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The Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE), Zubair Mughal, has said that the volume of Islamic banking and finance industry is expected to reach $2.5 trillion in 2019.

“The average growth of the industry will remain the same in the Middle East, while in East Africa, Tanzania and Kenya are expected to introduce and enhance regulatory framework for the Islamic finance industry,” said Mughal. “Uganda and Ethiopia would also be claiming the same growth, while in West Africa, Nigeria and Senegal will record growth of the industry by enhancing the market base of Islamic microfinance and Islamic bonds (Sukuks).”

He further said that the Sukuk industry is expected to grow as new Sukuk will be issued. In North Africa, the Moroccan Islamic financial industry will also emerge this year.

Mughal noted that Islamic banking is no longer limited to only Muslim countries. More than 100 countries are practicing Islamic banking and finance, including the UK, USA, Japan, Russia, Germany and South Africa.