh confidence
A full Islamic mirror of FNB's business ladder from zero-fee accounts to trade and property finance, priced off the published IBBR, under the FirstRand committee's signed certificate.
Named Shariah board · est. 2004 · available across South Africa · Mixed Contracts (Business Accounts, Trade and Asset Finance)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Al Baraka BankMedium confidence
Trade, asset and property finance with structures, deposits and tenors published by the only full Islamic bank; mark-ups are customised per facility rather than published.
Named Shariah board · est. 1989 · 3 provinces · Murabaha and Ijarah (Business Finance Suite)
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Standard Bank Shari'ah BankingMedium confidence
The strongest business Shariah shelf among the big banks, including Africa's first Tahawwut-framework FX hedging and the June 2026 dealer floorplan, all listed on the annual signed certificate; facility pricing is per credit assessment.
Named Shariah board · available across South Africa · Lease and Rental Structures (Commercial Asset Finance)
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
HBZ Bank SIRATMedium confidence
Named contracts across commercial property, asset and trade finance backed by a global Islamic trade network, with pricing per facility rather than published.
Named Shariah board · est. 1995 · 3 provinces · Diminishing Musharakah and Murabaha (Business Finance Suite)
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
GoTyme BankMedium confidence
Murabaha asset funding of R50,000 to R5 million from a licensed digital bank with over 12 million customers, but the certifying scholar committee is unnamed and no certificate is published.
Shariah board claimed, roster not published · est. 2019 · available across South Africa · Murabaha (Cost-Plus Asset Purchase Advance)
Score breakdown
Shariah integrity
23/35
Transparency
12/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
Merchant CapitalAwaiting verified dataMedium confidence
SA's first Shariah-compliant merchant cash advance on a Wakala structure, certified by Standard Bank with certificates published on the bank's site, but the fee is agreed per offer and the funder's operating history is not independently documented on file.
Third-party certified · available across South Africa · Wakala (Agency-based Merchant Cash Advance)
What we're missing to score higher:
- Board members / scholars not named
- Founding year not on file
Recently verified Aug 2026

Education Financing

Interest-free student financing for post-matric education.

Grades for this category are in final editorial review and publish here first.

How the grades work

Pillar	Points	What we measure
Shariah integrity	35	Strength of oversight: formal Shariah board (strongest) → third-party certification → named scholar → no public review (weakest). Claims require published evidence; an unsubstantiated “formal board” scores at the named-scholar tier.
Transparency	20	Are the board members named? Is the oversight detail published? Are real fee and rate numbers in plain sight? Plus data completeness: the more of their profile a provider shares, the more they earn. Disclosure always beats silence.
Cost / value	15	Pricing transparency, not price level: publishing actual declared rates, spreads, fees or expense ratios scores; pointing customers to an unpublished Schedule of Charges does not. Where nothing numeric is on file the pillar scores a conservative floor and is flagged.
Track record	10	A legitimacy check, not a longevity contest: at least a year in operation earns full marks. Decades in business don't add points, but brand-new pop-ups and undisclosed founding dates can't hold a top score.
Verified data	20	How recently our editorial team verified the provider's data against its published pages and documents. The credit decays when verification goes stale, so a strong grade cannot coast on old data. Coverage is displayed but never scored.
Editor's pick	4	Positive-only editorial points for real, documented benefits no rubric can quantify. Awarded only with a published rationale. A perfect 100 requires it, but an A doesn't.

Letter scale

A 90+ · A- 85+ · B+ 78+ · B 70+ · B- 0+. B− is the floor: it means we don't yet have enough verified information to score the provider higher, not that the provider is bad. Floor-tier rows show what's missing instead of a numeric score. Products with structural red flags, such as undisclosed riba, are removed from the Index rather than graded.

Verified data decays

Verified data is worth 20 points, a fifth of the grade. Past 30 days without re-verification the credit decays (minus 8, then minus 14 at 60 days, minus 20 at 90) until the data is confirmed again, so stale data cannot keep a strong grade.

The Index is an editorial transparency rating, not a religious ruling or financial advice. Grades are computed from HalalWallet's provider registry, reviewed before publication, and recomputed when the underlying data changes. Confidence labels reflect how complete a provider's verified data is. Providers cannot pay for a grade. See our methodology for how the registry itself is built.

Frequently Asked Questions

How to cite this page

Preferred format:

HalalWallet. “The Halal Money Index.” HalalWallet, https://www.halalwallet.co.za/halal-money-index. Accessed 2026-08-22.

For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.

Important: HalalWallet provides general information and comparisons to help you explore halal financial options. HalalWallet, Inc is not a licensed financial services provider under the FAIS Act and is not registered with the FSCA or the SARB; nothing on this site is financial advice as defined by FAIS, and we do not provide legal or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.