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.