27four Investment Managers Review - Halal Finance Products
Reviewed quarterly and updated for major content changes.
27four Investment Managers offers halal financial products and services designed to align with Islamic principles. These options provide alternatives to conventional interest-based financial products, using structures like Murabaha, Ijara, and Musharakah.
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HalalWallet 2026 Review
27four Investment Managers - At a Glance
6
Products Reviewed
All
Provinces (Nationwide)
2
Categories
Our Verdict
27four occupies a genuinely distinct slot in SA halal investing: it is the diversification play. Where Oasis, Camissa and Old Mutual Albaraka each ask investors to trust one house's stock picking, 27four's Shari'ah Balanced Prescient FoF allocates across the underlying Shariah managers, wrapping the whole in an external three-mufti board that approves every underlying fund and instrument. The result is smoother manager risk, credible governance and a one-decision Reg 28 retirement fund at a 1.55% TER with no performance fee, which prices reasonably for a fund of funds. The trade-offs are inherent to the structure: a FoF can never be the cheapest option (Camissa's single-manager balanced fund costs 1.04%), the single-manager Active Equity fund is small with a 1.86% expense ratio, and the new Income fund lacks a published TER history. The transformation story, black-owned, woman-founded, BEE.conomics publisher, adds a values dimension no competitor matches. For investors who want halal exposure without single-manager concentration, 27four is the only game in town.
Pros & Cons
What We Like
- Only multi-manager Shariah balanced fund in SA retail, diversifying across underlying halal managers in one Reg 28 wrapper
- External, independent three-scholar Shariah board approving every underlying fund and instrument, layered over the underlying managers' own boards
- No performance fee on the Balanced FoF; 1.55% TER is fair for a fund-of-funds structure
- Completed risk spectrum: Active Equity (growth), Balanced FoF (Reg 28 retirement) and the 2024-launched Shari'ah Income fund targeting 110% of STeFI
- Black-owned and woman-founded with a documented transformation mission and research footprint (BEE.conomics survey)
What Could Be Better
- Fund-of-funds economics mean total cost can never match single-manager rivals: Camissa's balanced fund at 1.04% is materially cheaper
- The Shari'ah Active Equity fund is small with a high 1.86% expense ratio and a R10,000 minimum
- The Shari'ah Income Prescient Fund launched October 2024 and has no published TER or meaningful track record yet
- Assets are modest (about R710m in the flagship FoF) next to the multi-billion-rand funds at Old Mutual Albaraka, Camissa and Oasis
- Scholar certificates are described in the product brochure but signed annual compliance certificates are not published on the public site the way Old Mutual Albaraka and Element publish theirs
Who Is 27four Investment Managers Best For?
Retirement savers who want halal diversification across managers, not one house view
The Shari'ah Balanced Prescient FoF is the only SA retail fund spreading Shariah assets across multiple underlying managers inside one Reg 28 wrapper
Workplace retirement members on Discovery umbrella funds
The life-wrapped Shari'ah Wealth Builder Fund brings 27four's multi-managed halal portfolios into employer retirement schemes
Values-driven investors backing transformation in SA asset management
Black-owned, founded by Fatima Vawda, and publisher of the BEE.conomics transformation survey, with awards to show the mission has not cost performance
Detailed Analysis
27four Investment Managers was founded in 2007 by Fatima Vawda, a mathematician by training, and took its name from 27 April 1994, the date of South Africa's first democratic election: transformation is written into the brand. The firm launched Shariah-compliant portfolios in 2008, initially for institutional and retirement clients, and built its reputation as a multi-manager: rather than picking stocks itself, it selects, combines and monitors underlying asset managers. Applied to the halal market, this created something no one else offers in SA retail: a single fund that diversifies across the country's Shariah managers.
The flagship is the 27four Shari'ah Balanced Prescient Fund of Funds, roughly R710 million, a Regulation 28 compliant multi-asset portfolio that allocates across underlying Shariah-compliant funds spanning equity, sukuk, Islamic income and commodity exposures. The multi-manager structure produces a governance double-layer that strict investors should appreciate: each underlying fund answers to its own manager's Shariah board, and 27four's external Shari'ah Supervisory Board then approves which funds and instruments the FoF may hold at all. The fund charges no performance fee and reported a 1.55% TER at 31 March 2026, reasonable for a FoF, though structurally it can never undercut a lean single-manager balanced fund like Camissa's at 1.04%.
The single-manager 27four Shari'ah Active Equity Prescient Fund is the growth option, with an expense ratio around 1.86% per Morningstar's history and a R10,000 minimum. It is the range's weak spot on price and scale. The October 2024 launch of the 27four Shari'ah Income Prescient Fund matters more strategically: targeting 110% of STeFI from sukuk and Islamic income instruments, it completed the conservative end of the range so that a full halal glide path (equity, balanced, income) can now be built entirely inside 27four wrappers. The life-wrapped Shari'ah Wealth Builder Fund extends the same portfolios into Discovery's umbrella retirement funds, putting 27four's halal offering in front of ordinary workplace savers, a distribution channel none of the boutique rivals reach.
