Element Investment Managers Review - Halal Finance Products
Reviewed quarterly and updated for major content changes.
Element 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
Element Investment Managers - At a Glance
2
Products Reviewed
All
Provinces (Nationwide)
1
Category
Our Verdict
Element is the conscience of SA halal investing: a boutique that pioneered responsible-investment activism in the country (first UN PRI signatory, May 2006) and runs its three Islamic funds with disclosure habits bigger firms should envy, publishing per-fund Shariah certificates and keeping an AAOIFI-certified auditor inside its own board. The Islamic Equity Fund's twenty-year history and the firm's role in creating SA's first Reg 28 Shariah institutional balanced fund and first Murabaha sukuk are real innovations. The honest problem is economics: the funds are boutique-scale (the Islamic Balanced Fund holds about R98 million), which drives TERs of 1.88% on Islamic Equity and 1.46% on Islamic Balanced, pricing the range above Camissa (1.04%) and Old Mutual Albaraka's B1 classes without the performance scale advantages. Element suits investors who weight stewardship, activism and certificate-level transparency over cost; pure fee optimisers will land elsewhere.
Pros & Cons
What We Like
- Published, downloadable Shariah compliance certificates for every Islamic fund: best-practice transparency at any size
- Internal AAOIFI-certified Shariah auditor (CSAA) on the board alongside external Darul Uloom Zakariyya scholars
- Genuine pioneer record: first SA PRI signatory, first Reg 28 + Shariah institutional balanced fund, first SA Murabaha sukuk
- Twenty-year Islamic Equity Fund history through multiple market cycles
- Activist engagement on environmental, social and governance issues layered over Shariah screens
What Could Be Better
- Boutique scale: the Islamic Balanced Fund holds roughly R98 million, a fraction of rivals' billions
- Above-average fees: 1.88% TER Islamic Equity and 1.46% Islamic Balanced (C class) versus 1.04% at Camissa
- No income fund TER advantage or sukuk flagship to differentiate the defensive offering
- Distribution is thinner: funds are accessed via the Sanlam platform and EasyEquities rather than a broad direct retail franchise
- Small teams carry key-person risk that larger houses diversify away
Who Is Element Investment Managers Best For?
Values-driven investors who want activism plus Shariah compliance
Element is the only SA halal manager with a documented shareholder-engagement record dating to its 2006 PRI signature
Strict investors who insist on seeing fund-level Shariah certificates
Element publishes downloadable compliance certificates for each Islamic fund on its website, verifiable before investing a rand
Diversifiers adding a boutique satellite to a core halal portfolio
A contrarian boutique with twenty years of Islamic fund history complements core holdings at Camissa or Old Mutual Albaraka
Detailed Analysis
Element Investment Managers is a Cape Town boutique whose identity was forged in responsible investment before ESG became an industry: in May 2006 it became the first South African investment manager to sign the UN Principles for Responsible Investment, and it has run constructive corporate engagement on environmental, social and governance issues ever since. Its Islamic franchise began in the same era, with the Element Islamic Equity Fund launching in February 2006, making it one of the oldest halal equity funds in the country alongside the Oasis pioneers.
The firm's innovation record outweighs its size. Element co-founded the first South African institutional Islamic balanced fund that satisfied both Regulation 28 and Shariah requirements, the structure that now underpins every halal retirement annuity in the country; its own retail Islamic Balanced Fund followed in April 2010. It was also the first SA manager to structure a Murabaha sukuk cash product, in conjunction with Nedbank, tackling the defensive-asset problem years before sovereign rand sukuk existed. An Islamic Global Equity Fund was added in October 2012 for offshore exposure (retail assets in it remain small).
Shariah governance is a genuine strength relative to size. The Shari'ah Supervisory Board comprises Mufti Mohammed Ali (Chairman, Senior Lecturer at Darul Uloom Zakariyya), Mufti Ahmed Suliman (also Darul Uloom Zakariyya, and a scholar who appears across several SA Islamic finance boards) and Mufti Yusuf Suliman, an internal member who is a Certified Shariah Advisor and Auditor (CSAA, AAOIFI) and Head of Markaz Al Noor. The internal CSAA function means day-to-day compliance is checked by someone with formal AAOIFI audit certification, and the results are published: Element posts downloadable Shariah compliance certificates for each of its three Islamic funds on its Shari'ah unit trusts page, transparency that Camissa and 27four do not match on their public sites.
