Africa Poised to be Next Major Sukuk Issuer: Moody’s

According to Moody’s Investors Service (Moody’s), Sukuk issuance is forecast to increase in the next few years, with Africa joining other key Islamic markets such as the Gulf Cooperation Council (GCC), Indonesia, Malaysia and Turkey.

Why it Matters?

A key factor driving such issuances will be the large sums of financing required to address Africa’s infrastructure deficit. African Sukuk issuance accounts for less than 0.5% of worldwide Sukuk outstanding. Despite the continent being home to about a quarter of the world's Muslim population, its Shariah-compliant banking assets account for only about 2% of global Islamic banking assets. Moody’s state that Egypt, Morocco, Sudan, Senegal and Nigeria stand out as countries with the st...