Abstract
The bright prospect for Islamic finance in Africa is based on the combination of two successful experiments that are well acknowledged internationally. These are the exceptional growth of the Islamic finance industry over the last decades as one of the fastest growing segments of international finance, based on its distinguishing characteristics and principles, on the one hand, and the remarkable successes and unprecedented growth of many African economies in the last decade, on the other. The convergence of the two success stories is expected to create a powerful contributor towards financial inclusion, project financing, and economic development in the continent. Not only have the two stories been successful, but the widely projected future of both experiments is bright and promising.
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Notes
- 1.
Vijay Tata, “Development of Effective Insolvency Regimes for Islamic Financial Institutions”, Paper presented at the Fifth Islamic Financial Stability Forum Manama, Bahrain—29 March 2012 Forum Theme: Effective Crisis Management and Resolution Framework. www.ifsb.org, retrieved October 2012, p. 3.
- 2.
Sugan Palanee, “Africa is the next big frontier for Indian companies”, Business today, May 10, 2011,www.businesstoday.intoday.in, retrieved October 2011.
- 3.
Chriatian Wessels and others, Inside Africa, Think: act study, p. 51.
- 4.
Accenture Africa The New Frontier for Growth, p. 69.
- 5.
Ernst & Young’s attractiveness surveys Africa 2013 Getting Down to Business, www.ey.com, retrieved May 2013, p. 2.
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Samira Mensah & Others, Regulations and Fiscal Incentives Could Speed Islamic Finance Development In Africa, Standard & Poor’s August 6, 2015, www.standardandpoors.com
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This is Africa, “The Future of African Banking”, This is Africa.
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Peter Guest “Spelling Out Growth” Wall Street Journal, September 2011.
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Gulf Daily News, “Major Islamic banking forum planned in Africa”, September 16, 2012.
- 10.
Nazneen Halim, “The Sleeping Giant”, p. 1.
- 11.
Ibid.
- 12.
William Wallis, Andrew England and Katrina Manson, “Africa: Ripe for Appraisal”, Financial Times May 18, 2011.
- 13.
Ibid.
- 14.
Mohammed Iqbal Belath, “Role of Islamic finance in the development of Africa”, p. 3.
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Muhammad Al Amine, M. (2016). Conclusion. In: Islamic Finance and Africa's Economic Resurgence. Palgrave Studies in Islamic Banking, Finance, and Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-28835-2_9
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DOI: https://doi.org/10.1007/978-3-319-28835-2_9
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