IslamicFinance.de

Islamic banks can play an important role in the economies of Maghreb countries – particularly those struggling with socioeconomic development. According to the 6th African Islamic Finance Forum (FAFI) in Casablanca, Islamic products should not be simply limited by halal and haram, but should be designed as a source of wealth and job creation. Africa offered real opportunities to develop Islamic finance, financial analyst Najib Foukari said. However, the shortage of suitable human resources is still a major challenge, he added. In 2015, a number of Islamic financial institutions are being set up in Tunisia, Mauritania, Mali, Côte d'Ivoire and Chad. Morocco has also just adopted a legal and regulatory framework for the establishment of Islamic financial institutions.