Governance rests on an external, independent Shari'ah Supervisory Board: Mufti Ahmed Suliman (Chairman), who completed the Aalim course at Darul Uloom Zakariyya in 2002 and serves widely across SA takaful and Islamic finance boards, with Mufti Mohammed Ashraf and Mufti Zaid Haspatel, both also Darul Uloom Zakariyya trained. The board approves the collective investment schemes and instruments the portfolios may hold. The gap versus best practice is publication: Old Mutual Albaraka and Element publish signed annual compliance certificates on public pages, while 27four's compliance documentation lives in product brochures. The scholars are credible and named; the paper trail could be more public.
The firm's record has independent validation: six Raging Bull awards between 2014 and 2016, four Morningstar awards and the 2009 Manager of Managers award, alongside growth into a group spanning South Africa and the UK with fund hosting and private markets capabilities. The honest overall assessment: 27four is not the cheapest, biggest or oldest halal manager in SA, but it is the only one solving the concentration problem, and its board structure, award history and transformation credentials make it a serious core holding for investors who think in terms of manager risk rather than just fees.
How It Works
27four operates as a multi-manager on the Prescient platform: the retail funds are co-branded collective investment schemes (27four ... Prescient Fund) administered by Prescient Management Company, with 27four as investment manager. The Balanced Fund of Funds holds participatory interests in underlying Shariah-compliant funds across equity, sukuk, income and commodity mandates, blending managers rather than stocks. The Shari'ah Active Equity fund is a directly managed Shariah equity portfolio, and the Shari'ah Income fund holds sukuk and Islamic income instruments targeting 110% of STeFI. The external Shari'ah Supervisory Board approves every underlying fund and instrument, adding a second compliance layer on top of underlying managers' own boards. The Wealth Builder Fund wraps the same strategy in a life policy for Discovery umbrella retirement funds.
Choose the entry point
Direct investors enter the Balanced FoF from R5,000 and the Active Equity fund from R10,000; EasyEquities offers fractional access at platform minimums; workplace savers reach the strategies through Discovery umbrella retirement funds via the Wealth Builder Fund.
Assets spread across scholar-approved managers
Contributions are allocated across underlying Shariah funds that 27four's external board has approved, blending managers rather than stocks, and rebalanced by the multi-manager process.
Reg 28 compatibility for retirement
The Balanced FoF operates within Regulation 28 limits, making it retirement annuity and pension compatible; the October 2024 Income fund adds the conservative sleeve targeting 110% of STeFI.
Double-layer compliance
Each underlying fund answers to its own manager's Shariah board, and 27four's Shari'ah Supervisory Board approves which vehicles and instruments the portfolios may hold at all.
Standard CIS liquidity
The retail funds price daily on the Prescient platform with normal collective investment scheme redemption terms.
Shariah Compliance Review
Oversight Level
Review details on provider's website
External and independent Shari'ah Supervisory Board per the 27four Shari'ah product brochure: Mufti Ahmed Suliman (Chairman), Mufti Mohammed Ashraf and Mufti Zaid Haspatel (crawled 2026-08-05)
Mufti Ahmed Suliman completed the Aalim course at Darul Uloom Zakariyya in 2002, with extensive experience in accounting, auditing and governance of Islamic financial institutions and membership of several takaful Shariah boards
The board approves the collective investment schemes and instruments that the multi-managed Shariah portfolios may hold; underlying funds additionally carry their own managers' Shariah boards
Signed annual certificates are referenced in product material but not published on the public website (verified 2026-08-05)
Shariah compliance should always be verified directly with 27four Investment Managers. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
Against Camissa, 27four trades cost for diversification: Camissa's Islamic Balanced Fund at 1.04% is the cheaper single-manager bet, while the 27four FoF at 1.55% spreads assets across managers so no single house's drawdown dominates. Against Old Mutual Albaraka, the R7.3bn Balanced Fund brings scale, audit-backed assurance and a 1.19% B1 TER, but again concentrates in one team; 27four is the hedge against that concentration. Against Oasis Crescent, 27four has no wrappers, REIT or global feeders, but offers external-board multi-manager governance Oasis cannot replicate. The Satrix Shari'ah ETF at 0.40% remains the passive cost floor for equity only. In practice 27four pairs well with any of them: it is the diversifier in a halal portfolio, not necessarily the whole of it.
The single-manager value leader at 1.04% on its balanced flagship; choose Camissa for cost, 27four to diversify across managers with an external scholar board vetting every holding vehicle.
