HalalWallet (halalwallet.co.za) compares Shariah-compliant investing options in South Africa: Islamic unit trusts (equity, balanced, and income), the JSE-listed Satrix Shari'ah Top 40 ETF, rand-denominated global feeder funds, a debt-free Shariah REIT, and platform access through EasyEquities. Founded by Robert Mallon and Kyle Natter, and backed by Niya, a Silicon Valley venture studio, HalalWallet provides independent Halal Transparency Scores and side-by-side comparisons of fees, minimums, and Shariah governance so South African investors can build halal portfolios.
Halal Investing in South Africa
Islamic unit trusts, the JSE's only Shariah ETF, halal income funds, and global feeders compared on fees, minimums, and who actually oversees the Shariah screening.
Reviewed quarterly and updated when provider data, product availability, or pricing changes.
Top Picks
Top Halal Investing Providers
Every provider reviewed against published fund documents: fees, returns, minimums, and the Shariah governance actually disclosed.
Ranked by Halal Money Index grade: disclosed Shariah governance, transparency, pricing disclosure and track record. Not sponsored.
Camissa Asset Management
AAAOIFI-Screened General Equity Unit Trust
Best for: Cost-conscious halal investors who want top-tier SA equity management at the lowest TER among the big three Islamic equity funds.
Shariah Oversight
Old Mutual Albaraka
AAAOIFI Multi-Asset Income Fund (Sukuk-Based, Reg 28)
Best for: Halal investors who need a cash-alternative or the income sleeve of a retirement portfolio with the strongest governance in the segment.
Shariah Oversight
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Choose Your Halal Investing Strategy
Click a strategy to filter providers below, or explore the full strategy guide.
Diversified ETFs
Low-cost halal ETFs for steady, long-term wealth building
Managed Portfolios
Let experts build and manage your halal portfolio for you
Stock Picking
Screen and select individual Shariah-compliant stocks yourself
Income / Sukuk
Prioritize steady halal income through sukuk and income funds
Gold & Real Assets
Hedge inflation with Shariah-compliant real assets
Retirement
Build a Shariah-compliant retirement portfolio (Shariah RA)
How Halal Investing Works in South Africa
AAOIFI screening, CISCA-regulated Islamic funds, and the governance differences that separate providers
AAOIFI Screening
Most South African Islamic funds screen to AAOIFI standards: the business must be halal, and financial ratios (interest-bearing debt, non-compliant income) must stay under thresholds set by each fund's Shariah board. Old Mutual Albaraka and Camissa state AAOIFI adherence explicitly.
Halal Income Funds
The workhorses of halal cash management: funds built from sukuk, Islamic liquid assets and listed property instead of bonds. Camissa Islamic High Yield (0.58% TER) and Old Mutual Albaraka Income (0.59% TER on B1) delivered yields around 6.5% in early 2026 against STeFI benchmarks.
One Shariah ETF on the JSE
The Satrix Shari'ah Top 40 ETF (STXSHA, 0.40% TER) is the only Shariah exchange-traded product on the JSE, tracking the FTSE/JSE Shari'ah Top 40. It is the cheapest halal investment in the country, but the resulting basket is resources-heavy and screening happens at index level.
Shariah Governance Varies
Oasis runs a three-scholar global board with published signed certificates; Old Mutual Albaraka adds quarterly meetings and an external Shariah audit. Others name scholars without publishing certificates, and the Satrix ETF has no fund-level board at all. We label each product's oversight.
Fund-Level Purification
Certified Islamic funds strip out non-permissible income and pay it to charity under their Shariah boards; Old Mutual Albaraka discloses the split in each distribution. Direct stock investors must calculate and donate the purification amount themselves.
Retirement-Ready Wrappers
Many SA Islamic balanced funds comply with Regulation 28 of the Pension Funds Act, so they slot into retirement annuities, preservation funds and tax-free savings accounts. Old Mutual Albaraka Balanced (R7.3 billion) and Camissa Islamic Balanced are the two giants.
What a halal portfolio can look like
Example allocations to illustrate how Shariah-compliant investing works in practice. These are not financial advice - consult a qualified advisor for your personal situation.
Moderate risk: a blend of growth and income for most investors.
