In a first for the market, the South African bank is targeting wealth clients with a Shariah-compliant structured certificate linked to a BNP Paribas index.

With a strike date set on 30 November, the five-year structured product offers 100% capital protection and tracks the performance of the BNP Paribas Europe Islamic Select 50 PR Index (BNPIEUIS). There's extensive structuring that happens in the back end to make the notes comply with Islamic law - Darren Ashton Denominated in Rand, the certificate features indicative 350% upside participation of the index performance, which is capped at 30%  based on its averaged monthly level over