IslamicFinance.de

It is a common perception that the Arab world lags behind when it comes to financial inclusion. According to the 2014 Findex figures and excluding Gulf countries, the region indeed reports the highest percentage of financially excluded adults, with 80% of the population or about 200 million not having access to an account, and 95% not having access to credit. Yet, this has not always been the case. However, limited advocacy efforts concerted from within the industry as well as a lack of champions within public authorities both played a contributing factor here. Microfinance professionals can attest that 2010 marked the beginning of a new era, with positive signs of long-lasting, albeit arduous, change.