  We show how approximate Minimal Flavour Violation (MFV) can emerge from an
SU(5) Supersymmetric Grand Unified Theory (SUSY GUT) supplemented by an S4 x
U(1) family symmetry, which provides a good description of all quark and lepton
(including neutrino) masses, mixings and CP violation. Assuming a SUSY breaking
mechanism which respects the family symmetry, we calculate in full explicit
detail the low energy mass insertion parameters in the super-CKM basis,
including the effects of canonical normalisation and renormalisation group
running. We find that the very simple family symmetry S4 x U(1) is sufficient
to approximately reproduce the effects of low energy MFV.
