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Higher government efforts remain key to gear up the sector for growth

Islamic banking remains nascent in North Africa, largely for historical and political reasons. In recent years, however, many governments have started to lay out legal and regulatory frameworks that will set the stage for expansion, albeit from a very low base. A larger Islamic finance footprint would help to attract investment and liquidity from the wealthy Gulf Cooperation Council (GCC) countries and diversify trade relations beyond long-standing ties with the West.

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