Palgrave Studies in Islamic Banking, Finance, and Economics Series Editors Zamir Iqbal World Bank, Potomac, USA Jahangir Sultan Bentley University, Boston, Massachusetts, USA Mehmet Asutay Durham University, School of Govt & International Affairs, Durham, UK The aim of this series is to explore the various disciplines and sub-disciplines of Islamic banking, finance and economics through the lens of theoretical, practical, and empirical research Monographs and edited collections in this series will focus on key developmentsin the Islamic financial industry as well as relevant contributions made tomoral economy, innovations in instruments, regulatory and supervisory issues, risk management, insurance, and asset management The scope of these books will set this series apart from the competition by offering in-depth critical analyses of conceptual, institutional, operational, and instrumental aspects of this emerging field This series is expected to attract focused theoretical studies, in-depth surveys of current practices, trends, and standards, and cutting-edge empirical research More information about this series at http://www.springer.com/series/14618 Muhammad Al Bashir Muhammad Al Amine Islamic Finance and Africa’s Economic Resurgence Promoting Diverse and Localized Investment Muhammad Al Bashir Muhammad Al Amine Bank Alkhair, Busaiteen-Muharraq, Bahrain ISBN 978-3-319-28834-5 e-ISBN 978-3-319-28835-2 DOI 10.1007/978-3-319-28835-2 Library of Congress Control Number: 2016940808 © The Editor(s) (if applicable) and The Author(s) 2016 Palgrave Studies in Islamic Banking, Finance, and Economics The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with the Copyright, Designs and Patents Act 1988 This work is subject to copyright All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Nature America Inc New York Glossary of Arabic Terms Bay ‘Bithaman Ajil or bay’ mu’ajjal Sale on credit (Le., a sale in which goods are delivered immediately but payment is deferred bay’ al-dayn Sale of debt According to a large majority of Muslim scholars, debt cannot be sold for money except at its face value, but it can be sold for goods and services Fatawā Plural of fatwa Religious verdicts by a Muslim Scholar or a resolution by a number of scholars or organization Gharar Literally, it means deception, danger, risk and uncertainty Technically it means exposing oneself to excessive risk and danger in a business transaction as a result of uncertainty about the price, the quality and the quantity of the countervalue, the date of delivery, the ability of either the buyer or the seller to fulfil his commitment, or ambiguity in the terms of the deal, thus exposing either of the two parties to unnecessary risks Hadith Sayings, deeds and endorsements of the Prophet Muhammad (peace be upon him) narrated by his Companions Haram Things or activities prohibited by the Shariah Ijārah Leasing The sale of usufruct of an asset The lessor retains the ownership of the asset with all the rights and the responsibilities that go with ownership Istisna A contract whereby a manufacturer (contractor) agrees to produce (build) and deliver a well-described good at a given price on a given date in the future payment of the consideration can be at the beginning of the transaction, by installment or at the end Maysir Technically, gambling or any game of chance Mudarabah A contract between two parties, capital owner(s) or financiers (called rabb al-mal ) and an investment manager (called mudarib ) Profit is distributed between the two parties in accordance with the ratio agreed upon at the time of the contract Financial loss is borne only by the financier(s) The entrepreneur’s loss lies in not getting any reward for his services Murābaḥah Sale at a specified profit margin The term, however, is now used to refer to a sale agreement whereby the seller purchases the goods desired by the buyer and sells them at an agreed marked-up price, the payment being settled within an agreed time frame, either in installments or in a lump sum The seller bears the risk for the goods until they have been delivered to the buyer Mushārakah Partnership A musharakah contract is similar to a mudarabah contract, the difference being that in the former both partners participate in the management and the provision of capital, and share in the profit and loss Profits are distributed between the partners in accordance with the ratios initially set, whereas loss is distributed in proportion to each one’ share in the capital Ribā Literally, it means increase or addition or growth Technically it generally refers to the ‘premium’ that must be paid by the borrower to the lender along with the principal amount as a condition for the loan or an extension in its maturity This is also called riba al-nasia Interest as commonly known today is a form of riba Another form of riba is riba al-fadl pertaining to trade contracts It refers to exchange of different quantities (but different qualities) of the same commodity Such exchange is prohibited in particular commodities defined in the Shariah Salam A sale in which payment is made in advance by the buyer and the delivery of the goods is deferred by the seller Sharī‘ah Refers to the corpus of Islamic law based on Divine guidance as given by the Quran and the Sunnah and embodies all aspects of Islamic faith Sukūk Certificates of equal value representing undivided shares in ownership of tangible assets, usufructs and services (in the ownership of) the assets of particular projects or special investment activity Takāful It is the Islamic alternative to insurance It is based on the commitment of the participants to make donations for the sake of their own interest The participants, therefore, protect their group by payment of contributions that constitute the resources of the insurance fund, and assign the management of that fund to a committee of policyholders, or to a joint stock company that possesses the license of practicing insurance business In the latter case, the company assumes this job on the basis of a remunerated wakala (agency) contract In