Increasing the Potential of Islamic Finance in Africa CNBC Africa discussed the growth potential of Islamic Finance in Africa. Samira Mensah, Associate Director for Financial Institutions Ratings at Standard and Poor’s and Ameen Hassen, Head of Shari’ah Banking at Standard Bank participated in a discussion which highlighted the growth space for Islamic finance in Africa. Demand within ... »

The growing potential in Africa is expected to create more opportunities for Islamic finance, in light of its robust economic prospects and rising consumer base. As Islamic financial industry continued to experience growth, there is a dire need in highly skilled and talented human capital workforce that can drive the future developments and innovations of the industry. »

In an interview with the African Leadership Network, Lamin Manjang, CEO Standard Chartered Kenya stated the Kenyan government has previously stated it wishes to go down the route of a sovereign sukuk issuance, and that Standard Chartered Kenya is leveraging off the banks international experience in issuing sukuk to assist the Ministry of Finance. »

Jeremy Awori, MD Barclays Kenya stated Sharia compliant products should be seen in the context of the merits of their structure as opposed to being seen from a faith based perspective. He added risk management is easier when dealing with Sharia compliant structures due to core assets being used within the financing framework. »

The La Riba Bank account started in Kenya in 2006 to provide Islamic Finance and Banking services for Kenya’s 8 million Muslims who represent 25% of the population. »