The interest in Islamic finance development is growing globally including in Africa, based on the current growth of global Islamic finance the industry is estimated to reach USD 6 trillion in assets by the year 2020 with a growing number of new market entrants.
Islamic finance development has become a key focus in many countries in the African region. In recent years a number of market development and regulatory efforts have taken place in the region. Nigeria, Sudan, South Africa and Senegal, Kenya, Morocco and Niger among others have put in place legal and regulatory frameworks to enable Islamic banking offerings in their jurisdictions. There are already more than 50 Islamic financial institutions in Africa.
Africa is one of the world's largest untapped growth markets for Islamic economy and Islamic finance offers various instruments that are ready to support the governments' need for raising capital for large infrastructure and enhance individual and SMEs access to financial services.