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Islamic Finance in Sub-Saharan Africa

Author: Mr.Enrique Gelbard

Publisher: International Monetary Fund

Published: 2014-08-11

Total Pages: 27

ISBN-13: 1498375278

Islamic finance is a fast growing activity in world markets. This paper provides a survey on Islamic Finance in SSA. Ongoing activities include Islamic banking, sukuk issuances (to finance infrastructure projects), Takaful (insurance), and microfinance. While not yet significant in most Sub-Saharan countries, several features make Islamic finance instruments relevant to the region, in particular the ability to foster SMEs and micro-credit activtities. As a first step, policy makers could introduce Islamic financing windows within the conventional system and facilitate sukuk issuance to tap foreign investors. The entrance of full-fleged Islamic banks require addressing systemic issues, and adapting the crisis management and resolution frameworks. The IMF can play a role by sharing international experiences and providing advice on supervisory and regulatory frameworks as needed.

Islamic Finance and Africa's Economic Resurgence

Author: Muhammad Al Bashir Muhammad Al Amine

Publisher: Springer

Published: 2016-06-08

Total Pages: 395

ISBN-13: 3319288350

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This book analyzes Africa's unprecedented economic growth, the state of its financial sector, and the varied opportunities for Islamic finance investors. It considers the role - potential and realized - of Islamic finance in fostering financial inclusion in areas such as banking, microfinance, capital market development, insurance, and private equity business. The book stresses that investing in Africa through Islamic finance will open new markets, ensure higher profit margins, diversify risk, and create business competition; and that these changes that will provide financial products that can satisfying the desires and beliefs of all consumers and unlock the real potential of the continent's financial system. The book also looks into the rise of international interest in Africa and concludes by scrutinizing the challenges impeding further economic growth, as well as the specific barriers that need to be addressed in order to promote the implementation of Islamic finance. Investors, policymakers, and academics ready to confront these challenges will find much of value in this book.

Financial Development in Sub-Saharan Africa

Author: Mr.Montfort Mlachila

Publisher: International Monetary Fund

Published: 2016-09-14

Total Pages: 79

ISBN-13: 1475532407

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This paper discusses how sub-Saharan Africa’s financial sector developed in the past few decades, compared with other regions. Sub-Saharan African countries have made substantial progress in financial development over the past decade, but there is still considerable scope for further development, especially compared with other regions. Indeed, until a decade or so ago, the level of financial development in a large number of sub-Saharan African countries had actually regressed relative to the early 1980s. With the exception of the region’s middle-income countries, both financial market depth and institutional development are lower than in other developing regions. The region has led the world in innovative financial services based on mobile telephony, but there remains scope to increase financial inclusion further. The development of mobile telephone-based systems has helped to incorporate a large share of the population into the financial system, especially in East Africa. Pan-African banks have been a driver for homegrown financial development, but they also bring a number of challenges.

Islamic Finance as a Tool of Microenterprise Development in Sub-Saharan Africa

Author: Abdikadir Hussein Mohamed

Publisher:

Published: 2001

Total Pages: 206

ISBN-13:

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Islamic Finance in Africa

Author: Hassan, M. K.

Publisher: Edward Elgar Publishing

Published: 2022-10-20

Total Pages: 359

ISBN-13: 1802209905

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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.

Public–Private Partnership for Sub-Saharan Africa

Author: Hanna Kociemska

Publisher: Springer

Published: 2019-03-15

Total Pages: 192

ISBN-13: 3030147533

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This monograph highlights the benefits of public-private partnerships (PPP) for Sub-Saharan Africa. By studying the intertwinement of mainstream and Islamic finance, the author shows how PPPs have emerged as a viable and efficient organizational vehicle for fair rules of economic cooperation where the trade-offs between profit maximization and social justice values required by Islamic finance occur within the organization. The book shows the assumptions under which such compromise is beneficial to all parties, including public entities, multicultural societies and private Islamic and conventional investors. It places particular emphasis on changing the principle of allocating public resources in the uncertain legal and economic environment of the region discussed. Given the cultural idiosyncrasies, political instability, and socio-economic turmoil but high development potential in Sub-Saharan Africa, PPPs with a heterodox approach may prove to be a game-changer in the region and a platform to find a compromise between the interests of various types of investors.

