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Islamic finance: Changing the face of banking in Africa

Posted on 02 February 2012

Amidst concerns over the Euro debt crisis, and whilst the disarray in global credit continues to increase, opportunities exist for Islamic Finance to blossom in non-Muslim countries. The financial crisis hit conventional financial institutions the hardest, which resulted in analysts taking notice of the continued stability of the principles and system that underpin Islamic Financial Services.
With more than 500 million Muslims inhabiting the African continent, it remains a surprise that the Islamic finance industry in Africa is a rather untapped market, and consequently the majority of these Muslim populations remain unbanked. This is despite the fact that Islamic Finance is fast gaining popularity globally………………………………………..Full Article: Source

 
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