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MTN Zakhele Futhi

Q: Please advise whether it is permissible to Subscribe and Invest in the MTN Zakhele Futhi share offering that is currently available.

A: Based  on our review of the MTN Zakhele Futhi offering, is is quite clear that there are different types of financing arrangements underlining this offering (Notional Vendor Financing and 3rd Party Financing from RMB, NEDBANK, ABSA, BARCLAYS - see also page 44, clause 3.4.5 on Financing Costs) which are not structured on a Shariah Compliant basis. This being the case any person who subscribes also actually applies for this interest based finance to fund the purchase of the shares. Accordingly, it is not permissible for Muslims to subscribe for this offering.

And Allah Ta'ala Knows Best

Shafique Jakhura (Mufti)

Darul Ihsan Fatwa Dept.

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