Promising growth prospects for Islamic finance in 18 African countries- Report

Published on
18.09.2018 at 21h21
APA News

Since 2014, Islamic finance is expanding rapidly across Africa with $2.3 billion African sukuk, or Islamic bond, issuance, providing new funding sources for both sovereigns and financial institutions, a new report by Moody’s Investors Service released on Tuesday disclosed.According to the report, despite the growth, African sukuk make up just 0.5 percent of global sukuk.

“We have witnessed an increase in the number of licensed Islamic banks in recent years, though we estimate that Islamic banking assets still make up less than 5% of total African banking assets. We expect both sukuk issuance and Islamic banking assets to continue to grow quickly in Africa from…

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