IslamicFinance.de

With expanding economies and hundreds of million Muslims, Africa deserves to be a bigger part of Islamic finance. After a slow start, there are signs the sector is beginning to gain the crucial mass and legislative backing it needs. Senegal's CFAFr 100 billion ($200 million) debut last June was Africa's biggest,ever sovereign sukuk, attracting both local and international buyers. South Africa followed in September with a $500 million 5.75-year deal that was only the third-ever sukuk issued by a non-Muslim majority country. Those in the industry argue that Africa's new-found visibility as a market for Islamic finance is long overdue.