Standard Bank Shari'ah Banking has been named the best Islamic bank in South Africa following a busy period in the capital markets, the launch of several market-first solutions and impactful community support work.
The bank acted as a joint lead manager and bookrunner for the four-tranche R20.386 billion ($1.1 billion) sovereign sukuk – the first sukuk issuance from South Africa since 2014. The transaction was 1.74 times oversubscribed, with the investor base including both South African banks and large Islamic funds.
The bank also launched South Africa’s first forward exchange contract during the awards period in addition to a merchant capital advance lending solution, which allowed clients to access funds within 48 hours of application.
As part of its corporate social governance programme, Standard Bank Shari'ah Banking has continued to support several non-profit organizations through yearly sponsorships. These include the Islamic Medical Association of South Africa and the Association of Muslim Schools. Both organizations seek to improve access to medical assistance and faith-based education.