Best Islamic bank: Standard Bank Shari’ah Banking
Standard Bank Shari’ah Banking’s recognition as South Africa’s best Islamic bank reflects a strategy centred on innovation, scalable distribution and the growing role of Islamic finance within the country’s broader banking and capital markets landscape.
Launched in 2016, the business has focused on developing Shariah-compliant solutions tailored to the needs of retail, business and corporate clients. Since inception, it has introduced 21 products and services spanning savings and investments, commercial asset finance, fiduciary services, cash management and foreign exchange solutions.
Innovation remained a defining theme in 2025. Standard Bank launched Sub-Saharan Africa’s first Shariah-compliant business overdraft facility, addressing a longstanding funding gap for Muslim entrepreneurs seeking working-capital solutions aligned with their faith. The bank also continued expanding its Shariah-compliant term-finance offering, building on a landmark ZAR100 million corporate term facility initially arranged in 2023 and extended in 2025 to support acquisition-led growth for a South African consumer-sector client.
The bank also played an important role in South Africa’s landmark ZAR20.4 billion sovereign sukuk issuance alongside Africa Rising Capital. Standard Bank helped broaden participation from Shariah-focused investors while ensuring compliance oversight through its Shari’ah Advisory Council. The transaction diversified South Africa’s funding base and strengthened the foundations for future sukuk issuance by other local borrowers.
Beyond corporate and investment banking, Standard Bank continued expanding its wealth and investment capabilities through partnerships with Melville Douglas and STANLIB. Offerings now span domestic and offshore investments, actively managed Shariah funds, multi-asset balanced portfolios, trusts and estate-planning solutions.
Digital capability also improved during the review period. The majority of personal banking origination is now digitally enabled, supported by integrated app functionality and a dedicated Shariah call centre.
Underlying this progress is a distinctive operating model. Rather than building a standalone Islamic bank with separate infrastructure, Standard Bank has embedded Shariah banking capability across its wider franchise, enabling customers to access Islamic banking solutions through the group’s broader branch, sales and service network.
