Lack of regulatory milieu hinders Islamic finance growth in North Africa

While there has been some progress over the past decade, the contribution of Islamic finance to North African economies remains small due to a lack of a favorable regulatory environment in the region, S&P Global Ratings said in a new report titled “Islamic Finance is still finding its feet in North Africa”.

This is despite the severe economic fallout from the COVID-19 pandemic and the limited fiscal space for economies in the North African region pushing governments to tap into all sources of financing, including those compliant with Sharia law.

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