addition to managing the insurance operations, the committee of policyholders or the company also assumes the responsibility of investing the assets of the fund through mudaraba or investment agency Wakalah Agency contract whereby one person appoints another to perform a specific task on his behalf, usually against a fixed fee The agent is liable as a result of negligence and misconduct Waqf Appropriation or tying up a property in perpetuity for specific purposes No property rights can be exercised over the corpus Only the usufruct is applied towards the objectives (usually charitable) of the waqf Zakah Literally means blessing, purification, increase and cultivation of good deeds It is one of the pillars of Islam Technically it is an obligation in respect of funds paid for a specified type of purpose and for specified categories It is an individual duty if the criteria for making it obligatory are satisfied The government has the authority and responsibility to collect it and distribute it to the prescribed categories of people The government may also authorize shareholders to pay it personally if it is satisfied that they will so Acknowledgements All praise to Allah (s.w.t) the most Gracious and most Merciful, by whose grace and blessing this work has been completed I would like to take this opportunity while relying on the instruction of the Prophet to the effect that “whoever does not thank people does not thank Allah” to express my thanks and gratitude to those who have contributed in one way or another through their advice, criticism, and support in strengthening the quality of this work Special thanks and appreciation are due to Sister Isabel Mary Zahra Rehman for her valuable help and assistance in editing an early draft of this book and to her husband Brother Aziz Rehman Sheikh Similar thanks and gratitude are due to Brother Dr Zamir Iqbal, Brother Dr Abdul Kabir Hassan, Brother Shafiq Flynn, Brother Dr Mohammed Burhan Arbouna, Brother Dr Ahmad Arrifai, Brother Kamal Abdelkarim Hassan, Brother Mohamed Ikram Thowfeek, Brother Naeem Thowfeek, Brother Imad Ali, Brother Akram Traboulsi, and Sister Kifah Rashid May Allah rewards them all for their help and assistance However, any shortcoming or mistake remains the author’s own responsibility Finally, I express my sincere indebtedness and gratitude to my family for their support, patience, perseverance, and encouragement, particularly my wife and children Abbreviations AAOIFI Accounting & Auditing Islamic Financial Institutions AfDB African Development Bank AMAF Africa Microfinance Action Forum AMU Arab Maghreb Union AMU Arab Magreb Union ARCIFI Arbitration and Reconciliation Centre for Islamic Financial Institutions ASFIM Association des Sociétés de Gestion et Fonds d’Investissement Marocains BCEAO Central bank of West African States BESA Bond Exchange of South Africa BMS Bank Al Muamelat Assahiha BPM Banque Populaire de Mauritanie BRIC Brazil, Russia, India and China BRVM Bourse Regionale des Valeurs Mobilieres CBL Central Bank of Libya CBN Central Bank of Nigeria CBOS Central Bank of Sudan CBSS Central Bank of South Sudan CDB China Development Bank CDC British Colonial Development Corporation CEMAC Central African Economic and Monetary Union CFC Casablanca Finance City CGAP Consultative Group to Assist the Poor COMESA Common Market for Eastern and Southern Africa COSUMAF Commission for Market Surveillance of the Central African Financial Market COSUMAF Commission for Market Surveillance of the Central African Financial Market DBSA Development Bank of Southern Africa DMO Debt Management Office DSX Douala Stock Exchange EAC East African Community ECOWAS Economic Community of West African States EFSA Egyptian Financial Supervision Authority EMPEA Emerging Markets Private Equity Association ETF Exchange Traded Fund FAO Food and Agriculture Organization FDI Foreign Direct Investment FEWACCI Federation of West African Chambers of Commerce and Industry FIBE Faisal Islamic Bank of Egypt FSC Financial Services Commission GCC Gulf Cooperation Council GDP Gross domestic products GEF Global Environmental Fund GSE Ghana Stock Exchange HPA Hire Purchase Act HSBC Hong Kong and Shanghai Banking Corporation IADI India Africa Diamond Institute IAIEPA India-Africa Institute of Education, Planning and Administration IAIFT India Africa Institute of Foreign Trade IAIIT India-Africa Institute of Information Technology ICBC Industrial and Commercial Bank of China ICD Islamic Corporation for the Development of the Private Sector IFAAS Islamic Finance Advisory & Assurance Services IFAD International Fund for Agricultural Development IFC International Finance Corporation IFSB Islamic Financial Services Board IIFM International Islamic Financial Market IILM International Islamic Liquidity Management Corporation IIRA International Islamic Rating Agency IMF International Monetary Fund IRTI Islamic Research & Training Institute IsDB Islamic Development Bank ISFD Islamic Solidarity Fund for Development KSE Khartoum Stock Exchange LDCs Less developed countries MDG Millennium Development Goals MENA Middle East and North Africa MIGA Multilateral Investment Guarantee Agency NBE National Bank of Ethiopia NDIC Nigeria Deposit Insurance Scheme NIBoU National Islamic Bank of Uganda ODA Official Development Assistance OIC Organization of Islamic Cooperation PIDA Program for Infrastructure in Africa PROPARCO Investment and Promotions Company for Economic Cooperation SADC Southern African Development Community Sesric Statistical, Economic and Social Research and Training Centre for Islamic Countries SGA Sale of Goods Act SPDA Special Programme for the Development of Africa TICAD Tokyo International Conference on African Development TIKA Turkish International Cooperation and Development Agency UBS Union Bank of Switzerland UEMOA West African Economic and Monetary Union UNDP United Nations Development Programme UN-OSAA United Nations Office of the Special Advisor on Africa W FEWACCI West African Chambers of Commerce and Industry WWB Women’s World Banking reach In Islamic Finance Outlook 2010 Standard & Poor’s 