IslamicFinance.de

Many tout the promise of Islamic banking in Africa, but retail consumers have been hesitant in many markets. hough Muslims make up a large portion of the unbanked population in many target countries, they just weren’t coming into the fold—at least not at a significant rate. This admission may come as a surprise to anyone reading the parade of headlines about ‘unlocking the potential’ for Islamic banking in Africa. There’s been quite a few. While this is still true, the reality on the ground—literally, because we’re talking about retail here—is more complicated than that. In its recent 2016 Outlook, Moody’s Investor Services largely predicted challenging times in African banking due to sinking commodities prices, China’s slowdown and regulatory difficulties.