North Africa to witness gradual growth in Islamic banking
According to a new report published by Standard & Poor's, supportive socio-political factors and economic incentives should accelerate the growth of Islamic banking activities in North Africa from current low levels.
Islamic banking started its emergence in North Africa in the 1970s. However, the sector is still branded as a niche market in the region, with an overall market share well below 5% of total banking assets. As the report says, the change in political landscape following the Arab Spring should rekindle the development of Islamic banking in the region.