Islamic Fund Management
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Absence of harmonised approach among the Shariah advisory committees: There is no
central or harmonised Shariah governance body in South Africa. Each AMC adopts a different
approach and methodology, as advised by their own Shariah advisor. This has led to
inconsistencies in Shariah rulings.
Shortage of experts in Islamic finance: There is a talent deficit in the Islamic finance
industry. As such, identifying domestic institutions that can assist to nurture local talent is
crucial to sustaining the industry’s long-term development (MIFC, 2016).
4.5.5 Country-Specific Recommendations
highlights the scores for all the major factors underpinning the development of
South Africa’s Islamic fund management industry.
Chart 4.27: Factors Influencing the Development of South Africa’s Islamic Fund Management
Industry
Sources: RAM, ISRA
Based on the issues and challenges faced, the following policy recommendations from the
supply and demand sides are proposed to support the development of the Islamic fund
industry, as outlined i nd Table 4.26.