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IFN Law Awards 2022

Islamic Finance in Africa: In need of divine intervention?

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.