Regulatory framework of Islamic finance in selected West African countries

Seedy Conteh, Muhammed Al Amine Sano, Karamo Sawaneh, Bilkis Lawal Shuaib and Rusni Hassan

Chapter 4 in Islamic Finance in Africa, 2022, pp 44-67 from Edward Elgar Publishing

Abstract: West Africa has great potential to become leaders in the Islamic finance industry. However, the absence of a comprehensive regulatory framework coupled with no political backing and poor legal infrastructure among other things have all but hindered its growth. Nonetheless, by implementing strategic and intentional solutions, these issues can be circumvented, thus propelling the region to reach its true potential in the industry. The objective of this chapter is to assess the regulatory framework of Islamic finance in selected West African countries to identify the challenges and recommend ways to overcome them. This chapter recommends that: political commitment; building Islamic finance-related capacity and infrastructure within localities; enacting comprehensive and dedicated Islamic finance legislation; establishing effective Shariah advisory boards as governing bodies; and setting up extensive dispute resolution mechanisms could assist in overcoming the challenges identified.

Keywords: Development Studies; Economics and Finance (search for similar items in EconPapers)
Date: 2022
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