240 Damak, M (2010, September 27) Ṣukūk: An African opportunity yet to be explored Interview with Les Afriques www. lesafriques.com Retrieved Jan 2011 241 Damak, M (2010) Afrique : le pont de la finance islamique Les Afriques Fevrier 22 www.lesafriques.com Retrieved Jan 2011 242 Damak, M (2014, February) Islamic finance could make inroads into North Africa In Standard & Poor’s Islamic Finance Outlook 2015 www.standardandpoors.com Retrieved Mar 2015 243 Mead, M F (2010) Islamic banking in Djibouti challenges and opportunities Project paper submitted for the fulfillment of the requirement of Master in Business Administration, Open University, Malaysia, Bahrain 244 Olad, M M (2011, December 12) Islamic banking: Banking the unbanked The Reporter 245 Belath, M I (2012, September 6) Second deputy governor of the Bank of Mauritius, at the opening ceremony of the seminar on the “role of Islamic finance in the development of Africa” Balaclava BIS central bankers’ speeches www.bis.org Retrieved Dec 2012 246 Enescu, M I (2011, September) Emerging powers: New economic partners for Africa ? (pp 1–9) Credit Agricole Aperiodic, No 14 www.economic-research.credit-agricole.com 247 Monitor Company Group (2010, December 4–5) Africa from the bottom up: Cities, economic growth and prosperity in SubSaharan Africa Gulf-Africa investment conference 2010: Fostering economic relations (pp 56–61) Riyadh 248 Multilateral Investment Guarantee Agency (2011, June 16) MIGA covers murābaḥah facility for Indonesia telecoms expansion www.miga.org Retrieved Apr 2012 249 Multilateral Investment Guarantee Agency (MIGA) (2011) Project brief www.miga.org Retrieved June 2012 250 Iqbal, M., & Khan, T (Eds.) (2005) Financial engineering and Islamic contracts Palgrave Macmillan UK 251 Parker, M (2009, December 28) Australia is opening up to Islamic finance Arab News www.arabnews.com Retrieved June 2011 252 Parker, M (2009, April 6) France introduces tax neutrality laws Arab News www.arabnews.com Retrieved June 2010 253 Parker, M (2010, May 29) Ex-IFSB chief sheds light on Islamic finance issues Arab News www.arabnews.com Retrieved June 2011 254 Parker, M (2010, December 26) IDB joins hands with AfDB to boost development Arab News www.arabnews.com Retrieved June 2011 255 Parker, M (2010, September 26) Winds of change in S African tax laws for Islamic finance products Arab News www. arabnews.com Retrieved June 2011 256 Parker, M (2010, May 16) World Bank declares Islamic finance a priority area Arab News www.arabnews.com Retrieved June 2011 257 Parker, M (2011, September 18) Takāful market set to grow in S Africa and beyond Arab News www.arabnews.com Retrieved Dec 2011 258 Parker, M (2011, March 28) Kenya’s ṣukūk ambitions must be tempered with reality Arab News www.arabnews.com Retrieved June 2011 259 Parker, M (2011, October 23) Will Islamic finance play as key role in funding Asia S&P Arab News www.arabnews.com Retrieved June 2012 260 Parker, M (2010, February 22) Asya Bank makes mark in cards Arab News www.arabnews.com Retrieved June 2011 261 Kimenyi, M S., & Lewis, Z (2011) THE BRICS and the new scramble for Africa In Foresight Africa: The continent’s greatest challenges and opportunities for 2011 (pp 19–21) The Brookings Institution www.brookings.edu Retrieved June 2012 262 Kimeny, M S (2014, February 18) Oil and gas boom in East Africa: Avoiding the curse www.brookings.edu Retrieved Jan 2015 263 Kimenyi, M S (2011) Africa’s 2011 election In Foresight Africa: The continent’s greatest challenges and opportunities for 2011 (pp 3–5) The Brookings Institution www.brookings.edu Retrieved June 2012 264 Chibiliti, M (2008) Islamic trade financing: Challenges in Zambia Legal Notes, (2), 7–8 265 Nagashi (2010, September 28) East Africa catching up with Islamic finance Arab News www.arabnews.com Retrieved June 2011 266 Rassool, N (2011, July) Mauritius—An emerging centre for Islamic finance New Horizon www.newhorizon-islamicbanking. com Retrieved Apr 2012 267 Keita, N (2010, January–February) Sub-Saharan Africa: A challenging new frontier Credit Agricole Bimonthly No 139 www.etudes-economiques.credit-agricole.com Retrieved May 2011 268 Saidi, N (2009, November 7) Islamic finance is coming of age: IFC lists sukūk in the DIFC Zawya www.zawya.com Retrieved June 2011 269 National Treasury of South Africa (2014, September 17) South Africa concludes debut sukuk bond www.treasury.gov.za Retrieved Jan 2015 270 Halim, N (2011, July 29) Banking on microfinance Islamic Finance News Supplement-IFN Supplement Africa www. islamicfinancenews.com Retrieved Dec 2011 271 Halim, N (2011, July 29) The sleeping giant Islamic Finance News Supplement-IFN Supplement Africa www. islamicfinancenews.com Retrieved Dec 2011 272 Halim, N (2011, December 5) Cross-border trade on the rise Islamic Finance News IFN Supplement Middle East www. islamicfinancenews Retrieved Apr 2012 273 Salvaterra, N (2011, April 18) Mobile pioneer sees rich promise in Africa The Wall Street Journal www.online.wsj.com Retrieved Jan 2012 274 Ford, N (2012, November 12) The rise and rise of Islamic finance African Banker www.africanbusinessmagazine.com Retrieved Jan 2013 275 Okonjo-Iweala, N (2010, June 2010) Fulfilling the promise of Sub-Saharan Africa McKinsey Quarterly www.mckinsey.com Retrieved June 2011 276 Page, N., et al (2008) Into Africa: Investment prospects in the Sub-Saharan banking sector PricewaterhouseCoopers www.pwc.com Retrieved Dec 2010 277 Price, N (2011, January) Africa between perception and reality Fidelity International www.fidelity.com.sg Retrieved June 2011 278 Hardi, N., & Volland, E (2009, December 4) Islamic banking has reached critical mass in the Gulf after sustained growth, and expansion is to continue In Islamic Finance Outlook 2010 (pp 20–21) Standard & Poor’s 279 Dudley, N (2011, June) “Bond ambition” Angola’s bright light The Banker Supplement 280 Ndung’u, N (2014, February 25) Essential groundwork for competing effectively in the Islamic banking environment Remarks by governor of the Central Bank of Kenya, at the launch of the regional certificate in participatory/Islamic