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date: 16 October 2019

Abstract and Keywords

This chapter reviews Islamic finance’s North Africa’s historical roots and connections to the region’s development. It outlines an organizational blueprint for the industry that would allow it to develop in compliance with both general financial regulation and the principles of Islamic finance. As financial intermediation striving to be consistent with the faith of the vast majority of North Africa’s population, Islamic finance could contribute to financial deepening and inclusion. It needs to overcome competitiveness challenges due to compliance costs not borne by conventional finance. After an overview of the various connections of North Africa with Islamic finance and its potential contribution to development, the chapter suggests an organizational framework that could enhance the industry’s competitiveness and reduce regulatory compliance challenges. It concludes with Ibn Khaldun’s message of letting markets determine an industry’s fate within a clear and transparent institutional framework.

Keywords: Islamic finance, North Africa, development, regulation, compliance, Ahmed El Naggar, Ibn Khaldun

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