SA's largest Shariah balanced fund with an external Shariah audit; choose Albaraka for scale and assurance documents, 27four for multi-manager spread and the transformation mandate.
vs. Oasis Crescent
The full-service pioneer with retirement wrappers and a listed REIT; choose Oasis for architecture and history, 27four for manager diversification inside a simpler fund set.
Bottom Line
27four is South Africa's halal diversifier: the only multi-manager Shariah range in retail, governed by an external three-mufti board that approves every underlying vehicle, now spanning equity, balanced and income after the October 2024 income fund launch. It cannot win a fee fight against Camissa or a scale fight against Old Mutual Albaraka, but as the antidote to single-manager risk in a halal portfolio, and as a black-owned, woman-founded firm with a genuine award record, it earns its place.
Products from 27four Investment Managers
Why It's Halal
Every portfolio in the 27four Shariah range invests exclusively in Shariah-compliant instruments: screened equity funds from underlying Islamic managers, Islamic income products (sukuk-type and murabaha-style instruments with predetermined cash flow profiles rather than interest), listed property and commodity exposures. The multi-manager structure adds a compliance layer, since 27four selects and monitors underlying managers that each run their own Shariah mandates and boards. The Shariah Balanced Fund of Funds is a recognised Regulation 28 vehicle used by retirement savers. Disclosure caveat: 27four does not publish a named in-house Shariah supervisory board roster for the range on its public pages, relying on underlying manager governance and fund-level compliance, which is thinner top-level Shariah governance than Oasis or Alexforbes publish.
27four Investment Managers
27four Shariah Retirement Annuity and Preservation Funds (Multi-Managed)
The multi-manager route to Shariah retirement saving. 27four Investment Managers, an award-winning independent South African multi-manager (multiple Raging Bull and Morningstar awards), offers retirement annuity and preservation fund access to its Shariah-compliant product range, with the funds hosted on Prescient-administered retirement fund structures per the application forms on 27four's site. Instead of one house's stock picks, members hold multi-managed portfolios that allocate across underlying Shariah managers: the flagship 27four Shariah Balanced Prescient Fund of Funds (moderate risk, Regulation 28 suitable, combining Shariah equity funds, Islamic income and commodity products locally and internationally) and the 27four Shariah Income Fund (low risk, Shariah-compliant income-generating assets with fixed maturity profiles) anchor the retirement menu. Retirement annuities, preservation funds, living annuities, unit trusts, tax-free savings and endowments are all listed product wrappers for the Shariah range.
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27four Investment Managers
27four Umbrella Fund Shariah Options (Employer Retirement Funds)
The employer-side route to Shariah retirement provision. The 27four Umbrella Fund is an independently sponsored umbrella retirement fund pitched on governance, value for money and freedom from sponsor-tied service providers, and its houseview investment menu includes dedicated Shariah-compliant portfolios alongside conventional CPI-target options (the March 2025 brochure lists Shariah options including the low-risk 27four Shariah Stable at houseview level, with employer flexibility to select portfolios outside the houseview range subject to conditions). Members get in-fund preservation on exit (savings stay invested in their chosen portfolio or the trustee default), and at retirement can move into a living annuity provided by 27four Life or purchase a with-profit annuity through Just Retirement SA or Momentum. For Muslim-owned businesses and employers with Muslim staff, this is one of the few umbrella arrangements where Shariah portfolios are first-class citizens rather than special requests.
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27four Investment Managers
27four Shari'ah Active Equity Prescient Fund
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.
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27four Investment Managers
27four Shari'ah Income Prescient Fund
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.
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27four Investment Managers
27four Shariah Living Annuity (27four Life)
A Shariah-compliant post-retirement income policy issued by 27four Life Limited, the group's licensed insurer. Retirees transfer compulsory annuitisation money into the living annuity and draw an income of between 2.5% and 17.5% of investment value per year (per SA living annuity law), payable monthly, quarterly or annually, while the capital remains invested in 27four's Shariah portfolio menu. The application pack documents four dedicated Shariah portfolios: the 27four Shariah Income Fund (low risk, income-generating Shariah assets with fixed maturity dates and predetermined cash flow profiles), 27four Shariah Stable Fund (low-risk multi-managed multi-asset life pool prioritising capital protection), 27four Shariah Balanced Fund of Funds (moderate risk) and 27four Shariah Wealth Builder Fund (moderately high risk life pool for long horizons), giving retirees a full risk spectrum without leaving Shariah mandates.
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27four Investment Managers
27four Shari'ah Balanced Prescient Fund of Funds
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.
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Where Available
Based on listings we track, 27four Investment Managers operates nationwide:
Nationwide availability
Availability may vary by product type. Always verify current availability directly with 27four Investment Managers.
