Islamic Finance on the Rise in North Africa - Middle East Real Time - WSJ

Islamic Finance on the Rise in North Africa - Middle East Real Time - WSJ:



"

The estimated $1.4 trillion global Islamic finance sector could be on the rise in North Africa where governments have been introducing new regulation as they seek shariah-compliant alternatives for decreasing conventional funding sources and try to plug current account deficits.



Tunisia and Egypt implemented new laws allowing for the issuance of Islamic bonds in late 2013, while Morocco last month put in place a legal framework for Islamic institutions, according to Standard & Poor’s.



Islamic finance activity is currently still very much concentrated in Southeast Asia and the Arab Gulf, so adding North Africa could broaden its geographical reach. North Africa’s contribution to global Islamic banking assets currently stands at a meager 1%, S&P said."



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