Stepping into uncharted territory (By IFN)

See: http://redmoney.newsweaver.co.uk/1kz9wx6opyth38rwoni3wx?email=true&a=6&p=23511155&t=21120205

As Africa develops into one of the world’s most exciting economies, the growth of Islamic finance has closely followed suit. The industry has spread rapidly across the continent; tapping markets still uncharted yet full of promise.



This week, our cover story looks at Nigeria and Kenya’s efforts to develop Islamic finance in their respective countries, in what has emerged as a race to become Africa’s hub for Shariah compliant finance.

Our focus on Africa also includes a feature on the prospects for Egypt’s Ijarah market by Dr Shahinaz Hanem Rashad Abdellatif of the Egyptian Leasing Association; and an IFN Correspondent report on developments in Tanzania’s Islamic banking market.

Meanwhile, Osama Jamshaid of Kuwait Finance House (Malaysia) writes a brief overview of developments in our industry and the steps still needed to promote further growth; while Osman Akyüz of the Participation Banks Association of Turkey looks at the growth of Turkish Islamic banks.

Abu Bakr Abdel Rahmen, an Egypt-based Islamic financial analyst, contributes our Takaful feature on the role of Islamic insurance in the economic development of Islamic countries.
Insider talks to Azrulnizam Abd Aziz, the newly appointed CEO of Al Rajhi Bank Malaysia and Mudassir Amray, its head of wholesale banking, on the bank’s growth plans this year. We also have an IFN Report on Indonesian corporate Sukuk issuances.

This week, our IFN Correspondents write on developments in Australian and Qatari Islamic finance markets, Bermuda as a domicile of choice for Islamic funds, investment banks in the Iranian capital market and the debut Sukuk from Mauritius car dealer Iframac.

Meet the Head talks to Adnan Alias, CEO of the Islamic Banking and Finance Institute Malaysia.