"There is no mandate yet but we're been advising the government. We expect the sukuk to be launched during the first three months next year," Adnan Ahmed Yousif said on the sidelines of the Global Islamic Economy Summit in Dubai.
South African government officials told Reuters in July that the country was leaning towards a dollar-denominated, five-year sukuk, using an ijara structure.
Yousif said the South African government hadn't yet decided on the size of the bond, which could be the first sukuk issued by a central government in a major sub-Saharan African economy.
Kenya, Nigeria and Tanzania have also been planning sukuk issues, and a successful sale by South Africa could encourage them to put those plans into operation.