An Integral Approach to Development Economics

Author: Basheer A. Oshodi

Publisher: Routledge

Published: 2016-04-15

Total Pages: 279

ISBN-13: 1317181832

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Developing economies such as those in sub-Saharan Africa are searching for realistic economic policy prescriptions. Despite economic growth in countries like Nigeria, poverty and unemployment blight the lives of many, in the midst of plenty. Simultaneously, much neo-classical economic thought is being questioned against the backdrop of global economic meltdown, giving rise to inquiry about more integral approaches to sustainable development. In An Integral Approach to Development Economics, Basheer Oshodi examines modernization theories, dependency theories, world system theories and emerging 21st century economic theories and links a neo-modern mix of economic thought with the practicalities of finance in parts of the World where poverty is rife. In a specifically African setting, over half of the population are Muslims, Oshodi considers Islamic finance in the context of the triple heritage of indigenous culture, Westernized Christianity, and Islam. He argues that the principles of Islamic banking and finance can be integrated with other elements of that heritage, focusing on meeting the challenges of poverty and unemployment. Islamic finance is not just a religiously-oriented, Sharia-compliant, alternative financial model. It can contribute to overall socio-economic transformation and a wider, people-centred approach to economic development. International organizations, financial institutions, reserve banks, policy makers, donor agencies and students will find resonance in this valuable addition to Gower’s Transformation and Innovation Series.

Developing Africa’s Financial Services

Author: Dana T. Redford

Publisher: Emerald Group Publishing

Published: 2017-05-11

Total Pages: 312

ISBN-13: 1787146367

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Financial services are an essential element in powering entrepreneurial activity beyond resource extraction in Africa. This book examines the macro-trends and highlights inspiring success stories of entrepreneurial financial sector ventures that are making a lasting contribution to the economic development of various sub-Saharan African countries.

FinTech in Sub-Saharan African Countries

Author: Mr.Amadou N Sy

Publisher: International Monetary Fund

Published: 2019-02-14

Total Pages: 61

ISBN-13: 1484385667

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FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.

Islamic Banking and Economic Infrastructure Development - Kenya's Prospects

Author: Wahida Mohammed

Publisher:

Published: 2015

Total Pages:

ISBN-13:

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The high profile of infrastructure and access to related services in the communiqués of the World Bank (WB) and the International Monetary Fund (IMF) at their annual meetings of 2014 underscores the importance of infrastructure development worldwide. And nowhere is the lack of adequate infrastructure more crucial and potentially transformational than in Sub-Saharan Africa. A gap of around US$ 31 billion1 exists per year that must be bridged if Africa's infrastructure needs are to be met. Taking into account the resources currently available for infrastructure development to African governments the need for innovative project financing schemes becomes quite apparent. One area of possible innovation is the use of Islamic finance or shariacompliant financing for infrastructure development. Research on this type of financing has been conducted predominantly in Islamic countries and in developed countries. The purpose of this paper therefore is to explore from a non-Islamic developing country's perspective the prospects of using Islamic finance for infrastructure development. It aims to identify the conditions necessary in terms of an analysis current practice, gauge the understanding of Kenyan stakeholders as well as identify possible barriers that may be impeding Islamic infrastructure financing in Kenya. Three case studies of infrastructure projects drawn from Africa that have utilised Islamic financing mechanisms are conducted in order to answer research question one. Two cycles of a Delphi study were also conducted where interviews and questionnaires are used to gather the views and opinions of an expert panel to answer question two and three. This paper presents an overview of both conventional and Islamic project financing in infrastructure development followed by the presentation and discussion of the research findings. Trends to watch and policy recommendation aimed at facilitating the implementation of Islamic project financing in Kenya infrastructure development are also discussed. It is expected that the results of this research will facilitate the harnessing of Islamic financial resources in the development of infrastructure projects not only in Kenya but in Sub Saharan Africa as well.