The aim of this report is to assess the state of Islamic banking in North Africa, examine why it has failed to take-off and consider its future potential and how it can contribute to the economic development. The rationale for Islamic finance is explained and its essential features described. Once shari’ah compliant financing facilities become available, funds that otherwise might not be available can be harnessed for both commercial and development projects. In addition to diversifying funding sources, Islamic finance can ensure better monitoring of how funds are deployed, improving the effectiveness of financial intermediation.
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