IslamicFinance.de

African markets are gradually opening to Islamic finance, buoyed by governments’ debut sales of sovereign sukuk and legislative efforts to make the sector more attractive for companies across the region. Despite the strong growth of Islamic finance in its core markets of the Middle East and south-east Asia, the industry has lagged behind in Africa, which is home to one in four of the world’s Muslims. Governments across the continent are using sukuk as a way to attract cash-rich Islamic investors, with South Africa making a $500 million (R5.6 billion) issue last month.