Islamic banking in Africa
(AhlulBayt News Agency) – The African market for Islamic banking and finance is unique for several reasons. Among other things, the continent is witnessing an unprecedented economic growth in in last decade combined with huge market potential. Indeed, almost half of the continent’s population is Muslim Attractiveness and popularity of the industry among non-Muslims is also increasing.
It is also a fact that just 20% of African families have a bank account, while many remained unbanked sometimes for religious reasons The African market is also unique given the advantage that return on investment in Africa is higher than in any other developing region. Moreover, Islamic banking and finance in Africa is supported by a growing openness and acceptability of the system by many regulators and politicians across the continent and the industry is seen as a catalyst in reinforcing and consolidating the growing trade relation between Africa and other Muslim countries.