Posted by: islamicfinancingnews | November 17, 2012

Islamic finance expanding in Africa

The influence of Sharia compliant Islamic finance continues to grow globally with Reuters recently reporting plans by the ICD to broaden its consumer base in Africa. The ICD which stands for The Islamic Corporation for the Development of the Private Sector and is based in Jeddah, Saudi Arabia, is made up of 51 member countries that support economic development through private sector financing that adheres to Islamic principles.

In an effort to establish and manage Islamic banks as well as takaful insurers, the ICD has already provided millions of dollars in financing to borrowers in several African countries in the past two years and plans to open two Islamic banks next year in the West African countries of Mali and Benin according to ICD chief executive, Khaled Al-Aboodi. Speaking at the recent Islamic Banking Summit Africa (IBSA), Aboodi noted the organization wants to provide its expertise and resources to help Islamic finance develop in this continent where more than fifty percent of the population is Muslim.

Islamic finance is becoming more and more popular in all corners of the globe. North American Muslims need to consider some of the more traditional criteria when they are looking to obtain Islamic loans free of Riba to purchase a home or refinance their existing mortgage.

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