Latest news with #StandardBank
Daily Maverick
15 hours ago
- Business
- Daily Maverick
Standard Bank Launches Southern Africa's First Shari'ah-Compliant Overdraft
Structured under the Shari'ah principle of Wakaalah, the Shari'ah Overdraft facility is a non-interest based alternative that provides businesses with instant access to short-term funding. Linked to the Shari'ah Business Current Account, the new product will allow clients to drawdown up to a pre-approved limit. 'This is not just a product launch, it's a response to a critical gap in Africa's Islamic Finance ecosystem,' said Ameen Hassen, Head of Shari'ah Banking at Standard Bank. 'For too long, businesses that required Shari'ah-compliant financing options lacked fluidity of a working capital solution that an overdraft brings. This overdraft facility empowers entrepreneurs to manage cash flow fluctuations without compromising their values and need for Shari'ah compliance.' With Sub-Saharan Africa home to 18% of the global Muslim population but accounting for just 1% of worldwide Islamic Finance assets, Standard Bank's innovation arrives as the region seeks scalable, Shari'ah-compliant solutions. The overdraft facility will directly address working capital challenges faced by businesses. Key benefits of the new product include: Competitive market related pricing. Direct linkage to the Shari'ah Business Current Account for streamlined operations. Certified compliance: The facility is certified by Standard Bank's Shari'ah Advisory Committee. Not only for Muslims While Shari'ah Banking adheres to Islamic principles like Wakaalah bi al-Istithmar (agency-based investment), and the prohibition of interest (riba), Hassen said the bank's offering transcends religious boundaries, with approximately 35% of Standard Bank's South African Shari'ah clients identifying as non-Muslim. 'This isn't just for Muslims, it's for anyone seeking transparent, non-interest, asset-based or backed financial solutions,' said Hassen. The launch builds on Standard Bank's legacy of Islamic Finance innovation, including the world's first Shari'ah-compliant Diners Club product and South Africa's inaugural Shari'ah tax-efficient endowment. 'Africa's economic future hinges on inclusive, innovative finance,' said Hassen. 'With this product, we're not just serving clients, we're innovating, industrialising and advancing a system of finance rooted in tradition and shared prosperity.' To leverage this Shari'ah-compliant liquidity facility, businesses and individuals can contact their Standard Bank Relationship Manager or email [email protected]. DM
News24
16 hours ago
- Business
- News24
Standard Bank wins 10 awards at EMEA Finance Africa Banking Awards
Standard Bank, the biggest bank in Africa by assets, has won an impressive 10 awards at the 17th annual edition of the EMEA (Europe, Middle East and Africa) Finance Magazine Africa Banking Awards. The EMEA Finance Magazine Achievement Awards were recently held in London. Award winners are nominated by banks and their clients and chosen by the EMEA Finance editorial team. Standard Bank Corporate and Investment Banking was recognised across three categories, equity capital markets, taking five awards, three in mergers & acquisitions (M&A) and two in syndicated loans. These are inclusive of the Best M&A house in Africa accolades, two Best M&A deals in Africa for deals originated in Nigeria and East Africa, and the Best IPO in Africa Awards for the Boxer Retail deal. 'We are proud to be recognised across various categories for our innovative and client-led solutions. They reaffirm our commitment to sustainably growing the continent we proudly call home. 'This highlights the importance we place on aligning our purpose with action through innovative deals across the African continent,' says Luvuyo Masinda, Chief Executive of Standard Bank Corporate and Investment Banking. The Awards recognise the most notable transactions and the organisations behind them across a variety of markets, including debt and equity capital markets, loans, Islamic finance, structured finance and more. 'We will continue to strive to deliver innovative, exceptional service tailored to our clients' needs where they need them,' concludes Masinda.
