|Saran Kaba Jones|
Wednesday, 7 August 2013
|The Young African Millionaire Lighting Up Tanzania|
|Abasiama Idaresit, Founder, Wild Fusion|
Tuesday, 6 August 2013
* Use of Islamic banking windows set to increase
* Much of regulatory framework now established
* First sukuk may come soon
* Short-term liquidity management products under development
By Chijioke Ohuocha and Bernardo Vizcaino
LAGOS/SYDNEY, Aug 6 (Reuters) - Nigeria is gradually opening up to Islamic finance, a move that could bring non-interest banking to over 80 million Muslims and develop one of Africa's fastest-growing consumer and corporate banking sectors.
Home to the largest Muslim population in sub-Saharan Africa, Nigeria is trying to establish itself as the African hub for Islamic finance, which follows religious principles such as bans on interest and gambling.
In recent months, a string of regulatory initiatives have set the groundwork for products such as Islamic bonds (sukuk), insurance (takaful) and interbank lending products, although there is still only a small number of local market participants.