IslamicFinance.de

Tanzania has big potential for Islamic Finance and could be the Islamic Banking hub for east African countries, Muhammad Zubair Mughal, Chief Executive Officer of AlHuda Center of Islamic Banking and Economics said during the concluding ceremony of "African Islamic Banking and Finance Road show". This road show was conducted in 6 African countries to promote Islamic Finance on the African continent. He stated that Islamic finance is not only taking root in North African countries, as potential exists in all African countries. Islamic Banking and Finance is growing rapidly in Nigeria, Libya, South Africa, Kenya and Morocco, as well as Egypt, Sudan, Tanzania, Tunisia. The total volume of Islamic finance in Africa is an estimated 78 Billion USD, which is less than 5% share of the global Islamic finance industry.