With over 50% (540 million) of the population falling under the Muslim category, there is an immense opportunity for an untapped market in Africa, where the option of Islamic Banking is concerned.
According to a report by KFH Research, the continent has seen the surge of Islamic Banking attributed to increasing awareness in Sub-Sahara Africa on the back of the growing trade interactions with the Middle Eastern countries, demand for Shariah-compliant products and services by Muslims in keeping with religious beliefs, demand for risk averse banking approaches in light of the global financial crisis and measures taken by the government to review and reform banking laws allowing the setting up of Islamic banking institutions. (Press Release)