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The 2015 issue of the Islamic Social Finance Report focuses on the zakah, awqaf and Islamic microfinance sectors in six countries in the sub-Saharan Africa - Sudan, Nigeria, Kenya, Mauritius, South Africa and Tanzania. This issue of the Islamic Social Finance Report (ISFR) presents the trends, future challenges and prospects for the various segments of the Islamic social finance sector in Sub-Saharan Africa. The study involved collection and analysis of data and information pertaining to legal and regulatory frameworks as well as good and bad practices at macro, meso and micro levels. The observations have serious policy implications and therefore, may form the basis of further research and policy dialogue.

After overcoming an array of uncertainties and legal combats and complexities, the first ever Islamic finance compliant project is all set to take off in Kerala. If things go as planned, the Waqf Land Development Scheme by the Cheraman Financial Services Limited (CFSL) will be soon materialized in Kannur in northern Kerala. Kicking start a new model of investment a five storied shopping complex will be erected in Kannur. The funding by the company has been done mainly through BOT (build, operate and transfer) and joint ventures. After creating value on the property and sharing the rental income for 18 years, CFSL will give back the property to the Waqf Board.