Photo
Over the last decade, trade between African countries and the rest of the world has grown significantly and, in particular, charting a 170% increase in trade with the GCC.

The ongoing shift by African countries from being aid-dependant to increasing trade and investment ties with the Middle East has positioned Islamic finance to play a key role in facilitating further increases in trade and investment flows between Africa and the Middle East.


 
 
Picture
Swaziland is reportedly considering the establishment of the country’s first Islamic bank, with Qatar National Bank (QNB) said to be a frontrunner for its set up.

The move is significant in two ways — Firstly, in that it would mark the African nation’s entry into Islamic finance; and secondly, it could help Qatari conventional banks such as QNB to circumvent orders to shut down their Islamic operations last year.