Islamic Investing in Gauteng

27four's single-manager South African Shariah equity fund, launched on 7 June 2012 on the Prescient co-naming platform (JSE code 27FA1 for the A1 class). The fund invests in South African listed Shariah-compliant shares and is benchmarked against its unit trust category average, with income distributed annually in March. It is the direct-equity complement to 27four's better-known multi-managed Shariah portfolios: where the Balanced Fund of Funds allocates across other managers, this fund picks JSE stocks itself within the screens approved by the 27four Shari'ah Supervisory Board. Morningstar reports a minimum initial investment of R10,000, an actual management fee of 1.73% and annual-report expense ratios around 1.86-1.87% in 2025-2026.

27four's newest retail Shariah fund, launched 1 October 2024 to complete the firm's halal product set with a low-risk income option. The fund is a multi-managed, Shariah-compliant portfolio focused on income-generating assets: fixed-maturity Shariah income securities, listed property and other income instruments in South Africa and internationally, either with predetermined cash-flow profiles or linked to benchmark yields. It targets 110% of STeFI, a more ambitious benchmark than the plain STeFI used by rivals, and distributes quarterly (March, June, September, December). JSE ticker 27SPA1 for the A1 class. Early published performance on EasyEquities shows 7.95% over the year to August 2026.

South Africa's flagship multi-managed Shariah balanced fund, launched in 2011 (formation date 6 May 2011 per ProfileData; the EasyEquities fund page shows 5 June 2011) and now holding about R710 million. Rather than backing one manager, the fund of funds diversifies across Shariah-compliant equity funds locally and internationally plus Islamic income and commodity products, spreading both asset-class and manager risk: recent look-through holdings include Prescient, Camissa Islamic Equity, Old Mutual and other Islamic funds (Marriott holdings table, March 2026). Since January 2013 it is benchmarked to the ASISA South African Multi-Asset High Equity category average. TER is 1.55% with a 0.92% annual manager fee and no performance fee, minimum investment R5,000, and income distributes annually in March. JSE ticker 27SA1.

Camissa's (formerly Kagiso's) first Shariah fund, launched 13 July 2009, and today one of the big three SA Islamic equity funds at R3.45 billion (MDD dated 21 July 2026). It is a diversified portfolio of domestic and international equities within statutory limits, classified ASISA South African - Equity - General and benchmarked against the category mean, with the stated aim of beating the average general equity fund, not just Shariah peers. The B class carries a notably competitive 1.04% TER (rolling 1 and 3 years to 30 June 2026) against a 1.25% management fee, with a R5,000 lump sum or R500 monthly minimum. Camissa's Cape Town investment team runs it with the firm's contrarian, valuation-driven process; Head of Research Abdulazeez Davids is closely associated with the franchise.

A Regulation 28 compliant Shariah balanced fund launched 3 May 2011, sitting in the ASISA South African - Multi-Asset - High Equity category and benchmarked to the category funds mean. At roughly R5.3 billion (PSG reported latest total assets of R5,260m, with R5,106m at 30 September 2025) it is the second-largest Shariah fund in the country behind Old Mutual Albaraka Balanced, and unlike that rival it runs a high-equity mandate, giving retirement savers more growth headroom within Reg 28. The B class TER of 1.04% (31 December 2025, PSG) against a 0.98% management company fee makes it clearly the cheapest of the large Shariah balanced funds. Minimums are R5,000 lump sum or R500 per month.

The standout halal income fund in South Africa, launched 12 March 2019 and grown to R2.73 billion (MDD 21 July 2026). It sits in ASISA South African - Multi-Asset - Income, benchmarked to STeFI, and aims for capital stability with optimal income using a strong bias to yield assets: sukuk (historically over 80% of the book, including SA Murabaha-structure instruments and government rand sukuk), listed property and dividend-paying equities. The fund made its name buying longer-dated Shariah-compliant SA government paper at profit rates around 13.5% before the 2024 election, a trade its managers publicly discussed (Citywire South Africa, 2026), helping it outperform peers. At a 0.58% TER (rolling 1 and 3 years to 30 June 2026) with a 0.50% management fee, it is the cheapest actively managed halal fund in the country. Minimums R5,000 or R500 monthly.

