Africa’s Vast Financing Requirements to Fuel Islamic Finance Growth: Moody’s

The immense financing requirements of African countries and growing government interest will fuel the continent’s Islamic finance growth with a significant increase in banking assets, according to a recent report published by Moody’s Investors Service (Moody’s).

Moody’s reported that although Sub-Saharan Africa made up around 16% of the global Muslim population, its Shariah-compliant banking assets only constituted around 1% of global Islamic banking assets. However, Moody’s noted that there was an increasing African presence in Islamic capital markets in recent years, with the average annual Sukuk issuance for Africa during 2013-2019 amounting to around USD 433 million per year, after bein...