Supportive socio-political factors and economic incentives should accelerate the growth of Islamic banking activities in North Africa from current low levels, according to a new report published by Standard & Poor’s Ratings Services, Prospects For Islamic Banking In North Africa Improve Following The Arab Spring.
“Islamic banking started to emerge in North Africa in the 1970s when Egypt was among the first countries in the Arab world to authorise the establishment of pioneer Islamic banks. However, the sector is still branded as a niche market in the region, with an overall market share well below five per cent of total banking assets. We think the change in political landscape following the Arab Spring should rekindle the development of Islamic banking in the region,” said S&P………………………………………..Full Article: Source