News24
20 hours ago
- Business
- News24
Standard Bank hikes retirement age for execs
• For more financial news, go to the News24 Business front page. Standard Bank has hiked its retirement age for executives from 60 to 63 years. All other employees still have to retire at 60, the group said. 'This change forms part of the group's ongoing commitment to attracting, retaining, and nurturing top-tier talent.' In April this year, the bank's 58-year-old deputy CEO Kenny Fihla resigned to take up the CEO role at Absa, where the executive retirement age is already 63. Standard Bank's CEO, Sim Tshabalala, turns 58 in December. Earlier this year, Nedbank increased its official executive retirement age from 60 to 63. 'The revised executive retirement age aligns Standard Bank with prevailing practices across the financial services industry, ensuring that the bank remains competitive in the global and local talent market,' the bank said in a statement. 'It reflects the evolving nature of executive leadership and the increasing value of experience, continuity, and institutional knowledge in driving long-term growth and innovation. This change also ensures that Standard Bank is not an outlier in what is a highly competitive market for key talent.'
Mail & Guardian
a day ago
- Business
- Mail & Guardian
Standard Bank launches Southern Africa's first Shari'ah-compliant overdraft
Africa's biggest lender, Standard Bank, has launched the first-ever Shari'ah-compliant overdraft facility in Southern Africa, marking a transformative milestone for Islamic Finance on the continent. Designed to empower business owners with more Shari'ah-compliant solutions, the product adds to a long list of Standard Bank's innovative solutions to meet the unique needs of Africa's growing demand for Islamic Finance. Structured under the Shari'ah principle of Wakaalah, the Shari'ah Overdraft facility is a non-interest based alternative that provides businesses with instant access to short-term funding. Linked to the Shari'ah Business Current Account, the new product will allow clients to drawdown up to a pre-approved limit. 'This is not just a product launch, it's a response to a critical gap in Africa's Islamic Finance ecosystem,' said Ameen Hassen, Head of Shari'ah Banking at Standard Bank. 'For too long, businesses that required Shari'ah-compliant financing options lacked fluidity of a working capital solution that an overdraft brings. This overdraft facility empowers entrepreneurs to manage cash flow fluctuations without compromising their values and need for Shari'ah compliance.' With Sub-Saharan Africa home to 18% of the global Muslim population but accounting for just 1% of worldwide Islamic Finance assets, Standard Bank's innovation arrives as the region seeks scalable, Shari'ah-compliant solutions. The overdraft facility will directly address working capital challenges faced by businesses. Key benefits of the new product include: Competitive market related pricing. Direct linkage to the Shari'ah Business Current Account for streamlined operations. Certified compliance: The facility is certified by Standard Bank's Shari'ah Advisory Committee. Not only for Muslims While Shari'ah Banking adheres to Islamic principles like Wakaalah bi al-Istithmar (agency-based investment), and the prohibition of interest (riba), Hassen said the bank's offering transcends religious boundaries, with approximately 35% of Standard Bank's South African Shari'ah clients identifying as non-Muslim. 'This isn't just for Muslims, it's for anyone seeking transparent, non-interest, asset-based or backed financial solutions,' said Hassen. The launch builds on Standard Bank's legacy of Islamic Finance innovation, including the world's first Shari'ah-compliant Diners Club product and South Africa's inaugural Shari'ah tax-efficient endowment. 'Africa's economic future hinges on inclusive, innovative finance,' said Hassen. 'With this product, we're not just serving clients, we're innovating, industrialising and advancing a system of finance rooted in tradition and shared prosperity.' To leverage this Shari'ah-compliant liquidity facility, businesses and individuals can contact their Standard Bank Relationship Manager or email
The Star
a day ago
- Business
- The Star
Claims that 'ANC politicians are behind' Zwelinzima Vavi's Standard Bank woes
