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 and Associate Dean, School of Graduate and Professional Studies and Associate Member, Centre of Excellence for Islamic Social Finance (CoE ISF), INCEIF University, Malaysia and Karamo N.M. Sonko, Founding Chairman, Heeno International, The Gambia

• Contents:Foreword I xixDr Umar A. OseniForeword II xxiDr. Bello Lawal DanbattaAcknowledgement xxiiiIntroduction to Islamic Finance in Africa xxivPART I LEGAL, REGULATORY AND GOVERNANCEDEVELOPMENTS AND ISSUES OF ISLAMICFINANCE IN AFRICA1 Islamic finance in Africa 2M. Kabir Hassan, Aishath Muneeza and Karamo N.M. Sonko2 Future of Islamic finance in the post-COVID era in Africa 14M. Kabir Hassan and Aishath Muneeza3 Islamic financing on agriculture in Sub-Saharan Africa 29Randi Swandaru4 Regulatory framework of Islamic finance in selected WestAfrican countries 44Seedy Conteh, Muhammed Al Amine Sano, KaramoSawaneh, Bilkis Lawal Shuaib and Rusni Hassan5 Weak and missing links of Islamic finance in Nigeria:a legal appraisal 68Zakariya Mustapha, Sherin Kunhibava and Aishath Muneeza6 Prospects of the Islamic Fintech revolution in Africa andthe role of standardised Shariah principles 100Ummahani A. AminPART II ISSUES AND INNOVATIONS IN ISLAMICCOMMERCIAL FINANCE IN AFRICA7 Reactivating abandoned infrastructure development and considering the Islamic finance option: a case study of Nigeria 115Ziyaad Mahomed, Mustapha Akinlaso and Shamsher Mohamad8 A comparative risk-adjusted returns performanceevaluation of Islamic, ethical and conventional mutualfunds in Nigeria (2014–2018) 141Abdullahi Salihu Abubakar and Aliyu Dahiru Muhammad9 Assessing financing for healthcare infrastructure inSub-Saharan Africa: can Islamic finance assist? 163Ziyaad Mahomed10 The growth, opportunities and challenges facing Islamicfinance in Nigeria: evidence from waqf and sukuk 189Monsurat Ayojimi Salami, Harun Tanrıvermiş and AhmetHilmi Erciyes11 Innovations in Islamic Fintech: a focus on Africa 204Mohamed Shakeel Salyani and Karamo N.M. SonkoPART III ISSUES AND INNOVATIONS IN ISLAMICSOCIAL FINANCE IN AFRICA12 The potential of cash waqf for poverty alleviation in Somalia 218Abdurezak Mohamed Nur and Saeed A. Bin-Nashwan13 Adopting micro-takaful in Ethiopia: will it fit in theexisting informal insurance structure? 231Howlet A. Beshir, Syed Musa Syed Jaafar Alhabshi andHabeebullah Zakariyah14 Pioneering Islamic microfinance in Uganda: a sustainablepoverty alleviation approach 245Ssemambo Hussein Kakembo, Abu Umar Faruq Ahmadand Aishath Muneeza15 The development of waqf in Sudan for sustainable development 269Magda Ismail Abdel Mohsin16 Applying an integrated Islamic social finance model forthe empowerment of women farmers in The Gambia 283Ziyaad Mahomed and Muhammed Hydara17 The transformative power of zakat (alms) ina humanitarian crisis: a case study from Kenya 303Jemilah Mahmood, M. Kabir Hassan and AishathMuneezaIndex

‘The book offers many useful suggestions and recommendations for policymakers, regulators, practitioners, academics and researchers who are interested in Islamic finance in Africa. It is a valuable contribution to the literature on Islamic finance in Africa and a timely resource for anyone who wants to learn more about this emerging and promising field of business. Scholars and Islamic finance stakeholders, including research and education institutions, will find this book invaluable in understanding this important topic and region. In-depth case studies allow the reader to zoom into selected markets to understand issues/innovation in detail. This book also will be useful to policymakers and regional standard setting bodies, including multilateral and humanitarian agencies, in understanding the potential of Islamic finance in financial inclusion and resolving humanitarian crises.’