This decade, it seems as though the world economy is turning in favor of Asia and Africa; two of the most populous Muslim continents in the world. It is no question then, why, Islamic banking and finance players have also begun to consider the African market as a serious contributor to their institutions’ balance sheets.
Always on the lookout for the next big thing, investment bankers, fund managers and legal advisors are constantly dissecting markets and peeling back the layers to find any glimmer of opportunity. Africa; a complex market which is both slave and master to its own unique political, cultural and religious diversity, has managed to capture the attention of the investment community despite these inherent complexities.
In this issue of Islamic Finance news Supplements, we chart the progress achieved so far throughout the African market, highlight regulatory changes and peel back the layers to reveal the abundant opportunities this unique continent has to offer.
- EDITOR'S NOTE
As the world turns
- COVER STORY
Islamic finance in Africa: In need of divine intervention?
Africa, with all its complexities and unique business conducts, has never been far from the thoughts of industry stakeholders as a means of making manifold returns on their investments. What is it that excites bankers, corporations and investors when it comes to Africa, and why is Islamic finance being touted as a savior to the world’s second-largest continent’s economic woes?
Islamic trade finance in Africa: Ripe for the picking
Despite long-established trade ties, Africa has up till now been only a minor trade partner for the GCC. However, trade finance flows between the two regions have been steadily increasing and a valuable relationship has developed. As conventional banks retreat from the trade finance space and with growing interest in Shariah compliant solutions across the African continent, we look at how Islamic finance can leverage these new opportunities.
Nigeria & Kenya: Takaful torch bearers
Considered a dormant pool of untapped potential over a year ago, Africa is now displaying formidable prowess in the Takaful arena; with especially high activity levels from Nigeria and Kenya.