West Africa wants to capture the market of 4000 billion dollars of Islamic finance

Feb 13, 2018 | Financial Afrik

Currently valued at 4000 billion dollars, the global market for Islamic finance arouses a strong desire of West African countries that weigh only 5% of the volume of transactions.

This is the meaning of the fifth edition of the forum on Islamic finance planned from 19 March 2018 in Dakar. West Africa wants to make Islamic finance a lever for growth in its economy. For the CEO of the African Institute of Islamic Finance (AIIF), Mouhamadou Lamine Mbacké, Islamic finance is growing exponentially as the volume of transactions has increased from 800 to 4000 billion. Yet it is the capital of a non-Muslim country that remains the global hub of Islamic finance, London in this case. Other countries such as Germany, Luxembourg or Japan have developed strategies to capture the enormous opportunities offered by this innovative financial product. Only downside, the banking legislation of the issuing institute, the Bceao, is not in line with Muslim finance. However, countries like Nigeria and Côte d’Ivoire are ahead in this process. Similarly, Senegal is considered a pilot country, one of the few to issue “Sukuks” (Shariah-compliant bonds) on the international market. The forum which is about to shelter the Senegalese capital is seen as a bridge between Africa and the Gulf countries. Some 500 large companies from West Africa are expected at this forum under the theme: “Direct investments from the Gulf countries for major projects. ”
Leading structures such as the Ministry in charge of monitoring the Emerging Senegal Plan (PSE), the Caisse des Dépôts et Consignations (CDC) or the delegation for the promotion of the urban centers of Diamniadio and Lac Rose (DGPU) will support the organization of this historic meeting. Source: Financial Afrik