Islamic Banking in North Africa

Abstract

Investors from North Africa are interested in financial products with ethical focus and specific risk profile and are in accordance with their religious convictions. This chapter reviews the status of Islamic banking (IB) in North Africa in which the governments have started introducing fundamental legal and regulatory frameworks to promote the development of Islamic finance. The study also discusses the prospect of Islamic banking in these jurisdictions. To fulfill the objectives of the proposed study, a qualitative research was performed. The empirical approach of this study analyzed the financial position of different banks in North African countries. Overall, Islamic finance can be an ideal opportunity for financing infrastructure and development projects in North Africa.