The critical case is economic. Boutique assets (about R97.9 million in the Islamic Balanced Fund per Morningstar) mean fixed costs spread across a small base: the Islamic Equity Fund's 1.88% TER and the Balanced Fund's 1.46% price the range at the expensive end of SA halal investing, above Camissa's 1.04% flagships and Old Mutual Albaraka's B1 classes, without the multi-decade published outperformance story Oasis uses to defend its premium. Distribution is correspondingly thin: the funds live on the Sanlam Collective Investments platform and EasyEquities rather than a broad direct franchise. Element is therefore best used deliberately, by investors who are paying for stewardship, certificates and boutique conviction, rather than by default.
How It Works
Element's Islamic funds are portfolios on the Sanlam Collective Investments (SCI) platform, with Element as investment manager: the Element Islamic Equity SCI Fund, Element Islamic Balanced SCI Fund and Element Islamic Global Equity SCI Fund. Holdings must be approved by the Shari'ah Supervisory Board, screening business activities and financial ratios and excluding interest-bearing instruments; defensive assets in the Balanced Fund use Shariah-compliant instruments including the Murabaha structures Element helped pioneer. The manager layers active shareholder engagement over the screens, and the board's compliance certificates for each fund are published for download.
Verify the certificates first
Download the current Shariah compliance certificate for each fund from Element's Shari'ah unit trusts page before investing, a verification step no other SA manager makes this easy.
Access via Sanlam or EasyEquities
The funds are Sanlam Collective Investments portfolios (platform minimums apply) and are also available fractionally through EasyEquities.
Allocate by role
The Islamic Balanced Fund operates within Regulation 28 for retirement use; the Islamic Equity Fund is the growth allocation; the Global Equity Fund adds offshore exposure.
Continuous internal audit plus external supervision
The internal CSAA-certified auditor monitors ongoing compliance, the external Darul Uloom Zakariyya scholars supervise, and non-permissible income is purified per the board's process.
Standard CIS liquidity
Daily pricing and normal collective investment scheme redemption terms apply.
Shariah Compliance Review
Oversight Level
Review details on provider's website
Shari'ah Supervisory Board per elementim.co.za: Mufti Mohammed Ali (Chairman; Senior Lecturer at Darul Uloom Zakariyya), Mufti Ahmed Suliman (Aalim and Ifta', Darul Uloom Zakariyya) and Mufti Yusuf Suliman (internal member) (crawled 2026-08-05)
Mufti Yusuf Suliman is a Certified Shariah Advisor and Auditor (CSAA, AAOIFI) and Head of Markaz Al Noor, giving Element an internal AAOIFI-certified audit function
Downloadable Shariah compliance certificates for each of the three Islamic funds are published on the Shari'ah unit trusts page
Shariah compliance should always be verified directly with Element Investment Managers. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
Against Camissa, Element charges substantially more (1.88% vs 1.04% equity) but publishes fund-level certificates Camissa does not and adds an activist stewardship record; Camissa wins on price, scale and sukuk capability. Against Old Mutual Albaraka, Element matches the published-certificate discipline at boutique scale but cannot match the external audit, the R7.3bn balanced flagship or B1 pricing. Against Sentio's Hikma range, Element is the transparency pick (named scholars and published certificates versus Sentio's unnamed board), while Sentio counters with systematic risk management and a bigger equity fund. Element works best as a values-driven satellite around a cheaper core.
The value leader with R11bn+ Islamic assets; choose Camissa for fees and sukuk access, Element for published certificates, activism and boutique conviction.
The assurance benchmark at scale; choose Albaraka for the audited compliance stack and platform ubiquity, Element for stewardship and an internal AAOIFI-certified auditor.
Systematic Hikma Shariah funds with detailed risk statistics but unnamed scholars; choose Sentio for quantitative process, Element for governance transparency.
Bottom Line
Element is the boutique for investors who read the certificates: a PRI-pioneer activist manager with twenty years of Islamic fund history, an internal AAOIFI-certified Shariah auditor and published per-fund compliance certificates. Its fees and scale cannot compete with Camissa or Old Mutual Albaraka, so treat it as a deliberate, values-driven satellite rather than a default core.
Products from Element Investment Managers
Why It's Halal
The portfolio invests across equities, non-equity securities, listed property, money market instruments and liquid assets, domestic and international, but only in instruments approved by the Shariah Supervisory Board, with the same Darul Uloom Zakariyya scholars and internal CSAA auditor as the equity fund and published per-fund Shariah certificates. Its Reg 28 compliance makes it RA-eligible, and its flexible 0-75% equity range gives the manager genuine latitude to protect capital, unusual among fixed-allocation Shariah balanced rivals. Honest caveats: at roughly R98 million it is very small, which raises cost-viability questions for the long haul; the 1.46% TER is mid-pack; and flexibility depends entirely on manager skill, with a thinner published performance narrative than the big three balanced funds.
