Islamic Finance in Africa

‘The Book under review, co-edited by three prolific writers, is a welcome addition in terms of its subject, timing, and focus on sustainable development. The editors highlight three key driving pillars of Islamic finance in Africa, namely, focus on financial inclusion, spur in economic activities, and increased infrastructure funding.’
– Shariq Nisar, Journal of Islamic Studies

‘There is no doubt that Islamic finance has huge potential in the African continent. I have not seen so far, a book that comprehensively covers the Islamic finance developments with its future prospectus in the African continent. The case study approach adopted in this book helps the readers to understand the practical implementation of Islamic finance. I highly recommend this book to practitioners and policymakers as to shape the post-pandemic landscape of Islamic finance the information provided in this book is valuable.’
– Zamir Iqbal, Islamic Development Bank

‘Islamic finance, though a growing global phenomenon, is little known in Africa. This book is expected to bridge this knowledge gap. I know the three editors. They are credible, competent and committed.’
– M.M. Bintube, Jaiz Bank PLC

‘In scaling up the operations of multilateral development banks (MDBs) Islamic finance has gained ground as a safer asset financing mode. From relative marginalization it is now at the forefront of scaling up development finance to member countries and crowding investments. Looking ahead at it as a great opportunity window for alternative investments and supplementary financing, the volume and quality ought to be increased. This book makes an insightful and convincing case for a continent that needs such attention.’
– Kodeidja Diallo, Former Director, Islamic Development Bank Group and former Director, African Development Bank Group

‘This book is the first comprehensive one on Islamic finance dedicated to Africa. It has addressed the contemporary issues with regard to the role of Islamic finance in Africa''s development. It makes an insightful and convincing case for a continent that needs such attention. I would recommend it to anyone interested in the subject.’
– M.S. Jallow, International Islamic Trade Finance Corporation (Islamic Development Bank Group)

Contributors: Abdullahi Salihu Abubakar, Abu Umar Faruq Ahmad, Mustapha Akinlaso, Syed Musa Syed Jaafar Alhabshi, Ummahani A. Amin, Howlet A. Beshir, Seedy Conteh, Ahmet Hilmi Erciyes, M. Kabir Hassan, Rusni Hassan, Ssemambo Hussein Kakembo, Muhammed Hydara, Sherin Kunhibava, Jemilah Mahmood, Ziyaad Mahomed, Shamsher Mohamad, Magda Ismail Abdel Mohsin, Aliyu Dahiru Muhammad, Aishath Muneeza, Zakariya Mustapha, Saeed A. Bin-Nashwan, Abdurezak Mohamed Nur, Monsurat Ayojimi Salami, Muhammed Al Amine Sano, Mohamed Shakeel Salyani, Karamo Sawaneh, Karamo N.M. Sonko, Randi Swandaru, Bilkis Lawal Shuaib, Harun Tanrıvermiş, Habeebullah Zakariyah

Contents:

Foreword I xix
Dr Umar A. Oseni
Foreword II xxi
Dr. Bello Lawal Danbatta
Acknowledgement xxiii
Introduction to Islamic Finance in Africa xxiv

PART I LEGAL, REGULATORY AND GOVERNANCE
DEVELOPMENTS AND ISSUES OF ISLAMIC
FINANCE IN AFRICA
1 Islamic finance in Africa 2
M. Kabir Hassan, Aishath Muneeza and Karamo N.M. Sonko
2 Future of Islamic finance in the post-COVID era in Africa 14
M. Kabir Hassan and Aishath Muneeza
3 Islamic financing on agriculture in Sub-Saharan Africa 29
Randi Swandaru
4 Regulatory framework of Islamic finance in selected West
African countries 44
Seedy Conteh, Muhammed Al Amine Sano, Karamo
Sawaneh, Bilkis Lawal Shuaib and Rusni Hassan
5 Weak and missing links of Islamic finance in Nigeria:
a legal appraisal 68
Zakariya Mustapha, Sherin Kunhibava and Aishath Muneeza
6 Prospects of the Islamic Fintech revolution in Africa and
the role of standardised Shariah principles 100
Ummahani A. Amin

PART II ISSUES AND INNOVATIONS IN ISLAMIC
COMMERCIAL FINANCE IN AFRICA
7 Reactivating abandoned infrastructure development and
considering the Islamic finance option: a case study of Nigeria 115
Ziyaad Mahomed, Mustapha Akinlaso and Shamsher Mohamad
8 A comparative risk-adjusted returns performance
evaluation of Islamic, ethical and conventional mutual
funds in Nigeria (2014–2018) 141
Abdullahi Salihu Abubakar and Aliyu Dahiru Muhammad
9 Assessing financing for healthcare infrastructure in
Sub-Saharan Africa: can Islamic finance assist? 163
Ziyaad Mahomed
10 The growth, opportunities and challenges facing Islamic
finance in Nigeria: evidence from waqf and sukuk 189
Monsurat Ayojimi Salami, Harun Tanrıvermiş and Ahmet
Hilmi Erciyes
11 Innovations in Islamic Fintech: a focus on Africa 204
Mohamed Shakeel Salyani and Karamo N.M. Sonko

PART III ISSUES AND INNOVATIONS IN ISLAMIC
SOCIAL FINANCE IN AFRICA
12 The potential of cash waqf for poverty alleviation in Somalia 218
Abdurezak Mohamed Nur and Saeed A. Bin-Nashwan
13 Adopting micro-takaful in Ethiopia: will it fit in the
existing informal insurance structure? 231
Howlet A. Beshir, Syed Musa Syed Jaafar Alhabshi and
Habeebullah Zakariyah
14 Pioneering Islamic microfinance in Uganda: a sustainable
poverty alleviation approach 245
Ssemambo Hussein Kakembo, Abu Umar Faruq Ahmad
and Aishath Muneeza
15 The development of waqf in Sudan for sustainable development 269
Magda Ismail Abdel Mohsin
16 Applying an integrated Islamic social finance model for
the empowerment of women farmers in The Gambia 283
Ziyaad Mahomed and Muhammed Hydara
17 The transformative power of zakat (alms) in
a humanitarian crisis: a case study from Kenya 303
Jemilah Mahmood, M. Kabir Hassan and Aishath
Muneeza

Index