South Africa, Nigeria, Egypt may lead Africa 2021 sukuk offer as the African nations needs financing following the coronavirus pandemic.<\/p>\n
Thus, the coronavirus pandemic gives the continent an opportunity to boost its share of Islamic financing.<\/p>\n
The global Islamic-finance industry is forecast to expand about 25% this year, after assets declined 23.5 percent in 2020, said Faizal Bhana, the director for the Middle East, Africa and India at Jersey Finance, citing a study by the not-for-profit organization, which promotes the Channel island as a financial center.<\/p>\n
In Egypt, the cabinet approved a draft sovereign sukuk law in November, while Kenya has put in place a regulatory framework to govern its Islamic-finance industry ahead of a long-awaited sale of its maiden sovereign sukuk.<\/p>\n
South Africa\u2019s Treasury plans to sell a domestic rand-denominated sukuk in current fiscal year which ends in February, while Nigeria is considering Shariah-compliant debt to help finance projects in 2021. Nigeria\u2019s Debt Management Office has already issued three sovereign sukuks, and South Africa sold its maiden Islamic bond in 2014.<\/p>\n","protected":false},"excerpt":{"rendered":"
South Africa, Nigeria, Egypt may lead Africa 2021 sukuk offer as the African nations needs financing following the coronavirus pandemic.<\/p>\n","protected":false},"author":4,"featured_media":322076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[],"class_list":["post-322075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main"],"yoast_head":"\n