In a recent report published by the economic forecast division at Morocco’s finance ministry, Morrocan commercial banks operating in Africa are invited to explore the growth opportunities offered by Islamic finance in the region.

“The expertise acquired by those banks in the Moroccan market and the partnerships they developed with leading partners affiliated with Gulf countries are decisive advantages to use to gain a profitable position in this specific segment in some markets like Senegal, Mali, Cameroon, and Nigeria,” the report read.

According to the ministry, concording studies indicate that Africa would record a huge growth in Islamic finance now that various regulations are in place.

Source Ecofin Agency