banking, Kenya School of Monetary Studies, Nairobi www.bis.org Retrieved Dec 2014 281 Ndung’u, N (2011, March 28) Islamic finance—a paradigm shift in Africa (pp 1–2) Remarks by Prof Njuguna Ndung’u, Governor of the Central Bank of Kenya, at the 3rd Gulf African Bank annual East & Central Africa Islamic finance conference, Nairobi BIS central bankers’ speeches www.bis.org Retrieved Dec 2011 282 Ndung’u, N (2011, October 13) Governor of the Central Bank of Kenya, at the 5th joint CMA/CBK/RBA/IRA board members retreat on collaboration among domestic financial sector regulators, Mombasa Financial stability and financial inclusion, BIS central bankers’ speeches (pp 1–3) www.bis.org Retrieved Jan 2012 283 Ndung’u, N (2010, May 3–4) Islamic finance—The African experience (pp 1–2) Remarks by Prof Njuguna Ndung’u, Governor of the Central Bank of Kenya, at the 2nd Gulf African Bank annual East & Central Africa Islamic conference, Nairobi BIS Review , 69 www.bis.org Retrieved Jan 2012 284 Gordon, N., et al (2011) At the tipping point: Financial services in Africa comes of age how financial institutions can capitalise on the growth opportunities in Africa (pp 1–32) Accenture www.accenture.com Retrieved Dec 2012 285 Bourihane, N (2010, November 6) La Finance Islamique se Répand en Algérie Le Temps d’ Algerie www.letempsdz.com Retrieved June 2011 286 Ocean Equities Limited (2011, March 9) Factbox: Changing Africa Weekly Review www.oceanequities.co.uk Retrieved June 2011 287 Meier, O (2011, February) It is still possible to gain access to attractive investment targets with relatively low capital input In Ernst & Young’s 2011 Africa attractiveness survey, it is time for Africa (p 18) www.ey.com Retrieved June 2012 288 Ajakaiye, O., & Kimenyi, M S (2011) Higher education and economic development in Africa: Introduction and overview Journal of African Economies, 20 , iii3–iii13 AERC Supplement 289 Barbarinde, O (2009) Renaissance Africa Thunderbird Quarterly , Issue 290 Omamuli, O (2011, June 8) Improving credit dynamics among sovereigns in Sub-Saharan Africa, despite challenges Moody’s, Global Credit Research www.moodys.com Retrieved June 2012 291 Oxford Analytica (2010, September 3) Islamic finance moves toward common standards Forbes www.forbes.com Retrieved Jan 2012 292 Saghana, P (2010, September 12) Africa Re Group launches Africa Retakaful Vanguard Online edition www.vanguardngr. com Retrieved Jan 2012 293 Habib, P A (2010, November 21) Islamic finance capturing the African opportunity—North Africa opportunity and challenges Paper presented at the world Islamic banking conference Bahrain 294 Imam, P., & Kpodar, K (2010, August) Islamic banking: How has it spread? International Monetary Fund www.imf.org Retrieved Jan 2012 295 Imam, P., & Kpodar, K (2010, August) Islamic banking: How has it diffused? International Monetary Fund www.imf.org Retrieved June 2011 296 Kagenda, P (2010, June 21) Islamic banking will bring minor change The Independent www.independent.co.ug , Retrieved July 2010 297 Collier, P (2010, June) The case for investing in Africa McKinsey Quarterly www.mckinsey.com Retrieved Jan 2011 298 Collier, P (2010) The plundered planet: Why we must—and how we can—manage nature for global prosperity New York: Oxford University Press 299 Collier, P (2011, December) Building an African infrastructure Finance & Development , 48 (4), 18–21 International Monetary Fund (IMF) www.imf.org Retrieved Jan 2012 300 Collier, P., & Warnholz, J.- L (2009, February) Now’s the time to invest in Africa Harvard Business Review 301 Kagame, P (2009, November 2) Why Africa welcomes the Chinese The Guardian www.guardian.co.uk Retrieved Jan 2012 302 Wallace, P (2011, July) Ghana vows to avoid oil curse The Banker Supplement , Ghana’s Rising Star 303 Wallace, P (2012, January) Africa’s banks on the brink of the big time The Banker , p 114 304 Wallace, P (2011, August) Banks on the climb The Banker , pp 16–18 305 Wallace, P (2012, April) Casablanca looks to dispel African divide The Banker , p 100 306 Wallence, P (2011, October) Into Africa The Banker Special Report New FX Boundaries , pp 12–13 307 Pruvost, P.- H (2011, March 1) Global standards to give breadth and depth to the global ṣukūk market Standard &Poor’s 308 Perqin (2010, October) The private equity market in Africa (pp 1–4) Perqin Special Report www.preqin.com Retrieved June 2011 309 Guest, P (2011, September 18) Spelling out growth The Wall Street Journal 310 Wise, P (2011, May) A colonial lifeline? The Banker 311 Wonacott, P (2011, June 11) U.S aims to gain new edge in Africa The Wall Street Journal www.online.wsj.com Retrieved Jan 2012 312 Wonacott, P (2011, May 2) A new class of consumers grows in Africa The Wall Street Journal 313 Alexender, P., & Hingel, G (2011, November) The big Islamic finance opportunities Islamic banking The Banker, Special Supplement, Top 500 Islamic Financial Institutions, pp 9–10 314 Becker, P., & van Zyl, M (2011) The dynamic African consumer market: Exploring growth opportunities in Sub-Saharan Africa (pp 1–44) Accenture www.accenture.com Retrieved Jan 2012 315 PricewaterhouseCoopers (2008) Takaful: Growth opportunities in a dynamic Islamic market (pp 1–20) www.pwc.com Retrieved Jan 2011 316 PricewaterhouseCoopers (2011) The Africa business agenda www.pwc.com Retrieved Dec 2012 317 PricewaterhouseCoopers (2011, September) 10 minutes on investing in Africa (pp 1–5) www.pwc.com 318 Private Equity Africa (2011, April 8) Giant at the gate www.privateequityafrica.com Retrieved June 2012 319 Ho, P., & Staib, D (2008, October) Insurance in the emerging market: Overview and prospects for Islamic insurance (pp 1– 52) Swiss Reinsurance Company Limited www.swissre.com Retrieved Dec 2011 320 Public-Private Infrastructure Advisory Facility (PPIAF) (2010) Bond financing in Africa—The next big thing ? www.ppiaf.org Retrieved Jan 2012 321 Chuhan-Pole, P., & Angwafo, M (Eds.) (2011) Yes Africa can: Success stories from a dynamic continent The World Bank www.worldbank.org Retrieved June 2011 322 Chuhan-Pole, P., et al (2012, February) Africa pulse World Bank www.worldbank.org