Islamic Finance in Africa

Edited by M. Kabir Hassan, Professor of Finance, Department of Economics and Finance, University of New Orleans, US, Aishath Muneeza, Professor, School of Graduate and Professional Studies, INCEIF University, Malaysia and Karamo N.M. Sonko, Founding Chairman, Heeno International, The Gambia

Contents:

Foreword I xix
Dr Umar A. Oseni
Foreword II xxi
Dr. Bello Lawal Danbatta
Acknowledgement xxiii
Introduction to Islamic Finance in Africa xxiv

PART I LEGAL, REGULATORY AND GOVERNANCE
DEVELOPMENTS AND ISSUES OF ISLAMIC
FINANCE IN AFRICA
1 Islamic finance in Africa 2
M. Kabir Hassan, Aishath Muneeza and Karamo N.M. Sonko
2 Future of Islamic finance in the post-COVID era in Africa 14
M. Kabir Hassan and Aishath Muneeza
3 Islamic financing on agriculture in Sub-Saharan Africa 29
Randi Swandaru
4 Regulatory framework of Islamic finance in selected West
African countries 44
Seedy Conteh, Muhammed Al Amine Sano, Karamo
Sawaneh, Bilkis Lawal Shuaib and Rusni Hassan
5 Weak and missing links of Islamic finance in Nigeria:
a legal appraisal 68
Zakariya Mustapha, Sherin Kunhibava and Aishath Muneeza
6 Prospects of the Islamic Fintech revolution in Africa and
the role of standardised Shariah principles 100
Ummahani A. Amin

PART II ISSUES AND INNOVATIONS IN ISLAMIC
COMMERCIAL FINANCE IN AFRICA
7 Reactivating abandoned infrastructure development and
considering the Islamic finance option: a case study of Nigeria 115
Ziyaad Mahomed, Mustapha Akinlaso and Shamsher Mohamad
8 A comparative risk-adjusted returns performance
evaluation of Islamic, ethical and conventional mutual
funds in Nigeria (2014–2018) 141
Abdullahi Salihu Abubakar and Aliyu Dahiru Muhammad
9 Assessing financing for healthcare infrastructure in
Sub-Saharan Africa: can Islamic finance assist? 163
Ziyaad Mahomed
10 The growth, opportunities and challenges facing Islamic
finance in Nigeria: evidence from waqf and sukuk 189
Monsurat Ayojimi Salami, Harun Tanrıvermiş and Ahmet
Hilmi Erciyes
11 Innovations in Islamic Fintech: a focus on Africa 204
Mohamed Shakeel Salyani and Karamo N.M. Sonko

PART III ISSUES AND INNOVATIONS IN ISLAMIC
SOCIAL FINANCE IN AFRICA
12 The potential of cash waqf for poverty alleviation in Somalia 218
Abdurezak Mohamed Nur and Saeed A. Bin-Nashwan
13 Adopting micro-takaful in Ethiopia: will it fit in the
existing informal insurance structure? 231
Howlet A. Beshir, Syed Musa Syed Jaafar Alhabshi and
Habeebullah Zakariyah
14 Pioneering Islamic microfinance in Uganda: a sustainable
poverty alleviation approach 245
Ssemambo Hussein Kakembo, Abu Umar Faruq Ahmad
and Aishath Muneeza
15 The development of waqf in Sudan for sustainable development 269
Magda Ismail Abdel Mohsin
16 Applying an integrated Islamic social finance model for
the empowerment of women farmers in The Gambia 283
Ziyaad Mahomed and Muhammed Hydara
17 The transformative power of zakat (alms) in
a humanitarian crisis: a case study from Kenya 303
Jemilah Mahmood, M. Kabir Hassan and Aishath
Muneeza

Index