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and state availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
Quick Answer
27four Investment Managers offers halal financial products that comply with Shariah principles, avoiding interest (riba) and prohibited industries. Their products are available in 1 state and include Investing, Retirement options.
Key Takeaways
- 27four Investment Managers offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 1 state: Nationwide.
- Product categories include Investing, Retirement.
- Always verify compliance directly with 27four Investment Managers and consult qualified Islamic finance advisors when needed.
- Compare 27four Investment Managers's products with other providers to find the best fit for your needs.
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.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-09
- HalalWallet Methodology
- Editorial Policy
- Disclosures
- 27four Shari'ah investing hub and product brochure (crawled 2026-08-05)
- 27four Shari'ah Balanced Prescient FoF data, Marriott/ProfileData (crawled 2026-08-05)
- EasyEquities fund shelf listing for 27four Shariah funds (crawled 2026-08-05)
- Morningstar ZA: 27four Shari'ah Active Equity expense ratio history (crawled 2026-08-05)
- 27four history, founding and awards (crawled 2026-08-05)
How to cite this page
Preferred format:
For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
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Frequently Asked Questions
What types of halal products does 27four Investment Managers offer?
27four Investment Managers offers 6 products across 2 categories. 27four Investment Managers is best for [object Object],[object Object],[object Object]. Review the products listed above or contact 27four Investment Managers directly for current offerings.
How does 27four Investment Managers ensure Shariah compliance?
External and independent Shari'ah Supervisory Board per the 27four Shari'ah product brochure: Mufti Ahmed Suliman (Chairman), Mufti Mohammed Ashraf and Mufti Zaid Haspatel (crawled 2026-08-05) Mufti Ahmed Suliman completed the Aalim course at Darul Uloom Zakariyya in 2002, with extensive experience in accounting, auditing and governance of Islamic financial institutions and membership of several takaful Shariah boards The board approves the collective investment schemes and instruments that the multi-managed Shariah portfolios may hold; underlying funds additionally carry their own managers' Shariah boards Signed annual certificates are referenced in product material but not published on the public website (verified 2026-08-05)
How does 27four Investment Managers work?
Choose the entry point: Direct investors enter the Balanced FoF from R5,000 and the Active Equity fund from R10,000; EasyEquities offers fractional access at platform minimums; workplace savers reach the strategies through Discovery umbrella retirement funds via the Wealth Builder Fund. Assets spread across scholar-approved managers: Contributions are allocated across underlying Shariah funds that 27four's external board has approved, blending managers rather than stocks, and rebalanced by the multi-manager process. Reg 28 compatibility for retirement: The Balanced FoF operates within Regulation 28 limits, making it retirement annuity and pension compatible; the October 2024 Income fund adds the conservative sleeve targeting 110% of STeFI. Double-layer compliance: Each underlying fund answers to its own manager's Shariah board, and 27four's Shari'ah Supervisory Board approves which vehicles and instruments the portfolios may hold at all. Standard CIS liquidity: The retail funds price daily on the Prescient platform with normal collective investment scheme redemption terms.
Is 27four Investment Managers available in my state?
27four Investment Managers operates nationwide, though specific products may have regional limitations. Always verify current availability directly with 27four Investment Managers.
What are alternatives to 27four Investment Managers?
Against Camissa, 27four trades cost for diversification: Camissa's Islamic Balanced Fund at 1.04% is the cheaper single-manager bet, while the 27four FoF at 1.55% spreads assets across managers so no single house's drawdown dominates. Against Old Mutual Albaraka, the R7.3bn Balanced Fund brings scale, audit-backed assurance and a 1.19% B1 TER, but again concentrates in one team; 27four is the hedge against that concentration. Against Oasis Crescent, 27four has no wrappers, REIT or global feeders, but offers external-board multi-manager governance Oasis cannot replicate. The Satrix Shari'ah ETF at 0.40% remains the passive cost floor for equity only. In practice 27four pairs well with any of them: it is the diversifier in a halal portfolio, not necessarily the whole of it. Camissa Asset Management: The single-manager value leader at 1.04% on its balanced flagship; choose Camissa for cost, 27four to diversify across managers with an external scholar board vetting every holding vehicle. Old Mutual Albaraka: SA's largest Shariah balanced fund with an external Shariah audit; choose Albaraka for scale and assurance documents, 27four for multi-manager spread and the transformation mandate. Oasis Crescent: The full-service pioneer with retirement wrappers and a listed REIT; choose Oasis for architecture and history, 27four for manager diversification inside a simpler fund set.
Are 27four Investment Managers's products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact 27four Investment Managers?
Contact information for 27four Investment Managers should be available through their website or the product listings above. Use the action links provided with each product to visit 27four Investment Managers's website or contact them directly for more information.
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