Core growth engine
International diversification
Stability & income
Inflation hedge
This is an illustrative example only and does not constitute investment advice. Actual allocations should be based on your financial goals, risk tolerance, and consultation with a qualified financial advisor. Past performance does not guarantee future results.
Quick picks by goal
Not sure which provider to start with? Pick a common goal below.
Best for beginners
Hands-off managed investing
- Professionally managed halal portfolios
- Automatic rebalancing & Shariah screening
Best for low-cost investing
Halal ETFs with low expense ratios
- Index-based Islamic ETFs from a 0.50% management fee
- Tradeable through any JSE brokerage account
Best for stock pickers
Screen and trade halal stocks
- Halal stock screeners with AAOIFI-based filtering
- Full control over individual holdings
Compare Halal Investment Platforms
Every row shows a Halal Transparency Score, “best for” guidance, and context-specific CTAs. Toggle between Beginner and Expert views.
Our Analysis
The halal fund market in South Africa is deeper than most investors realise: we compare 24 products across equity, balanced, income, ETF, REIT, global feeder, endowment, and platform categories. History and scale sit with two houses. Old Mutual Albaraka Equity, launched in 1992, is the oldest Islamic unit trust in the country, and its Balanced sibling is the largest Shariah fund at R7.3 billion (April 2026 MDD). Oasis Crescent Equity, the first Shariah-compliant regulated collective investment scheme (1998), holds R6.4 billion and a 27-year published track record of 15.6% annualised since inception.
The two decisions that matter most are fees and governance, and both vary more than marketing suggests. Equity fund TERs run from Camissa Islamic Equity's 1.04% (B class) to 2.36% on Oasis Crescent Equity Class A per PSG, with several Oasis funds adding performance fees. The Satrix Shari'ah Top 40 ETF costs 0.40% but delivers a resources-heavy basket with index-level screening only. In income funds, Camissa Islamic High Yield (0.58% TER) and Old Mutual Albaraka Income (0.59% on B1) both delivered trailing yields around 6.5% in early 2026 from sukuk-led books.
On governance, disclosure splits the market. Old Mutual Albaraka publishes signed annual AAOIFI certificates backed by quarterly scholar meetings and an external Shariah audit, and Oasis publishes signed certificates from its three-scholar global board. Element posts per-fund certificates with an internal AAOIFI-certified auditor. Camissa and 27four name their scholars but publish thinner assurance, Sentio's documents do not name scholars at all, and the Satrix ETF has no fund-level board (reviewed August 5, 2026). Our transparency labels in the table reflect exactly this gap.
Investing is just one of 7 categories. Average score: 63/100.
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Halal vs Haram Investments: General Screening Principles
Islamic investment screening evaluates companies and financial instruments based on Shariah principles. The following are general guidelines; specific criteria and thresholds vary by Shariah board and screening methodology. Always consult with qualified scholars or use a reputable Shariah screening service.
| Criteria | Generally Halal | Generally Not Permissible |
|---|---|---|
| Industry | Technology, healthcare, real estate, manufacturing, halal food | Alcohol, gambling, pork, tobacco, conventional banking/insurance, adult entertainment, weapons |
| Income Source | Revenue from permissible goods and services | Significant revenue from interest (riba), prohibited activities, or excessive speculation |
| Debt Levels | Companies with low interest-bearing debt ratios (thresholds vary by screening standard) | Companies with excessive interest-bearing debt relative to assets or market capitalization |
| Investment Type | Equities (stocks), Sukuk, real estate, commodities, halal ETFs/mutual funds | Conventional bonds, derivatives, options/futures for speculation, interest-bearing instruments |
This table provides general principles only. Different Shariah boards (e.g., AAOIFI, DJIM, S&P Shariah) may apply different financial ratio thresholds and screening methodologies. What qualifies as halal can differ based on the standard used. Consult with qualified Islamic scholars for guidance specific to your investments.
Choosing the Right Halal Investment
What Does Halal Investing Cost?
Active Equity Funds
TERs on the big Islamic equity funds run from 1.04% (Camissa Islamic Equity B class) through 1.75% (Old Mutual Albaraka Class A) to 2.04% and higher at Oasis Crescent Equity, where performance fees also apply. That is the price of active management and scholar governance.
