Africa is the world’s second-largest and one of the most diverse continents, with tremendous potential for the growth of Islamic finance. With a Muslim population of approximately 636 million, making up nearly 53 percent of the continent’s population, Africa represents a significant market for Islamic finance, as highlighted in a September 2018 review.

While challenges such as low banking inclusion, limited public awareness, insufficient domestic savings, and historically minimal government interest have impacted the growth of Islamic finance in the region, there is a shift occurring. According to Moody's, countries like Senegal, Morocco, Sudan, Nigeria, Egypt, and South Africa, with sizable Muslim populations, present considerable opportunities for Islamic finance to thrive. Islamic banking is expected to be most popular in regions with a high concentration of Muslims, including North Africa, much of West Africa, and parts of the eastern seaboard. Additionally, countries with significant Muslim business communities, like South Africa, are also likely to see a rise in Islamic banking interest.

• Read More