Retrieved Jan 2012 323 PWC (2011, July) Pwc announces ambitious growth strategy for Africa Press Release, www.pwc.com 324 Baker, R., et al (2014, May) Hiding in plain sight trade misinvoicing and the impact of revenue loss in Ghana, Kenya, Mozambique, Tanzania, and Uganda: 2002–2011 Global Financial Integrity www.gfintegrity.org Retrieved Feb 2015 325 Klarmann, R (2007) Islamic finance in Egypt Islamic Finance News Guide 2007 , pp 92–93 326 Kim, R., & Kapstein, E B (2014) Banking on Africa Standard Chartered social and economic impact Standard Chartered www.sc.com Retrieved Jan 2015 327 Reuter (2011, June 22) Chad bond likely to draw domestic interest: Analyst http://www.reuters.com Retrieved Jan 2012 328 Reuters (2014, September 16) Goldman Sachs gets strong demand for landmark sukuk issue Reuters 329 Reuters (2010, January 15) HSBC seeks big growth, sukūk pickup in 2010 http://www.reuters.com Retrieved June 2011 330 Reuters (2011, May 23) Bank Asya says plans acquisitions in Mali and Benin http://www.reuters.com Retrieved Mar 2012 331 Reuters (2011, July 20) Chad raises $232 million in bond issue–bank http://www.reuters.com Retrieved Jan 2012 332 Reuters (2011, December 2.) Forget China, invest in Africa says Russia renaissance http://www.reuters.com Retrieved Feb 2012 333 Reuters (2011, July 4) Nigeria’s Stanbic wins approval for Islamic banking http://www.reuters.com Retrieved Dec 2011 334 Reuters (2015, February 22) Cameroon’s Afriland First Bank launches Islamic window Reuters www.reuters.com 335 Reuters (2009, October 21) IFC debuts $100 million Islamic bond on Dubai www.reuters.com Retrieved Nov 2011 336 Reuters (2010, November 8) Egypt aims for ṣukūk rules in Q1 2011—Regulator http://www.reuters.com Retrieved Jan 2011 337 De Oliveria, R S (2014, April 16) Avoiding Africa’s oil curse what East Africa can learn from past booms Foreign Affairs www.foreignaffairs.com Retrieved Jan 2015 338 Bernstein, R (2007, July 23) Africa: The final frontier, Merrill Lynch- investment strategy (pp 1–36) www.ml.com Retrieved Jan 2011 339 Bernstein, R (2007, July 23) Africa: The final frontier , Merrill Lynch investment strategy 340 Chirambo, R (2012, May 2) Researchers back idea of Islamic banks in Malawi The Daily Time 341 Taylor, R (2011) Growing in Africa: Capturing the opportunity for global consumer product business (pp 1–20) Ernst & Young www.ey.com Retrieved Jan 2012 342 Karim, R A A (2012, December) Islamic finance: An alternative funding source for the African Development Bank? In Africa capacity development African Development Bank, (3), 1–8 www.afdb.org Retrieved Feb 2013 343 Ringo & Associates (2008, July) Islamic banking in Tanzania Legal Notes , (2) 344 Ruthann, R (2011, January 11) Africa’s development prospects remain intac , Equity Research, Credit Suisse www.creditsuisse.com Retrieved Feb 2012 345 Amlot, R (2015, February 17) Coming to Africa www.cpifinancial.net Retrieved Feb 2015 346 Wigglesworth, R (2009, May 6) Credit crunch may test industry beliefs Financial Times Special Report , p 347 McKean, R., & Bennett, A (2011, September) Structural differences The African handbook , pp 23–26 348 Wilson, R., et al (2011, October) Islamic banking and finance in North Africa: Past development and future potential (pp 1–51) African Development Bank www.afdb.org Retrieved June 2012 349 Bheenick, R (2009, May 5) Putting Mauritius on the world’s Islamic finance map Address by the governor of the Bank of Mauritius, at the official launching of HSBC Amanah Islamic banking Mauritius Les Guibies, Pailles, pp 1–5 BIS Review , 55 350 Bheenick, R (2009, May 19) Islamic finance and its development in Mauritius Address by the governor of the Central Bank of Mauritius at the opening seminar on Islamic capital markets” Port Louis, pp 1–5 BIS Review , 62 351 Sullivan, R (2011, November 6) Potentials of Africa growth outlook The Financial Times www.ft.com Retrieved June 2012 352 Sarrar, S., & Alexander, C (2013, May 15) Libya Bank lending paralyzed amid interest ban: Islamic finance Bloomberg www. bloomberg.com Retrieved May 2013 353 Pradhan, S (2010, December 4–5) GCC-Africa trade: Trends, prospects and policy imperatives Gulf-Africa investment conference 2010: Fostering economic relations Riyadh 354 Mensah, S (2014, February 4) After a mixed 2013, the global sukuk market looks promising in 2014 In Standard & Poor’s Islamic Finance Outlook 2015 www.standardandpoors.com Retrieved Mar 2015 355 Sjolin, S (2014, December 24) You aren’t investing in Africa—And you’re missing out www.marketwatch.com Retrieved Feb 2015 356 Saudi Gazette (2008, May 8) CMA approves Jadwa Africa freestyle fund www.saudigazette.com Retrieved June 2011 357 Schaffnit-Chatterjee (2013, July) Sub-Saharan Africa: A bright spot in spite of key challenges Deutsche Bank Research Current Issues/Emerging Markets www.dbresearchech.com Retrieved Dec 2014 358 Bektas, S S (2011, March 4) Africa as a savior for Turkish firms Hurriyet , Istanbul www.hurriyet.com Retrieved Dec 2011 359 Pasha, S (2011, November) Senegal eye first ṣukūk as Africa look to Islamic finance Reuters www.reuters.com Retrieved Jan 2012 360 Ali Khan, S (2010, December 6) Gulf-African investment conference concludes with series of recommendations Saudi Gazette www.saudigazette.com Retrieved June 2011 361 Akhtar, S (2009, November 11) Vice President Middle East and North Africa The World Bank, key note address at the Islamic finance seminar Banca d’Italia symposium on Islamic finance in Roma: Developments in MENA region www.worldbank.org Retrieved June 2012 362 Ladd, S (2011, January 12) Emerging Africa expected to see rise in investment IMF Survey Magazine: Countries & Regions www.imf.org Retrieved Jan 2011 363 Jacobs, S (2014, July 1) Morocco inches towards Islamic finance The Banker 364 Verma, S (2011, July 3) Africa’s decade-long banking bull run in pictures The Financial Times www.ft.com Retrieved Dec 2011 365 Kerr, S (2011, May 4) Emaar founder eyes Africa’s commodity riches The Financial Times www.ft.com Retrieved June 2012 366 Freemantle, S., & Stevens, J (2011, September 12) Africa macro