MAJOR PLAYERS

In the African continent, Moody’s sees West African nations to lead in sukuk issuances. Greater sukuk issuance will promote greater public awareness of Islamic finance.

Egypt, Morocco, Sudan, Senegal and Nigeria stand out as best positioned for growth in Islamic finance. They have large Muslim populations, have made, or are making, the extensive legal and regulatory changes required for Sharia-compliant finance and most have a history of sukuk issuance. Egypt has indicated that it will likely issue its debut sukuk in its 2021-22 fiscal year.