South Africa's dominant low-cost retail investing platform (First World Trader (Pty) Ltd t/a EasyEquities, FSP 22588, Purple Group) is still the on-ramp for small-balance halal investing, but the house bundle is gone. The EasyAssetManagement Enhanced Shariah Portfolio URL now 404s and the live EasyWealth Finder no longer lists that bundle (verified in-browser 2026-08-17). What remains is the useful part: fractional access to hosted Shariah unit trusts (27four Shari'ah Balanced FoF and Income, Sentio SCI Hikma, Element Islamic funds) and the Satrix / STXSHA Shariah Top 40 ETF from one unit, with accounts flaggable as Shariah-compliant on request. Start from the live Finder, not a dead bundle link.

Launched in April 2010 (28 April 2010 per Morningstar), this was among the first Regulation 28 compliant Shariah balanced unit trusts in South Africa; Element records that it co-founded the first SA institutional Islamic balanced fund that was both Reg 28 and Shariah compliant. The fund is a domestic prudential variable equity portfolio in the ASISA Multi-Asset High Equity category, benchmarked to the average of Shariah balanced funds with at least a one-year record, aiming to preserve capital with a reasonable level of halal income while permitting equity exposure (including international) between 0% and 75%. It is hosted on the Sanlam Collective Investments platform with Standard Bank as trustee. Morningstar reports total assets around R98 million and a 1.46% expense ratio on the C class.

One of South Africa's pioneering Islamic funds, launched in February 2006 by Element Investment Managers, the Cape Town boutique that was the first South African investment manager to sign the UN Principles for Responsible Investment (May 2006). The fund is an actively managed domestic general equity portfolio (ASISA South African - Equity - General) hosted on the Sanlam Collective Investments platform, benchmarked against the average of Shariah general equity funds with at least a one-year track record. Element pairs its Shariah screens with an activist responsible-investment posture, engaging company managements on governance and social performance. TER on the C class was 1.88% per ProfileData in 2026. Downloadable Shariah compliance certificates for the fund are published on Element's website.

The medium-equity member of the Oasis Crescent balanced trio and the oldest, launched on 2 March 2005. It is a Regulation 28 compliant, Shariah-compliant multi-asset medium equity fund of funds (ASISA South African - Multi Asset - Medium Equity) with a CPI + 1% benchmark and a low-to-medium risk profile. Fund size was R1.4 billion at the Q1 2026 minimum disclosure document, making it the largest of the three Crescent FoFs. Distributions are quarterly. Like its siblings it allocates across the Crescent equity, income, international and property funds, and it is offered inside the Oasis Tax Free Investment Account and on the Momentum platform. Minimums are R2,000 lump sum or R500 monthly.

A Shariah-compliant endowment (long-term insurance investment policy) issued by Oasis Crescent Insurance Ltd, the group's registered long-term insurer (Long Term Insurance Act registration 000996/001). The endowment wraps the certified Oasis Crescent investment range in an insurance policy structure, the vehicle South African planners typically use for investors with marginal tax rates above 30% (policy investment income is taxed within the fund at the insurer level), for estate planning with nominated beneficiaries, and for disciplined medium-term saving. Oasis publishes quarterly fund facts for the Oasis Crescent Endowment Policy alongside a Property Endowment Policy variant and Pension Annuity products in its insurance range. Published public detail on minimums and charges is thin; terms are provided via Oasis Crescent Advisory Services and supporting financial advisers.

A JSE-listed, Shariah-compliant real estate investment trust and one of the very few debt-free listed REITs anywhere in the world. The fund was created under the Oasis Crescent Property Trust Scheme, registered under the Collective Investment Schemes Control Act, incorporated on 23 November 2005 and listed on the JSE in 2005 (today on the AltX board under share code OAS, ISIN ZAE000074332). It holds prime South African retail, office and industrial assets and is managed by Oasis Crescent Property Fund Managers Ltd, a regulated Oasis subsidiary. Because it is listed, any South African with a stockbroking or EasyEquities-style account can buy units at market price with no minimum beyond one unit, making it the most accessible Oasis product for small investors.

A rand-denominated feeder launched on 30 April 2007 that invests into the UK-based Oasis Crescent Global Property Equity Fund, giving South Africans Shariah-compliant exposure to listed property companies on international exchanges. It is classified Global - Real Estate - General and benchmarked to the CPI rate of OECD countries + 3% in rand. The underlying fund targets a competitive US dollar income yield from high-quality property and property-related listed companies, aiming for both rental-driven income and capital growth. Fund size was R515 million with a TER of 1.09% at 31 March 2026 and a trailing distribution yield of 2.38% (Marriott/ProfileData). Minimums are R2,000 lump sum or R500 monthly, with quarterly distributions.

