Standard Bank crowned Africa's Best Islamic Bank — again
'We're honoured to receive this prestigious recognition for the second year running. Being named Africa's Best Islamic Bank reaffirms our commitment to innovation and to delivering principled, Shari'ah-compliant solutions tailored to our clients' unique needs,' says Ameen Hassen, head of Shari'ah Banking at Standard Bank.
He says the award reflects the exceptional teamwork driving the bank's efforts to advance Islamic finance across the continent.
The Euromoney Islamic Finance Awards honour institutions that have made a significant impact by driving innovation and growth in Islamic banking and finance.
Standard Bank Shari'ah Banking has led several industry firsts, including:
The world's first Shari'ah-compliant Diners Club card;
SA's first fintech-enabled unsecured Shari'ah-compliant working capital solution through the Merchant Capital Shari'ah Advance; and
The first Shari'ah-compliant term facility in SA offered by a commercial bank.
Over the past five years, its assets have grown by 82%, outpacing the 79% growth in liabilities over the same period.
'We see Islamic finance as a powerful enabler of economic growth in Africa, especially in Sub-Saharan regions, which are home to 18% of the global Muslim population,' says Hassen.
He says Standard Bank's Shari'ah Banking continues to innovate to ensure that Islamic banking plays a bigger role in Africa's economic development.
This article was sponsored by Standard Bank.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
3 hours ago
- IOL News
South African consumers to face financial strain amidst Israel-Iran conflict
Rocket trails in the sky after Iran struck Israel with barrages of missiles, following a massive onslaught targeted the Islamic republic's nuclear and military facilities. The ongoing conflict between Israel and Iran is causing significant fluctuations in global oil prices, which could have dire economic implications for South African consumers. Image: Ayad Baba / AFP The escalating conflict between Israel and Iran is sending ripples through global markets, raising concerns over potential economic repercussions especially closer to home in South Africa and the impact on consumers in the country. Frank Blackmore, the Lead Economist at KPMG, said that the overall impact will hinge on two pivotal factors: the scale and duration of the conflict. Since the onset of the conflict, oil prices have already begun to rise, and Blackmore stressed the significance of this surge. 'An increase in oil prices traditionally translates to higher costs for transportation and goods, which the consumer ultimately endures,' he said. In South Africa, where the economy relies heavily on oil imports, subsequent price increases could put further strain on inflation rates, potentially leading the South African Reserve Bank (Sarb) to maintain elevated interest rates for an extended period. Blackmore further said, "If the conflict intensifies beyond what we are currently witnessing, the impact will be far more significant. If it is resolved swiftly, the effects on the markets will likely be limited. There are two avenues through which the impact will be felt. Firstly through the oil price. We have already seen an increase since the onset of the conflict. Secondly, through the exchange rate. The Rand has depreciated due to heightened uncertainty, which could lead to inflationary pressure on the local economy and the possibility of interest rates remaining higher for longer. Given that both oil and the exchange rate affect the impact of the cost of transporting people and goods around the economy, the inflationary impact will be shifted down onto the consumer in the form of higher inflation. The Reserve Bank may be forced to maintain elevated interest rates for an extended period." Nigel Green, CEO of independent financial advisory deVere Group, said the risks to global energy markets were growing, adding that even the threat of closure or interference would 'likely push oil well beyond $100 per barrel, reigniting inflation and altering the current trajectory of interest rate policy in developed economies.' 'Investors are clinging to a framework shaped by central bank support, solid earnings, and disinflation. But if energy prices rise sharply from here, that disinflation story evaporates. Rate cuts could stall. Market momentum could reverse,' Green said. Adding to the woes regarding interest rates, the US Federal Reserve held interest rates steady for a fourth consecutive meeting this past week. The possibility of interest rates remaining elevated along with the prospect of fuel prices increasing will leave South African consumers in a tough space. According to a survey conducted by Debt Rescue, two-thirds of South Africa's credit-worthy consumers stated that they cannot repay their debt due to macroeconomic pressures beyond their control. CEO of Debt Rescue Neil Roets, said that disturbing insights from the survey show that 41% of people have indicated that they have defaulted on their credit cards over the past year, while 30% have missed payments on retail store accounts. 'These are the two most commonly used forms of credit for day-to-day expenses because they are existing facilities which they have access to, which are now becoming increasingly unaffordable – while providing the only lifeline for many consumers,' Roets said. In addition, survey outcomes show that 24% of those polled cited defaults on personal loans, with 31% attributing this to unexpected expenses and 21% to loss of employment. 'This points to the widespread financial distress many South African households find themselves in, due to economic pressures which have seen living costs skyrocket over the past few years while there has been very little in the way of financial relief in terms of interest rates, cost of living and tax reductions,' Roets added. '65% of those surveyed said current economic conditions are significantly affecting their ability to repay debt,' he said. BUSINESS REPORT Visit:
IOL News
a day ago
- IOL News
Run on numbers: understanding the financial burden of raising a child in South Africa
A large portion of the expenses of personal income goes towards education, for those people lucky enough to have an income. 1. Momentum Investo did extensive research into what it costs to raise a child. 'At inflation-related sums, it can cost R550 000 for the first six years, between R640 000 and R880 000 for primary school, and up to R1 million for high school. A three-year degree at a South African university may cost R660,000. These numbers add up to R3 million.' Standard Bank's estimate is much the same. 'Conservative estimates indicate that it can cost around R10,000 per month in today's economy to raise a child, which means that over an 18-year period, factoring price increases, you can expect to spend over R2.5 million.' That is without considering sending the child to university. 2. In 2023, the average annual household income in South Africa was R204,359. This is based on data from Statistics South Africa's Income and Expenditure Survey (IES). It is obvious that the average household cannot afford a child. According to Statsa, 'South African households allocated the majority of their consumption expenditure to four main areas in 2023: housing and utilities, food and non-alcoholic beverages, transport, and insurance and financial services. These categories accounted for 75,6% of total household spending, meaning that three out of every four rand were directed toward these essentials.' These numbers indicate that there is very little left to spend on a child.
The South African
2 days ago
- The South African
Lucky Lotto jackpot winner turns R30 wager into R39.5 MILLION!
ITHUBA, operators of the National Lottery in South Africa, have confirmed that there were two winners of the Lotto jackpot on Wednesday, 18 June. The jackpot stood at R78 977 677.80, meaning each of the winners will pocket R39 488 838.90. The first winning ticket was purchased through the Standard Bank banking app with a R200 wager using the quick pick selection method, while the second winning ticket was purchased at a Day and Night Superstore in Yeoville in Johannesburg, with a R30 wager, also using the quick pick selection method. The winner who played via a banking platform has been notified of their winnings by their bank, while ITHUBA has urged everyone else who bought a ticket in-store to check their tickets. The winning numbers were 10, 13, 27, 30, 38, 39 and the bonus ball was 16. 'This draw not only produced one multi-millionaire, but two! Both winners will walk away with significant amounts of money that will undoubtedly change their lives,' says ITHUBA CEO, Charmaine Mabuza. 'The winner service team is eagerly awaiting the arrival of these winners and ready to help and support them every step of the way,' Mabuza added. To help winner's enjoy lasting benefits from their winnings, ITHUBA offers access to certified financial experts who provide valuable financial insights for winners of R50 000 and above. All winners have 365 days from the draw date to claim their winnings, and all National Lottery winnings are tax-free . Participants can check their tickets at retail stores or online through the National Lottery website or social media pages as there are more winners in other divisions. Players must be 18 years or older. Play responsibly. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
