Islamic Finance and Africa's Economic Resurgence by Muhammad Al Bashir Muhammad Al Amine

Author:Muhammad Al Bashir Muhammad Al Amine
Language: eng
Format: epub
Publisher: Springer International Publishing, Cham

More importantly, Africa’s MFIs must give priority to factors that limit their profitability. They must first deal with largely inefficient infrastructures for roads, telecoms, and electricity, along with wages that, stated as a percentage of Net Banking Income (NBI), are higher than elsewhere. More importantly, they have to adapt to low population density, mainly in rural areas, which are therefore harder to cover. Another factor holding back growth of microfinance in Africa is the lack of qualified personnel. Not only are experienced managers lacking, there is an insufficient number of technicians with skills in IT, accounting, and marketing.126

Africa’s stock markets, debt or bonds market, the insurance industry, and the private equity market are all doing well and Islamic financiers are invited to grasp these opportunities.

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