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JSE's first Shari'ah-compliant and sustainable note aims to shake up financing in agriculture

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"We are democratising Shari'ah investing," says the head of alternative strategies at 27four.
"We are democratising Shari'ah investing," says the head of alternative strategies at 27four.

The war in Ukraine and fears of food insecurity stemming from climate change is creating fertile ground for the first sustainability-linked and Shari'ah-compliant "sukuk" bond on the JSE.

Sukuk is Arabic for financial certificate, and the instrument aims to serve the a similar purpose as normal interest-bearing bonds, though it aims to reward investors through a profit-sharing mechanism in order to remain compliant with Islamic law, which forbids usury.

Eyeing both a need to invest in order to combat food insecurity, as well as potential for value creation, agriculture-focused investment firm Agrarius Sustainability Engineered is establishing a R10 billion note programme.

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