insight and strategy five trends powering Africa’s enduring allure Trend A larger, younger, and more affluent population (pp 1–16) www.standardbank.com Retrieved Jan 2012 367 Freemantle, S., & Stevens, J (2011, August 29) Africa macro insight and strategy BRIC—Africa the redback’s rise opportunities to Africa (pp 1–11) Standard Bank www.standardbank.com Retrieved Jan 2012 368 Freemantle, S (2011, 15 December) Africa macro insight and strategy African election map 2011/2012 (pp 1–8) Standard Bank www.standardbank.com Retrieved Feb 2012 369 Freemantle, S (2011, September 21) Africa macro insight, five trends powering Africa’s enduring allure, Trend Africa transformational urban swell (pp 1–10) Standard Bank www.standardbank.com Retrieved Feb 2012 370 Freemantle, S (2011, October 10) Africa macro insight, the five trends powering Africa’s enduring allure, Trend Africa deepening financial sector (pp 1–15) www.standardbank.com Retrieved Feb 2012 371 Freemantle, S (2011, October 6) Africa macro insight, the five trends powering Africa’s enduring allure Trend Africa dormant resources potential (pp 1–15) Standard Bank www.standardbank.com Retrieved Jan 2012 372 Willson, S (2010, March 4) Private sector gains ground in Africa IMF Survey Magazine www.imf.org Retrieved June 2011 373 Jaffer, S (2011, December–January) Growth opportunities for Takāful in Europe The European Financial Review www. europeanfinancialreview.com Retrieved June 2011 374 Standard Chartered Bank (2014, March 19) Kenya is our first African market to offer Islamic banking www.sc.com Retrieved Jan 2015 375 Wagstyl, S (2011, October 4) Unilever: Mr Africa, I presume? Financial Times www.ft.com Retrieved Aug 2012 376 Williams, S (2010) The advantage of local knowledge African Banker , 4th Quarter, pp 34–39 377 Davis, S., & Woetzel, J (2010, June) Making the most of Chinese aid to Africa McKinsey Quarterly www.mckinsey.com Retrieved June 2012 378 Roy, S (2011) Afren oils wheels of African bond markets Euromoney, 42 (503), 49–51 379 Roy, S (2011) Angola’s elite looks to clean up in Portugal Euromoney, 42 (503), 55–61 380 Roy, S (2014, April 7) Zambia launches US$ billion 10 year Eurobond at yield of 8.625 % www.reuters.com Retrieved Jan 2015 381 Palanee, S (2011, May 10) Africa is the next big frontier for Indian companies Business Today www.businesstoday.intoday.in Retrieved Oct 2011 382 Summit Business Review (2010, August 28) Islamic banking: No ribā here? www.sbreview.net Retrieved June 2011 383 The 3rd COMESA investment forum connecting Africa to the world 12–13 Apr 2010 Sharm El Sheikh, Conference Report, pp 1–21 384 The Asian Development Bank (2009, March) Development of prudential and supervision standards for Islamic financial markets Project Number: 42520, Regional Policy and Advisory Technical Assistance (R-PATA) http://www.adb.org Retrieved June 2011 385 The Australian Trade Commission (Austrade) (2010, January) Islamic finance , pp 1–40 www.austrade.gov.au Retrieved Mar 2011 386 The Banker (2011, June) African returns make it the place to be , p 387 The Banker (2011, June) Africa offers huge returns on investment for foreign institutions www.thebanker.com Retrieved June 2012 388 The Citizen (2014, September 20) Tanzania poised to be East Africa’s Islamic banking hub The Citizen www.thecitizen.co.tz Retrieved Jan 2015 389 The Economist (2008, May 8) Turning towards Mecca: Islamic banks join in the race for Africa, 387 (8579) www.economist. com Retrieved June 2011 390 The Economist (2010, September 16) Africa’s Banking boom, scrambled in Africa “Chinese and Western banks are flocking to Africa but finding a strategy that works isn’t easy” www.economist.com Retrieved Jan 2011 391 The Economist (2011, January 6) Africa’s impressive growth www.economist.com Retrieved Dec 2011 392 The Economist (2011, January 7) Democracy in Africa: Democratization and its discontents www.economist.com Retrieved Dec 2011 393 The Economist (2011, December 3) The hopeful continent Africa rising 394 The Economist (2011, January 6) The lions kings www.economist.com Retrieved June 2011 395 The Economist (2011, April 20) Why the Beijing regime need to act to avert a backlash against Chinese investors in poor countries www.economist.com Retrieved Jan 2012 396 The Economist (2012, May 17) African child mortality the best story in development www.economist.com Retrieved Dec 2012 397 The Economist Intelligence Unit (2011, August) Banking in Sub Saharah Africa to 2020 promising frontiers www.eiu.com Retrieved Jan 2012 398 The Economist Intelligence Unit (2014) Risk and reward: The Gulf push into African infrastructure, commissioned by Dubai Chamber www.economistinsights.com Retrieved Jan 2015 399 The Economist Intelligence Unit (2009, March) The GCC in 2020: Outlook for the Gulf and the global economy (pp 1–24) www.eiu.com Retrieved Jan 2011 400 The Economist (2010, November 22) South of the Sahara: Boom times, at least in part www.economist.com Retrieved June 2011 401 The Economist (2011, April 22) Chinese in Africa: The Chinese are coming …to Africa www.economist.com Retrieved Jan 2012 402 The Economist (2011, April 20) Rumble in the jungle––Why the Beijing regime need to act to avert a backlash against Chinese investors in poor countries www.economist.com Retrieved Jan 2012 403 The Guardian (2011, February 19) A fresh chapter is opening in Africa’s history after two centuries of injustice, a new continent is emerging www.guardian.co.uk Retrieved Jan 2012 404 The Islamic Globe (2011, September 14) Gabon court Islamic finance The Islamic Globe , Issue 31 www.theislamicglobe.com Retrieved May 2012 405 The Islamic Globe (2011, September 14) If not now, when The Islamic Globe , Issue 31 www.theislamicglobe.com Retrieved Sept 2011 406 The Islamic Globe (2011, October 5) KCB rolls out retail account in Tanzania , Issue 34 www.theislamicglobe.com Retrieved Oct 2011 407 The Islamic Globe (2011, December) Tanzania’s first Islamic bank takes off www.theislamicglobe.com Retrieved Dec 2011 408 The Islamic Globe (2011, September 21) UAP looks to Takaful , Issue 32 www.theislamicglobe.com