Africa is Islamic banking’s new frontier

IN 2008 Ethiopia’s conservative central bank experimented: it authorised interest-free banking. Interest is prohibited under sharia law, so the move was lauded as a step towards expanding financial services for the country’s large and often poor Muslim minority. But momentum soon stalled. An attempt to launch a fully-fledged Islamic bank foundered. Today most of Ethiopia’s […]

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Kuwait’s Islamic finance sector on strong growth trajectory, IMF says

Dubai: Kuwait’s Islamic financial services sector is growing rapidly, with Islamic banking emerging as the most developed component of the industry, according to a recent study by the International Monetary Fund (IMF). Kuwait’s Islamic banking industry has grown rapidly to become an important part of the domestic and global Islamic financial system. The country operates […]

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