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Islamic Finance in Africa

The Prospects for Sustainable Development

9781802209891 Edward Elgar Publishing
Edited by M. Kabir Hassan, Professor of Finance, Department of Economics and Finance, University of New Orleans, US, Aishath Muneeza, Associate Professor, School of Graduate and Professional Studies, INCEIF, Malaysia and Karamo N.M. Sonko, Founding Chairman, WellBoring, UK
Publication Date: October 2022 ISBN: 978 1 80220 989 1 Extent: c 224 pp
Islamic Finance in Africa discusses the progress, issues and innovations in African Islamic financial markets. It provides a comprehensive overview of Islamic finance in Africa by exploring legal, regulatory and governance challenges while balancing the issues and innovations found in both Islamic commercial and social finance.

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Islamic Finance in Africa discusses the progress, issues and innovations in African Islamic financial markets. It provides a comprehensive overview of Islamic finance in Africa by exploring legal, regulatory and governance challenges while balancing the issues and innovations found in both Islamic commercial and social finance.

The chapters in the book can be broadly classified into three parts. The first part covers legal, regulatory and governance developments and issues of Islamic finance in Africa, the second part deals with issues and innovations in Islamic commercial finance, and the third explores issues and innovations in Islamic social finance. The editors use a case study format to present the topic in discussion effectively and provide insight into actual or potential areas of growth.

Scholars and Islamic finance stakeholders, including research and education institutes, will find this book invaluable in understanding this important topic and region. In depth case studies allow the reader to zoom into selected markets to understand issues/innovation in detail. This book also will be useful to policymakers and regional standard setting bodies, including multilateral and humanitarian agencies, in understanding the potential of Islamic finance in financial inclusion and resolving humanitarian crises.
Critical Acclaim
‘There is no doubt that Islamic finance has huge potential in the African continent. I have not seen so far, a book that comprehensively covers the Islamic finance developments with its future prospectus in the African continent. The case study approach adopted in this book helps the readers to understand the practical implementation of Islamic finance. I highly recommend this book to practitioners and policymakers as to shape the post-pandemic landscape of Islamic finance the information provided in this book is valuable.’
– Zamir Iqbal, Islamic Development Bank

‘Islamic finance, though a growing global phenomenon, is little known in Africa. This book is expected to bridge this knowledge gap. I know the three editors. They are credible, competent and committed.’
– M.M. Bintube, Jaiz Bank PLC

‘In scaling up the operations of multilateral development banks (MDBs) Islamic finance has gained ground as a safer asset financing mode. From relative marginalization it is now at the forefront of scaling up development finance to member countries and crowding investments. Looking ahead at it as a great opportunity window for alternative investments and supplementary financing, the volume and quality ought to be increased. This book makes an insightful and convincing case for a continent that needs such attention.’
– Kodeidja Diallo, Former Director, Islamic Development Bank Group and former Director, African Development Bank Group

‘This book is the first comprehensive one on Islamic finance dedicated to Africa. It has addressed the contemporary issues with regard to the role of Islamic finance in Africa's development. It makes an insightful and convincing case for a continent that needs such attention. I would recommend it to anyone interested in the subject.’
– M.S. Jallow, International Islamic Trade Finance Corporation (Islamic Development Bank Group)
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