Embracing Islamic Finance in Africa

Lack of well researched and written books are a major challenge to the development of Islamic finance. Islamic finance is a financial technology whose principles are based on the Quran and Hadith but is availed to both Muslim and Non-Muslims. It has been actively supported by multilateral funding bodies like IBRD IFC UNCTAD and the Islamic Development Bank and the G20 countries especially because of the potential to contribute to the achievement of the Sustainable Development Goals (SDGs). It has been adopted in countries of all continents. Major universities in Europe and North America are providing courses on Islamic Finance at both undergraduate and post graduate levels. Professional courses like Association of Chartered Certified Accountants (ACCA) and Chartered Institute of Management Accountants (CIMA) have a major content of Islamic Finance. Its major principles are prohibition of payment and receiving interest funding enterprises dealing in alcohol and other activities prohibited in Islam.