Islamic Fund Management
141
Country Issued
sukuk
Planning
sukuk
Islamic
banks
Islamic
windows
Foreign
Islamic
banks
Islamic
micro-
finance
Other
Islamic
products
Islamic
funds
Islamic
regulation
Botswana √
Ghana √ √
Guinea √
Cameroon √
Chad √
Djibouti √ √
Mozambique √
Mauritania √ √
Cote d’Ivoire √
Source: The Economist (2015)
On 1 April 2018, a new regulatory model known as Twin Peaks was implemented in South
Africa. The entire South African financial market is supervised by the Financial Sector
Regulation (FSR) Act, which was signed in August 2017 and came into effect on 1 April 2018.
The legislation will bring about a major transformation of the South African financial services
regulatory and risk management frameworks, including the move to a Twin Peaks approach to
regulation.
The Twin Peaks model regulates prudential and risks under two separate bodies, the
Prudential Authority (PA)―contained within the South African Reserve Bank (SARB)―and the
Financial Sector Conduct Authority (FSCA) (formerly known as Financial Services Board
(FSB)). Both the PA of SARB and the FSCA become the resolution authorities responsible for
the protection, maintenance and enhancement of financial stability. lists the
regulators’ roles and responsibilities within South Africa’s financial markets.
Table 4.21: Regulators of South Africa’s Financial Market
Regulator Roles
National Treasury  Increase investment in infrastructure and industrial
capital.
 Improve education and skill development to raise
productivity.
 Improve the regulation of markets and public entities.
 Fight poverty and inequality through efficient public
service delivery, higher employment levels, income
support and empowerment.
FSCA (formerly known as the FSB)  Regulate and supervise the conduct of financial
institutions.
 Ensure consumer protection and market conduct.
SARB  Responsible for the prudential aspect of Twin Peaks.
Therefore, this responsibility includes both micro and
macro prudential aspects.
 The SARB has been mandated to protect and enhance
financial stability.
Source: National Treasury’s website, Financial Sector Regulation Act: Implementing Twin Peaks and the Impact
on the Industry, The Banking Association of South Africa: Regulations for a Safer Financial Sector