With total assets estimated at nearly
"Sharia-compliant banking previously presented an attractiveness that was at best exotic for regulators and banks active in these markets. Now, the perception is changing and public awareness is increasing," S&P underscored.
Such parameters are being observed in
Islamic finance in
Islamic finance can be suitable for infrastructure and project finance, as banks lack long-term funding capacity required by these projects, S&P said.
"Several projects in renewable energy, transport infrastructure, and communication are ongoing or expected to be launched in the future in North African countries. Using sukuk to finance some of these projects could help diversify investor bases and tap additional pools of resources," S&P concluded.
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