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Analysis > Analysis and Strategy

Sharia Finance

Said DeSaque, CEO and Principal, DeSaque Macro Research
Sept. 21, 2016, midnight
912

Word count: 1405

Hitherto, the bulk of funding deployed to finance Africa’s economic development has not been Sharia-compliant due to the requirement to pay interest to lenders. Periodically, the inability of governments to repay interest has eventually resulted in debt forgiveness by foreign banks. While Islam is a major religion on the continent, its communities have historically been underserved by banking systems and capital markets. Africa’s population is expected to double by 2050 to 1.9 billion, particularly in those countries with sizeable Islamic communities. This demographic growth should imply, therefore, a considerable increase in the demand for financial products satisfying Sharia principles.  

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