![Still springtime in North Africa? [Banker Middle East]](https://www.finance-news.lu/wp-content/themes/hueman/assets/front/img/thumb-standard-empty.png)
North Africa is moving towards the development of the Islamic financial industry as a response to the protests in several countries of the Arab world. Although there are some difficulties to overcome like low banking penetration and limited development…
The euphoria of the Arab Spring has turned to disappointed expectations because building Arab democracies with open economies has proved to be much harder than expected. Countries like Tunisia, Egypt and Libya are stuck in a situation of instability wh…
Central Bank of Libya’s work on plans for the introduction of Sharia-compliant banking in the country’s financial sector go on. According to Fatih Aqoub, a consultant engaged on the bank’s project, rapid progress has already been made. Since January a …
Notable growth in the takaful industry from Islamic countries in North Africa is expected due to the changes in the political environment there. Islamic governments in countries like Libya, Tunisia and Egypt will most probably make a huge contribution …
The future financial regulation of Libya will face some new challenges and advantages. The question remains however, whether the absence of political stability and security will have a positive effect on the adoption of Islamic finance. The new Congres…
Islamic finance has considerably grown in North Africa, with many Middle East financial institutions investing in the region. There has also been significant development in the south of the continent. Though there is a low Muslim population in South Af…
Various providers stated that the demand for Shariah-compliant PRI in MENA countries has increased significantly. Ravi Vish, director and chief economist of MIGA, also confirmed that request for political risk insurance (PRI) has increased to unprecede…
The effects of the ‘Arab Spring’ in North Africa may have presented fantastic opportunities for Islamic finance according to Patrick AbiHabib of Arab Banking Corporation.
He explained that the transitional authorities in Libya, Tunisia and Egypt ha…
Although Libya is Africa’s biggest oil producer, it will still have to borrow money for the reconstruction of its infrastructure and one source the new government is considering to be the Islamic capital markets.
Bloomberg stated that the financial reg…
Libya’s central bank is arranging a law to give permission to lenders and issuers to sell Islamic bonds as part of its efforts to evolve banking services after the fall of Muammar Qaddafi.
Mustafa Abdel Jalil, an Islamic jurist and former justice min…
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