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Islamic Finance and Africa Economic Resurgence

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Islamic Finance and Africa Economic Resurgence ISLAMIC FINANCE AND AFRICA ECONOMIC RESURGENCE: OPPORTUNITIES AND CHALLENGES Muhammad Al Bashir Muhammad Al Amine First Edition 2014 1 1 © 2014 Islamic Research & Training Institute, a member of the Islamic Development Bank Group. All rights reserved. No part of this publication may be reproduced , stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the copyright holder, except reference and citation, but must be properly acknowledged. The views expressed in this publication are those of the authors and do not necessarily reflect the views of the Islamic Research and Training Institute or of the Islamic Development Bank Group. First Edition 1435H (2014) Islamic ResearchDevelopment and TrainingBank, 2014 Institute P.O. Box 9201, Jeddah 21413, Saudi Arabia King Fahd National Library Cataloging-in-Publication Data King Fahad National Libr aryAl Amine, Cataloguing-in-Publication Muhammad Al Bashir Data Muhammad Islamic finance and Africa economic resurgence. / Shirazi,Muhammad Nasim Shah. Al Bashir Muhammad Al Amine :- Jeddah, 2014Islamic Microfinance for Sustainable Development / Nasim ShahShirazi, Abdelrahman Elzahi and Ishraga Khattab xxiv, 283 p.p. ;; cm24 cm. Includes references.ISBN: 978-9960-32-278-0 1. Microfinance. 2. Islamic—Microfinance. 3. Microfinance-Sustainable1- Islamic banks and Development. banking 2- Islamic finance 3- Islamic Development Bank I- Title I. Shirazi, Nasim. II.Elzahi, Abdelrahman. III. Khatab, A. IV. Title. 332.121 dc 1435/4269 ISBN: 978-9960-32-274-2 L.D.No. 1434/8108L.D. no. 1435/4269 ISBN: 978-9960-32-278-0 Cover Design by Mohammad Ali Asiri© 2014 vi 2 Table of Contents Introduction..................................................................................................................................................175 ChapterOne................................................................................................................................................4129 IslamicFinance:PrinciplesandGlobalGrowth...........................................................................................4129 Basic Principles of Islamic Finance........................................................................................................4129 Islamic Finance: Global Growth and Relevance to Africa.....................................................................4937 ChapterTwo................................................................................................................................................6552 IslamicFinanceinAfrica:CurrentPenetration...........................................................................................6552 Islamic Finance in North Africa..............................................................................................................6653 Islamic Finance in Egypt....................................................................................................................6754 Islamic Finance in Morocco................................................................................................................7057 Islamic Finance in Algeria..................................................................................................................7259 Islamic Finance in Tunisia..................................................................................................................7360 Islamic Finance in Mauritania.............................................................................................................7461 Islamic Finance in Libya.....................................................................................................................7562 Islamic Finance in the Southern African Region....................................................................................9077 Islamic Finance in South Africa..........................................................................................................9077 Islamic Finance in Zambia..................................................................................................................9380 Islamic Finance in East Africa................................................................................................................9481 Islamic Finance in Sudan....................................................................................................................9481 Islamic Finance in Kenya....................................................................................................................9784 Islamic Finance in Mauritius...............................................................................................................10289 Islamic Finance in Uganda..................................................................................................................10592 Islamic Finance in Ethiopia.................................................................................................................10794 Islamic Finance in Tanzania...............................................................................................................11097 Islamic Finance in Rwanda.................................................................................................................11198 Islamic Finance in Djibouti.................................................................................................................11299 Islamic Finance in Somalia.................................................................................................................11299 Islamic Finance in West African Region..............................................................................................100113 IslamicFinanceinNigeria.................................................................................................................101114 Islamic Finance in Senegal...............................................................................................................106119 IslamicFinanceinGambia.................................................................................................................121108 IslamicFinanceinGhana...................................................................................................................122109 32 Islamic Finance in the Central African Region.....................................................................................123110 Chapter Three.........................................................................................................................................125112 Africa’s Economic Growth: Indicators and Investment Opportunities.....................................................125112 Economic Growth:................................................................................................................................125112 Africa Investment Potential..................................................................................................................141128 1. Abundance of Riches................................................................................................................141128 2. Foreign Direct Investment (FDI)..............................................................................................145132 3. Demography and Urbanization:................................................................................................146133 4. Consumer Sectors and the Rise of Middle Class......................................................................149136 5. Expanding Labour Force...........................................................................................................152139 6. Agriculture Vast Potential:........................................................................................................153140 7. Infrastructure Opportunities......................................................................................................155142 8. HealthcareNeeds......................................................................................................................160147 9. Improved Macroeconomic Stability..........................................................................................163150 ChapterFour.............................................................................................................................................171158 FinancialSectorasaBackboneofEconomicgrowth:...............................................................................171158 TheBankingSector....................................................................................................................................171158 FinancialandBankingSector................................................................................................................171158 MicrofinanceandIslamicFinanceOpportunitiesinAfrica...................................................................190177 Chapter Five............................................................................................................................................199186 Financial Sector as a Backbone of Economic growth:..............................................................................199186 The Non-Banking Sector...........................................................................................................................199186 IslamicPrivateEquity............................................................................................................................215202
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