A rand-denominated global equity feeder launched on 28 September 2001 that invests exclusively into the Oasis Crescent Global Equity Fund, the group's flagship UK-domiciled, FCA-regulated Shariah global fund (the underlying fund was restructured via a merger on 11 December 2020). Classified as Global - Equity - General with a medium-to-high risk profile, it is benchmarked against the MSCI ACWI Islamic USD Net Total Return Index since December 2020 (previously the Average Shari'ah Global Equity Peer Group). Fund size was R1.9 billion at the Q3 2025 fact sheet. Because the feeder is rand-denominated, South Africans invest without using their offshore allowance or applying to the SARB for foreign exchange approval. Minimums are R2,000 lump sum or R500 monthly.

The Oasis Crescent Income Fund is a specialist Shariah income portfolio launched on 31 March 2010 (Class A trading from early April 2010), classified under ASISA South African - Multi Asset - Flexible with a low risk profile and the South African CPI as benchmark. It is one of the largest halal income vehicles in the country at R3.31 billion (ProfileData, July 2026) and delivered a trailing twelve-month distribution yield of 6.45%. The portfolio blends domestic and global non-interest income instruments: at 31 March 2026 roughly 55% domestic money-market-type non-interest placements, 15% government issued paper (sukuk), 17% foreign income assets and the balance in rand income funds and cash. Unusually for the Crescent range, minimums are high: R33,000 lump sum or R2,750 per month.

The conservative anchor of the Oasis Crescent balanced range, launched on 1 April 2010 as a Regulation 28 compliant, Shariah-compliant multi-asset low equity fund of funds. Equity exposure is constrained to between 30% and 40% in line with the ASISA South African - Multi Asset - Low Equity classification, and the benchmark is the CPI rate. It is built for capital preservation with moderate growth: the natural home for halal investors close to retirement, living off capital, or holding an RA in drawdown mode. Class D carried a 1.76% TER at 31 March 2026 including a 0.39% performance fee component (Moneyweb). Minimums are R2,000 lump sum or R500 monthly, and the fund appears in the Oasis Tax Free Investment Account and on the Discovery and Momentum platforms.

A Regulation 28 compliant, Shariah-compliant multi-asset high equity fund of funds launched on 1 April 2010, targeting CPI + 3%. The portfolio wraps the Oasis Crescent range into a single prudential vehicle: at 31 March 2026 roughly 72% sat in the Oasis Crescent Equity Fund, 7.6% in the Crescent Income Fund and 6.1% in the International Feeder Fund (Marriott/ProfileData). Because it observes Regulation 28 of the Pension Funds Act it can be used inside retirement annuities, preservation funds and tax-free accounts, which is exactly how Oasis packages it (it is one of the funds offered in the Oasis Tax Free Investment Account line-up). Minimums are R2,000 lump sum or R500 monthly, with fund size around R267 million.

South Africa's first Shariah-compliant regulated collective investment scheme, launched on 31 July 1998 and still the flagship of the Oasis Crescent range. The fund is an actively managed South African general equity portfolio (ASISA South African - Equity - General) run by Oasis founder Adam Ebrahim, holding Shariah-screened JSE-listed shares with meaningful offshore exposure through the group's global funds. Fund size was R6.4 billion at the Q1 2026 fact sheet. The published track record is exceptional: R1 million invested at inception on 1 August 1998 had grown to R55.1 million by 31 March 2026, an annualised 15.6% per year against 11.8% for its benchmark, the Average South African Shari'ah Equity General Portfolio. Minimums are genuinely retail at R2,000 lump sum or R500 per month.

The newest of the Albaraka trio, launched 31 March 2020 to give Shariah investors an income fund benchmark rival to conventional cash-plus portfolios. It sits in the ASISA South African - Multi-Asset - Income category, is benchmarked to the STeFI Composite Index, and holds local and offshore Shariah-compliant income assets, principally sukuk and Islamic liquid instruments, with quarterly distributions. Fund size reached R2.0 billion by the February 2026 fact sheet, with Morningstar reporting a trailing twelve-month yield of 6.58% on the B1 class in early 2026. It is Regulation 28 compliant, making it usable as the defensive sleeve of a halal retirement portfolio. Minimums are R10,000 lump sum or R500 monthly, and costs are the lowest in the range: TER of 0.71% on Class A and 0.59% on B1.

