Shari'ah financing can help Africa achieve important development goals
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These figures indicate that the perceived dichotomy between Islamic and conventional financing may be preventing many economies from leveraging Islamic finance to meet their development objectives. The African Development Bank estimates that Africa has a $100 billion annual infrastructure financing gap. Massive infrastructure development is needed, and governments will have to raise a large portion of the funding for this infrastructure development from debt capital markets. To put it into perspective, the amount of Shari’ah compliant assets in sub-Saharan Africa was estimated to be over $3 trillion by 2021.
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