Africa is a hotspot for Islamic finance.
Dubai, UAE, January 15, 2015 -- Camille Paldi, CEO of the
Franco-American Alliance for Islamic Finance and Baba Yunus, CEO of the
African Islamic Economic Foundation sign MOU to cooperate to promote the
cause of Islamic finance in Africa and promote investment in African
nations. Paldi and Yunus, recognizing the tremendous potential of
Islamic finance in Africa as a form of alternative financing and
investment and as a tool to attract investment into Africa agree to work
together to cooperate in developing Islamic finance in Africa and in
facilitating Islamic finance business in Africa for other regions of the
world including the GCC, China, Europe, Australia, and the United
States. Islamic finance is gaining momentum around the world with major banks and financial institutions in Asia, Europe, Africa, the United States, and Australia engaging in the different modes of Islamic finance, issuing million dollar sukuks, developing takaful (Islamic insurance) companies, and implementing legislation and regulations in order to enable Islamic finance transactions.
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