Islamic Finance Lawyers (ISFIN), a global legal network of Islamic finance specialists, is streamlining its activities across Africa as it looks to strengthen capacity within its country network to respond to the burgeoning demand for local Islamic finance mechanisms.
ISFIN spokesperson Allaa Ridouan, said: “GCC enterprises have invested billions of dollars in foreign reserves, construction, and engineering resources in their assistance of African oil-producing exporters, and the demand for Islamic economic mechanisms in Africa is huge.
“With the third largest Muslim population in the world and spectacular engagement from the GCC countries, several African countries are already responding to this demand, and others must make the effort to show that they are ready to not miss this growth train.”
Recently, growing number of Shariah-compliant projects have been accomplished with the assistance of the ISFIN’s network in Africa, which believes a partnership model is essential in supporting economic stability, good governance and the transformation of African economy.
Maître Cheikh Fall, an ISFIN partner in Senegal, noted: “Islamic Finance is a growing market in Senegal with various potentialities: two main Islamic assets in the country are Mourabaha and Mousharaka operations issued by Islamic Bank of Senegal; while $200m worth of sukuk was recently issued for public works, available to both resident and non-resident investors.”
As the level of trade and investment between the Gulf states and Africa increases, Islamic finance is gaining ground, and countries that do not develop Shariah-compliant asset systems risk missing opportunities to benefit from this fast-growing economic sector.
ISFIN is a global platform of advisory firms specializing in Islamic finance and investments, as well as the Halal industry. Its alliance covers more than 65 jurisdictions around the world, and is composed of the most innovative and highly regarded independent advisory firms.