Africa is Islamic banking’s new frontier

IN 2008 Ethiopia’s conservative central bank experimented: it authorised interest-free banking. Interest is prohibited under sharia law, so the move was lauded as a step towards expanding financial services for the country’s large and often poor Muslim minority. But momentum soon stalled. An attempt to launch a fully-fledged Islamic bank foundered. Today most of Ethiopia’s [...]

Islamic banking: an ethical alternative to the conventional financial system

Islamic finance is an unconventional financial system which has witnessed impressive growth over the last decade. In 2015, the business represented $4.5 bn in the UK. Global Islamic investments have increased by 150 per cent since 2006, and according to estimates, the sector is growing 50 per cent faster than the overall banking sector. At the 2013 World Islamic [...]

Islamic Finance in Africa: Impetus for Growth

Many market development and regulatory efforts have taken place in the African region in recent years as there is a clear set of potentials for Islamic finance to play a role in African countries to diversify their sources of funding. As the world’s largest untapped growth market for Islamic economy, Africa is expected to attract [...]

Islamic Finance to be Developed in Real Sector

TEMPO.CO, Jakarta - The National Sharia Finance Committee (KNKS) Secretary Bambang Brodjonegoro said that the government will develop Islamic finance in the real sector. “We want to push the idea that Islamic finance is not only for the financial sector, but sharia finance can also be developed for the real sector,” said Bambang, who is also the National Development Planning [...]

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