AFRICA’S development needs are greatly aligned with Islamic finance given the continent’s infrastructure deficit, paving the way for more sharia-compliant products on the continent, according to Imran Mufti, partner at Riyadh-based law firm Hogan Lovells.
“Being attached to tangible infrastructure and development projects and assets which are much needed in Africa is in line with the ethos of Islamic finance,” he said.
“Moreover, there is plenty of liquidity in the GCC region and the Middle East looking for viable investments. Africa offers investors there many choices.”
Mufti’s statement comes following three sukuk – or Islamic bonds – were issued in West Africa on the 18th October from Côte d’Ivoire, Senegal and Togo.
Other sukuk came from Senegal in 2014 and another from the Côte d’Ivoire in 2015, making five in total.
Dr. Bilal Philips