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Pandemic Offers Africa a Chance to Boost Sukuk Sales

  • South Africa, Nigeria, Egypt may lead Africa 2021 sukuk offers
  • Islamic-finance industry may expand as much as 25% this year
Corrected

The financing required to rebuild economies in African nations following the coronavirus pandemic gives the continent an opportunity to boost its share of Islamic financing.

Sub-Saharan Africa Islamic finance assets are forecast to grow as much as 25% this year to return to the pre-pandemic level as governments reopen their economies, said Faizal Bhana, the director for the Middle East, Africa and India at Jersey Finance. Sharia-compliant assets in the region declined 23.5% in 2020, according to a report by The Banker.