Retrieved Sept 2011 409 The Islamic Globe (2011, December 21) Zanzibar’s People’s Bank opens Islamic window www.theislamicglobe.com Retrieved Dec 2011 410 The Islamic Globe (2011, October, 26) Kenya’s CMA in ṣukūk call , Issue 37 www.theislamicglobe.com Retrieved Oct 2011 411 The Islamic Globe (2012, January 18) E Africa’s largest bank opens Islamic window www.theislamicglobe.com Retrieved Jan 2012 412 The Islamic Globe (2011, May 4) Kenya Re moves into pan-Africa reTakaful www.theislamicglobe.com Retrieved May 2011 413 The Islamic Globe (2012, January 12) Kenya freeze Takaful www.theislamicglobe.com Retrieved Jan 2012 414 Turkey makes inroads into Africa” December 21, 2011 www.hizmetmovement.blogspot.com 415 The Strait Times (2013, May 30) Japan eyes business ties in Africa summit to boost trade and investment www.straitstimes. com Retrieved May 2013 416 The World Bank (2011) Africa’s competitiveness report 2011 World Bank www.siteresources.worldbank.org Retrieved June 2012 417 World Bank, Africa’s future and the World Bank’s support to it: Africa regional strategy , 2011, Washington World Bank www.worldbank.org Retrieved June 2012 418 The World Bank (2011) Sub-Saharan Africa Global economic prospects: Regional annex Washington, DC www. worldbank.org Retrieved Jan 2012 419 The World Bank (2012) De-fragmenting Africa: Deepening regional trade integration in goods and services www. worldbank.org Retrieved Jan 2013 420 Tanoh, T (2010, March 5) How can development partners support the financial sector in Africa? Private Sector Development Private Magazine , pp 20–22 Africa’s financial markets: A real development tool? www.proparco.fr Retrieved Aug 2011 421 The future of African banking This is Africa www.thisisafricaonline.com Retrieved Jan 2012 422 Molloy, T (2009, November 5) Islamic banking system provides a unique opportunity in tough time Irish Independent www. independent.ie/business/irish Retrieved Dec 2010 423 Reuters, T., & Zawya (2014) Morocco Islamic finance 2014: Unlocking the kingdom’s potential www.zawya.com Retrieved Jan 2015 424 Beck, T., et al (2011, September) Financing Africa through the crisis and beyond The African Development Bank, the German Federal Ministry for Economic Cooperation and Development and the World Bank www.afdb.org Retrieved Apr 2012 425 Beck, T., Demirgỹỗ-Kunt, A., & Merrouche, O (2010, October) Islamic vs conventional banking business model, efficiency and stability (pp 1–44) The World Bank Development Research Group Finance and Private Sector Development Team www. worldbank.org Retrieved Jan 2011 426 Motsoeneng, T (2011, March 8) Shoddy infrastructure biggest obstacle for Africa Reuters www.reuters.com Retrieved Jan 2012 427 Times (2008, March 28) Mauritania gets its first exclusive Islamic bank Times 428 Barry, T (2011) Uneven playing field blocks investment African Banker, 4th Quarter, p 31 429 Sulaiman, T (2014, October 15) African local bonds—An untapped opportunity? Financial Times www.ft.com Retrieved Jan 2015 430 Tripoli Post (2008, June 7) Islamic finance moves slowly into North Africa www.tripolipost.com Retrieved June 2011 431 Aburime, U T., & Alio, F (2009) Islamic banking: Theories, practices and insights for Nigeria International Review of Business Research Papers, (1), 321–339 432 Chapra, U (2007) The case against interest: Is it compelling? Thunderbird International Business Review, 49 (2), 161–186 March–April [CrossRef] 433 Chapra, U (2008) The global financial crisis: Can Islamic finance help minimising the severity and frequency of such crisis in the future? (pp 1–26) A paper prepared for presentation at the forum on the global financial crisis to be held at the Islamic Development Bank on 25 October 434 United Nations (2004, October 30) Economic development in Africa: Debt sustainability—oasis or mirage? South Bulletin 90/91, 520–524 435 United Nations Children’s Fund (UNICEF) (2014, September) Committing to child survival: A promise renewed progress report 2014 www.files.unicef.org Retrieved Jan 2015 436 United Nations Economic Commission for Africa (2011) Economic report on Africa 2011 www.uneca.org Retrieved Jan 2012 437 Vijay Tata (2012, March 29) Development of effective insolvency regimes for Islamic financial institutions (pp 1–10) Paper presented at the fifth Islamic financial stability forum, Manama Forum theme: Effective crisis management and resolution framework www.ifsb.org Retrieved Oct 2012 438 Foster, V., & Briceño-Garmendia, C (Eds.) (2010) Africa’s infrastructure: A time for transformation The World Bank www.worldbank.org Retrieved June 2011 439 Emmanuel, V., & Damak, M (2007, April) Chief drivers behind Islamic finance’s global expansion Commentary Report Standard and Poor’s 440 Crisp, W (2013, May 29) Libya’s banks struggle to escape Gaddafi shadow www.euromoney.com Retrieved May 2013 441 Buiter, W., & Rahbari, E (2011, February 21) Global economics view global growth generators: Moving beyond ‘emerging markets’ and ‘BRIC’ (pp 1–9) Citigroup Global Market www.cepr.org Retrieved May 2011 442 Wallis, W (2011, June 14) Helios sets record for African private equity Financial Times www.ft.com Retrieved Dec 2011 443 Wallis, W (2011, May 18) Andrew England and Katrina Manson “Africa: Ripe for appraisal” Financial Time www.ft.com Retrieved Aug 2011 444 World Bank (2014, October) Africa’s pulse: Decades of sustained growth is transforming Africa’s economies www. worldbank.org Retrieved Dec 2014 445 World Bank (2015) Doing business report 2015 www.doingbusiness.org Retrieved Feb 2015 446 Sala-i- Martin, X., & Pinkovskiy, M (2010) African poverty is falling…much faster than you think! (p 1–38) Working paper no 15775, Issued in February 2010 www.columbia.edu Retrieved June 2011 447 Suliman, Y (2010, September 28) Islamic banking in Africa and related tax issues KPMG www.kpmg.com Retrieved June 2011 448 Aseffa, Y (2007) Insurance services liberalisation and capacity-building: The case of Africa In Trade and development aspects of insurance services and regulatory frameworks New York/Geneva: The United Nations www.unctad.org Retrieved June 2010 449 Mersch, Y (2009, November 17) Islamic finance—Partnerships opportunities between Luxembourg and the Arab countries Speech by Yves Mersch, Governor of the Central Bank of Luxembourg, at the 5th economic forum Belgium-Luxembourg-Arab Countries, Brussels, pp 1–4 BIS Review, 149 450 Torres-Rahman, Z., & Lalor, M (2011, May) The new Africa: Emerging opportunities for business and Africa (pp 1–30) Business Action for Africa www.businessactionforafrica.org Retrieved Dec 2011 451 Zaid Ibrahim &Co (2010, June) Demystifying Islamic finance: Correcting misconceptions advancing value proposition (pp 1–44) www.zaidibrahim.com Retrieved Jan 2011 452 Mohd, Z A (2008, June) Takāful concepts and practice The African Reinsurer , 022 , 5–12 453 Zawya (2008, May 6) CMA approves Jadwa Africa equity freestyle fund www.zawya.com Retrieved Jan 2011 454 Zawya (2011, March 27) Economic and business partnerships enhanced as 4th COMESA investment forum ends www. zawya.com Retrieved Jan 2012 455 Zawya (2010, July 14) Senegal—Bahrain Islamic finance forum www.zawya.com Retrieved June 2011 456 Aziz, Z A (2006, January) Towards positioning the Islamic finance as an integrated component of the international financial system (pp 1–4) Opening speech at the 5th annual Islamic finance summit, London 457 Aziz, Z A (2007, October 18) Speech by the governor of the Central Bank of Malaysia, at the Islamic finance conference “Islamic finance in Southeast Asia: Local practices, global impact” (pp 1–5) Georgetown University, Washington, DC BIS Review , 121 www.bis.org 458 Aziz, Z A (2008, February 23) Islamic finance–Constant evolution and emerging opportunities Speech by the governor of the Central Bank of Malaysia, at the Nikkei Islamic finance symposium 2008: “Islamic finance: Constant evolution and emerging opportunities” (pp 1–6), Tokyo Bank for International Settlements Review (BIS Review) , 23 www.bis.org 459 Aziz, Z A (2008, October 6) Governor’s keynote address at state street Islamic finance congress 2008, Boston USA—“Islamic finance: A global growth opportunity amidst a challenging environment” (pp 1–5) Boston Bank of International Settlements Review (BIS Review) , 121 www.bis.org 460 Aziz, Z A (2010, May) Thoughts and visions on Islamic finance Welcoming remarks by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Malaysia showcase dinner, Manama, pp 1–2 Bank for International Settlement Review , 60 www.bis.org 461 Aziz, Z A (2011, November 15) The new Islamic finance landscape At the Islamic financial intelligence summit (IFIS) 2011, Kuala Lumpur, pp 1–4 BIS central bankers’ speeches www.bis.org 462 Azizi, Z A (2011, May 4) Governor’s speech at the 7th Islamic financial services board summit—Global financial architecture: Challenges for Islamic finance, Manama 463 Brixiova, Z., et al (2011, April) Closing Africa’s infrastructure gap: Innovative financing and risks Africa economic brief African Development Bank , (1), 1–7 www.afdb.org Retrieved Jan 2012 Index A Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) AfDB See African Development Bank (AfDB) Africa Microfinance Action Forum (AMAF) African Development Bank (AfDB) agribusiness agriculture Algeria AMAF See Africa Microfinance Action Forum (AMAF) Australia B bank account bay’ al-dayn BCEAO See Central bank of West African States (BCEAO) Benin Brazil Burkina Faso C capital adequacy ratio average capital markets Central African Economic and Monetary Union (CEMAC) Central bank of West African States (BCEAO) CGAP See Consultative Group to Assist the Poor (CGAP) China conflict resolution Consultative Group to Assist the Poor (CGAP) consumer corporate governance corruption D Demographic direct investment Djibouti Dow Jones Islamic Index E economic development economic growth economic resurgence Education Egypt electricity Emerging Markets Private Equity Association (EMPEA) Ethiopia F financial crisis financial inclusion financial sector financial stability France FTSE Islamic Index G Gambia GCC See Gulf Cooperation Council (GCC) Germany Ghana Gharar Guinea Gulf Cooperation Council (GCC) H health Hong Kong I ICD See Islamic Corporation for the Development of the Private Sector (ICD) IFC See International Finance Corporation (IFC) IFSB See Islamic Financial Services Board (IFSB) Ijârah Index India Indonesia infrastructure infrastructure gap insurance sector integration process International Finance Corporation (IFC) International Monetary Fund investment Irish Republic Islamic Corporation for the Development of the Private Sector (ICD) Islamic Development Bank (IsDB) Islamic Financial Services Board (IFSB) Islamic private equity Istisna J Japan K Kenya L Libya liquidity management instruments Luxembourg M macroeconomic stability Malaysia Mali Mauritania Mauritius media mergers and acquisitions microfinance middle class mobile banking Morocco MSCI Global Islamic Indices index Mudarabah Murâbahah Mushârakah N natural resources Niger Nigeria P perception political stability Poverty R railways regional integration Regulations and procedures regulators resources allocation retail-banking sector return on capital (ROC) return on equity returns to shareholders risk diversification ROC See return on capital (ROC) Russia Rwanda S Salam savings Senegal Singapore South Africa South Korea S&P Islamic Index and stock exchanges Sudan Sukūk T Takâful Tanzania tax telecommunication trade transport Tunisia Turkey U Uganda United Kingdom (UK) United States (USA) urbanism W Wakalah Waqf World Bank Z Zakah Zambia ... http://www.springer.com/series/14618 Muhammad Al Bashir Muhammad Al Amine Islamic Finance and Africa’s Economic Resurgence Promoting Diverse and Localized Investment Muhammad Al Bashir Muhammad Al Amine Bank Alkhair,... current economic growth in the continent, its main indicators, and investment opportunities Chapter is dedicated to Africa’s banking and microfinance sectors and the role of Islamic finance, ... Chambers of Commerce and Industry WWB Women’s World Banking Contents Introduction Islamic Finance: Principles and Global Growth Islamic Finance in Africa: Current Penetration Africa’s Economic Growth: