Economic Development

Mapping Africa’s Islamic Economy

November 18, 2015

Africa, Middle East

November 18, 2015

Africa, Middle East
Adam Green

Senior editor, EMEA

Adam is a senior editor for The Economist Intelligence Unit's thought leadership division in EMEA, focusing primarily on the Middle East and Africa. In this role, he has worked on in-depth research studies, surveys, multimedia documentaries and infographics on topics ranging from healthcare to personal finance. Previously, Adam was Deputy Editor of This is Africa, a bimonthly magazine published by the Financial Times. He also worked as Communications Officer for the International Growth Centre, a research institute based at the London School of Economics and funded by the UK Department for International Development. Adam holds a Masters in Development Studies from the School of Oriental and African Studies, with a grade of distinction, and an undergraduate degree in Philosophy and History and Philosophy of Science from the University of Leeds. His independent research and journalism has been published by the Middle East Institute.

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Key findings include:

  • Sukuk are an attractive tool for financing African infrastructure. Africa faces a severe infrastructure deficit but government budgets have come under pressure due to low commodity prices. Sharia-compliant bonds, or sukuk, have been used in five countries to raise capital.
  • Islamic finance has a presence in 21 African countries, from established systems like Sudan through to new entrants like Uganda
  • While countries such as the populous Nigeria stand out as potential markets due to population size and religious makeup, interest in Islamic economy goods and services is not reliant on majority or even large Muslim populations
  • Political tensions mean that some populations are concerned about Islamic economy discourse. Educational campaigns could help promote public understanding.

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