Browsing: Islamic finance in Africa

Islamic Finance taking shape in Africa
  • Uganda has issued first Islamic Banking License after a 20-year wait. On its part, Kenya has issued the first Islamic Bond to finance affordable housing agenda.
  • The performance of Sukuk bonds in the continent is revealing untapped demand that could finance development projects.
  • Estimates show global Islamic finance assets could reach $3.8 trillion by 2024.

Islamic Finance is on an exponential growth trajectory across Africa, garnering momentum by the day broadening the continent’s financial landscape. African countries are making significant steps towards bolstering access to shariah-compliant financial instruments and services, to cater to the largely financially, excluded Muslim population. This comes as figures from the Islamic Development Finance Corporation (IDFC), forecast that global Islamic Finance assets could reach $3.8 trillion by 2024.

Large swathes of African populace still remains unbanked, pertinently those shifting stance from the conventional system driven by their religious beliefs, thereby unlocking an untapped pool of investments.…

8th African Islamic Finance Summit.
  • West Africa is the new emerging region for the Islamic finance industry
  • AlHuda CIBE has been in existence for 16 years and is the only consultancy firm that has worked in more than twenty-five African countries for Islamic Development Bank
  • There is solid evidence from major financial markets that Islamic finance has already been mainstreamed within the global financial system

West Africa is turning out to be yet another destination for Socio-Economic Development through the Islamic Financial System.

The 8th African Islamic Finance Summit (AIFS) kicked off in The Sir Dawda Kairaba Jawara International Conference Center, The Gambia, on March 23, 2022, with a two-day (24th  -25th  March 2022) post-event workshop. The primary purpose of this event was to explore and exploit the untapped African financial market for the Socio-Economic benefits of the region.

The summit was a platform for Africa’s think tanks to discuss innovative financial inclusion strategies for …