In a report on Islamic finance in North Africa, the rating agency Standard & Poor’s (S & P), highlights improvements of the prospects of Islamic finance in countries of North Africa, provided that regulators, policymakers and banks, create a climate of trust.
According to S & P, the development of Islamic banking in Egypt, Morocco and Tunisia could alleviate financing constraints facing these economies.
Experts from the rating agency does not expect, however, “significant development for two to three years at least.”
It is important to remember that Islamic finance currently represents only 5% of banking assets in North Africa.
