Africa is for the first time embracing large-scale Islamic finance as countries seek to tap cash-rich Middle Eastern investors to finance large infrastructure programmes.
The market for sukuk, or Islamic bonds, received a boost this month after Nigeria became the first big economy in sub-Saharan Africa to use the $100bn a year Islamic market, followed days later by Senegal.
Africa is home to roughly 400m Muslims – about a quarter of the world’s total – but until now only Gambia and Sudan have issued any sukuk, and they were for tiny sums on a short-term basis.
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