A 2% TER means roughly R2,000 per year per R100,000 invested.
The Passive ETF Route
The Satrix Shari'ah Top 40 ETF charges a 0.40% TER and trades on the JSE like any share, with fractional access via EasyEquities. Brokerage commissions and bid/ask spreads apply, and the fund is small at around R220 million.
The ETF is resources-heavy and screening is index-level only; there is no fund scholar board.
Halal Income Funds
The cash-alternative sleeve costs far less: Camissa Islamic High Yield charges a 0.58% TER and Old Mutual Albaraka Income 0.59% (B1) to 0.71% (A), for trailing yields around 6.5% in early 2026. Oasis Crescent Income runs a 0.70% TER but needs a R33,000 lump sum.
Income funds hold sukuk, not bonds; NAVs can still move modestly.
Which Approach Is Right for You?
You want low-risk parking for savings
Halal income funds. Best yield-to-cost: Camissa Islamic High Yield (0.58% TER, STeFI benchmark, R5,000 or R500 monthly). Strongest governance: Old Mutual Albaraka Income (0.59% B1, published AAOIFI certificates). Quarterly income: both distribute quarterly.
You want index-style equity exposure
The Satrix Shari'ah Top 40 ETF (STXSHA) at a 0.40% TER through any JSE broker or fractionally on EasyEquities. Accept the trade-offs: resources-heavy basket, index-level screening, no fund scholar board.
You want active management with heavyweight governance
Oasis Crescent Equity (three-scholar global board, 27-year record) and Old Mutual Albaraka Equity (AAOIFI certificates, external Shariah audit) are the governance benchmarks. Expect TERs of 1.75% to 2.36% and judge each fund's record honestly.
You want one diversified halal portfolio
The 27four Shari'ah Balanced Prescient Fund of Funds spreads across multiple Shariah managers from R5,000 (1.55% TER, no performance fee), or pick a single-house balanced fund from Camissa or Old Mutual Albaraka.
You want global halal exposure in rands
The Oasis Crescent International Feeder Fund (MSCI ACWI Islamic benchmark) from R2,000 or R500 monthly, without touching your offshore allowance. Its property sibling adds global listed real estate.
You're saving for retirement
Regulation 28 compliant Shariah balanced funds fit retirement annuities directly: Old Mutual Albaraka Balanced, Camissa Islamic Balanced, and the Oasis Crescent FoF range. See our dedicated retirement comparison.
Halal Investing by Province
Funds are digital and nationwide; branch and adviser access still varies by province
Frequently Asked Questions
Zakat & Islamic Finance Resources
Calculate Zakat on your investments and learn about Islamic finance.
Quick Answer
The best halal investment in South Africa depends on your goal. For savings, halal income funds like Camissa Islamic High Yield (0.58% TER) and Old Mutual Albaraka Income (0.59% B1) delivered trailing yields around 6.5% in early 2026 from sukuk-led books. For long-term equity, choose between active funds like the R6.4 billion Oasis Crescent Equity Fund (2.04% TER, three-scholar board, 15.6% annualised since 1998) and passive exposure through the Satrix Shari'ah Top 40 ETF at a 0.40% TER. For retirement, Regulation 28 balanced funds like the R7.3 billion Old Mutual Albaraka Balanced fit directly into retirement annuities.
Key Takeaways
- Equity fund TERs range from 1.04% (Camissa Islamic Equity B) to 2.36% (Oasis Crescent Equity A), with performance fees on several Oasis funds.
- The Satrix Shari'ah Top 40 ETF is the cheapest halal investment at 0.40%, but screening is index-level with no fund scholar board.
- Shariah governance disclosure varies sharply: published signed certificates at Oasis, Old Mutual Albaraka and Element; unnamed scholars at Sentio.
- Debit orders start at R500 monthly (Oasis, Old Mutual Albaraka, Camissa); EasyEquities offers fractional entry from small rand amounts.
- Old Mutual Albaraka Equity (1992) is the oldest Islamic unit trust in South Africa; Oasis Crescent Equity (1998) was the first Shariah-compliant regulated CIS.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-06
How to cite this page
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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.