Sources close to South African Federation of Trade Unions (Saftu) General Secretary Zwelinzima Vavi have alleged that ANC politicians are targeting him through Standard Bank. The allegations stem from the bank's failed attempt to foreclose on Vavi's Sandton home, despite him consistently paying off arrears on his home loan. According to insiders, Vavi's vocal criticism of the ANC, particularly regarding corruption and policy direction, has made him a target. "Vavi has been too critical of the ANC in recent years and was outspoken about President Cyril Ramaphosa's Phala Phala scandal... He has also been critical of the corruption that has been taking place within the ANC in recent years, making him a target," a source revealed. The High Court in Johannesburg, last week, ruled in favour of Vavi, dismissing Standard Bank's bid to foreclose on his home. Judge Stuart Wilson slammed the bank for its "disproportionate" attempt, stating that Vavi had shown "an apparently perfect adherence" to paying his monthly installments. The judge also criticised the bank for demanding over R160,000 in legal costs, almost double the outstanding arrears. Vavi's history with the ANC and Cosatu has been marked by controversy and criticism. He was previously fired from Cosatu due to escalating tensions and disagreements with the federation's leadership. His criticism of the ANC's corruption and policy direction further strained his relationship with the party. ANC spokesperson Mahlengi Bhengu did not respond to questions sent to her. Cosatu's spokesperson Matthew Parks said the Federation was aware of the matter but were not buying into claims that there was a political controversy around the issue. "We don't buy the story that he (Vavi) was targeted political party owns a bank or can influenece a bank. "We obviously sympathise with the judge was scathing towards Standard Bank in his ruling. We always say that there should be a better way to resolve these issues, other than going to court," Parks said. The Vavi case is not an isolated incident. Standard Bank has faced criticism for handling mortgage arrears and foreclosure proceedings. A R60-billion class-action lawsuit against major South African banks, including Standard Bank, highlights systemic issues with how banks handle mortgage arrears. Advocate Douglas Shaw, leading the lawsuit, alleges that banks frequently proceed with sales even when foreclosure is not a last resort, and often impose excessive legal costs. "We often see banks act in a manner we consider irresponsible. You cannot trust them to do what most people would see as 'the right thing',' Shaw said. In another case the bank was again accused of using underhanded tactics to short change its clients, claiming that a couple had defaulted in their bond repayments after they were allegedly overcharged by the bank. Shamilla Pather and her husband Roman, of Pinetown, said at the time that they were overcharged by the bank which, they say, has also prolonged court processes intended to resolve the matter. They accused the bank of expecting her and her husband to pay R600,000 or more over a 10-year period in lieu of one month of arrears of R8,800. In another case in 2023, a couple Patrick and Polin Anthony from Gauteng, defaulted on their mortgage payments for their home in Forest Hill, Gauteng. However, Standard Bank debited an amount of R124,047,34 from Anthony's family bank account allegedly after increasing the interest rate from prime -1% to prime +1% from August 1, 2009. This allegedly resulted in an overpayment of R135,301,30, according to financial investigator Emerald van Zyl, who said the overpayment was revealed by an independent actuary as he accused the bank of having allegedly increased the prime rate through internal policy. Standard Bank did not respond to the claims that political interference had led to banking action against Vavi, but responded to other questions. The bank's spokesperson Ron Derby said the bank wished to clarify that on 12 June 2025, Vavi's matter was postponed, and no final court order was granted dismissing the bank's application. 'Regarding this matter, the home loan account has been in arrears since 2015. Over the years, the bank has extended multiple opportunities to the homeowner to get the account up to date. Legal proceedings were only initiated in 2022, after all other avenues to resolve the matter amicably had been exhausted…Legal action is never our first course of action — it is a measure of last resort. 'With regards to the matter of Mark Rowan and Shamilla Pather, Standard Bank has engaged directly with the clients to discuss an amicable resolution. Any resolution arrived at is subject to confidentiality agreements and therefore the details cannot be made publicly available. "We are committed to supporting our clients through financial challenges and strongly encourage clients to engage with us at the earliest signs of financial distress. Early engagement enables us to work collaboratively to find solutions that are sustainable and mutually beneficial,' Derby said. [email protected]
