AfDB Requested to Consider Integration of Islamic Finance as an Alternative Funding Source

Zubair Mughal, Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics, Pakistan said that African Development Bank (AfDB) has been requested to consider integration of Islamic Finance as an alternative source of funding in Africa’s economic agenda.

Why it Matters?

Mughal said Islamic finance is a novel way of financing which would spur the growth and development of the entire region through infrastructure, sustainable development, financial inclusion and insurance. Islamic finance is practiced in more than 100 countries with a total asset base of about USD 2.9 trillion he added, saying that Islamic banking is the most important segment of Islamic finance with 81% of the Islamic industry assets owned by Islamic banking sector. Spe...