Islamic Finance to Play a Key Role in Boosting Economic Development in Africa

There has been a noteworthy growth in trade between African countries and the rest of the world. Trade with the Gulf region especially has increased 170%. African countries are in the process of changing from dependent on external aid to closely tied with the Middle East in terms of trade and investment. This makes Islamic finance a key factor in facilitating further development of trade and investment flows between Africa and the Middle East. Moreover, this is particularly important for providing funding for key areas such as SMEs and project finance.

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