Element Investment Managers
Element SCI Islamic Balanced Fund
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.
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Element Investment Managers
Element SCI Islamic Equity Fund
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.
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Where Available
Based on listings we track, Element Investment Managers operates nationwide:
Nationwide availability
Availability may vary by product type. Always verify current availability directly with Element 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
Element 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 options.
Key Takeaways
- Element Investment Managers offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 1 state: Nationwide.
- Product categories include Investing.
- Always verify compliance directly with Element Investment Managers and consult qualified Islamic finance advisors when needed.
- Compare Element 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
- Element Shari'ah unit trusts page with board members and downloadable certificates (crawled 2026-08-05)
- Element history: 2006 PRI signature and Islamic fund launches (crawled 2026-08-05)
- ProfileData: Element Islamic Equity SCI Fund TER, 2026 (crawled 2026-08-05)
- Morningstar ZA: Element Islamic Balanced SCI Fund size and expense ratio (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.
Related Guides
Frequently Asked Questions
What types of halal products does Element Investment Managers offer?
Element Investment Managers offers 2 products across 1 category. Element Investment Managers is best for [object Object],[object Object],[object Object]. Review the products listed above or contact Element Investment Managers directly for current offerings.
How does Element Investment Managers ensure Shariah compliance?
Shari'ah Supervisory Board per elementim.co.za: Mufti Mohammed Ali (Chairman; Senior Lecturer at Darul Uloom Zakariyya), Mufti Ahmed Suliman (Aalim and Ifta', Darul Uloom Zakariyya) and Mufti Yusuf Suliman (internal member) (crawled 2026-08-05) Mufti Yusuf Suliman is a Certified Shariah Advisor and Auditor (CSAA, AAOIFI) and Head of Markaz Al Noor, giving Element an internal AAOIFI-certified audit function Downloadable Shariah compliance certificates for each of the three Islamic funds are published on the Shari'ah unit trusts page
How does Element Investment Managers work?
Verify the certificates first: Download the current Shariah compliance certificate for each fund from Element's Shari'ah unit trusts page before investing, a verification step no other SA manager makes this easy. Access via Sanlam or EasyEquities: The funds are Sanlam Collective Investments portfolios (platform minimums apply) and are also available fractionally through EasyEquities. Allocate by role: The Islamic Balanced Fund operates within Regulation 28 for retirement use; the Islamic Equity Fund is the growth allocation; the Global Equity Fund adds offshore exposure. Continuous internal audit plus external supervision: The internal CSAA-certified auditor monitors ongoing compliance, the external Darul Uloom Zakariyya scholars supervise, and non-permissible income is purified per the board's process. Standard CIS liquidity: Daily pricing and normal collective investment scheme redemption terms apply.
Is Element Investment Managers available in my state?
Element Investment Managers operates nationwide, though specific products may have regional limitations. Always verify current availability directly with Element Investment Managers.
What are alternatives to Element Investment Managers?
Against Camissa, Element charges substantially more (1.88% vs 1.04% equity) but publishes fund-level certificates Camissa does not and adds an activist stewardship record; Camissa wins on price, scale and sukuk capability. Against Old Mutual Albaraka, Element matches the published-certificate discipline at boutique scale but cannot match the external audit, the R7.3bn balanced flagship or B1 pricing. Against Sentio's Hikma range, Element is the transparency pick (named scholars and published certificates versus Sentio's unnamed board), while Sentio counters with systematic risk management and a bigger equity fund. Element works best as a values-driven satellite around a cheaper core. Camissa Asset Management: The value leader with R11bn+ Islamic assets; choose Camissa for fees and sukuk access, Element for published certificates, activism and boutique conviction. Old Mutual Albaraka: The assurance benchmark at scale; choose Albaraka for the audited compliance stack and platform ubiquity, Element for stewardship and an internal AAOIFI-certified auditor. Sentio Capital Management: Systematic Hikma Shariah funds with detailed risk statistics but unnamed scholars; choose Sentio for quantitative process, Element for governance transparency.
Are Element 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 Element Investment Managers?
Contact information for Element Investment Managers should be available through their website or the product listings above. Use the action links provided with each product to visit Element Investment Managers's website or contact them directly for more information.
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