The largest Shariah fund in South Africa by assets at R7.3 billion (April 2026 MDD), launched on 12 November 2010. It is a Regulation 28 compliant multi-asset fund (ASISA South African - Multi-Asset - Medium Equity) that diversifies across local and international Shariah-compliant equity, sukuk and Islamic liquid assets, with offshore exposure permitted up to 45% including Africa. Since 1 January 2026 the benchmark is the average of Shariah peers in the ASISA SA Multi-Asset Medium Equity category (previously a composite of 45% Customised SA Shari'ah Equity Index, 10% S&P Developed Markets Shariah, 40% STeFI Composite less 0.5% and 5% USD cash), with a target of outperforming over rolling three-year periods. Managed by Maahir Jakoet and Fawaz Fakier at Old Mutual Investment Group. Minimums are R10,000 lump sum or R500 monthly.

The oldest Islamic unit trust in South Africa and one of the oldest anywhere, launched on 1 June 1992 as the product of Old Mutual Unit Trusts' partnership with Al Baraka Bank. It is a South African general equity fund (ASISA South African - Equity - General) managed by Maahir Jakoet and Fawaz Fakier at Old Mutual Investment Group, holding JSE-listed shares that pass AAOIFI screening, with fund size of R3.5 billion at the February 2026 fact sheet. The February 2025 MDD listed a composite benchmark of 85% Customised SA Shari'ah Equity Index and 15% S&P Developed Markets Large and Mid-Cap Shari'ah Index; Old Mutual revised its Shariah fund benchmarks to Shariah peer-group averages effective 1 January 2026. Minimums are R10,000 lump sum or R500 monthly, with half-yearly distributions.

The only Shariah exchange-traded product listed on the JSE: a passive tracker of the FTSE/JSE Shari'ah Top 40 Index, launched on 6 April 2009 as the NewFunds Shari'ah Top 40 Index ETF (Absa's NewFunds stable, code NFSH40) and rebranded to Satrix Shari'ah Top 40 (STXSHA) effective 1 March 2023 when Sanlam's Satrix took over the NewFunds ETF range. The index applies Yasaar Limited's Shariah screens to the FTSE/JSE Africa Top 40, which in practice produces a resources-heavy basket (Anglo American, Gold Fields, AngloGold Ashanti, BHP, Sasol, Mondi and similar names). It is the cheapest halal investment product in South Africa at a 0.40% TER, distributes quarterly, and trades from one unit through any stockbroker or platform, with fund market capitalisation around R217-233 million in 2026.

A quant-flavoured Shariah equity fund launched 1 June 2016 by Sentio Capital Management, the Johannesburg systematic-plus-fundamental boutique, on the Sanlam Collective Investments platform (A2 class ticker SSCGA2, fee class launched 8 September 2017). Note for researchers: Sentio's Shariah range is today branded Hikma; no live fund under the older SciBeta Shariah naming was found in our 2026 crawl. The fund holds Shariah-compliant domestic and global equities and screened property, up to 45% offshore, in the ASISA South African - Equity - General category against the category-average benchmark. Fund size was R768.7 million at the January 2026 MDD, with a 1.21% TER on the A2 class and no performance fee. Since-inception annualised return was 9.38% versus 10.09% for the category average to 31 December 2025. Minimums are steep: R100,000 lump sum or R10,000 monthly, reflecting a wealth-and-institutional target market.

Sentio's multi-asset Shariah offering, launched 6 January 2016 on the Sanlam Collective Investments platform (A1 class, JSE ticker SSHBF, ISIN ZAE000240891). The fund aims for long-term capital growth with capital preservation and a reasonable level of halal income, investing predominantly in South African assets in the ASISA South African - Multi-Asset - High Equity category against the category-average benchmark, with distributions semi-annually in June and December. It is available to ordinary retail investors through EasyEquities, which is the practical entry route given Sentio's high direct minimums, and completes a three-fund Hikma range alongside the General Equity fund and a small Shariah Income fund (R47 million per the Alexforbes Shari'ah Manager Watch, June 2026).