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Redmoney Consulting

Africa’s vast financing needs will drive growth in Islamic finance

Islamic banking has made little headway in Africa despite the continent's large Muslim populations. For example Sub-Saharan Africa has around 16% of the world's Muslim population but its Sharia-law compliant banking assets make up only around 1% of global Islamic banking assets. The reasons include low levels of banking inclusion, low public awareness, limited domestic savings, and - until recently - scant government attention. Given Africa's vast financing needs, this is likely to change.

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