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IFN Oman Forum 2021

Islamic banking will remain a niche but innovative market in South Africa

Islamic banking assets are low in South Africa (Ba2 negative) at about 1% of total banking assets, reflecting the country's small Muslim population and high penetration of conventional banking. Growth prospects for Islamic banking are therefore more modest than in other African countries. Nevertheless, we expect South Africa's sophisticated financial market, combined with its large pool of relatively prosperous clients, to be a valuable source of product innovation for this niche market.

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