A recent report by Moody's Investor Service reveals that Morocco is among the future major issuers of sovereign sukuks in Africa. At his side, we see the banking market of Egypt and that of Nigeria.

Moody's Investor Service indicates that the African continent's needs for development finance could lead to the issuance of more sovereign sukuks. Africa has nearly a quarter of the world's Muslims, but its Shariah-compliant banking assets represent only about 2% of global Islamic banking assets, according to the report. The document also notes that the ratio of Islamic banking assets to total banking assets is low. However, the Egyptian, Moroccan and Nigerian banking sectors are among the largest on the continent. The rating agency expects the continent's vast funding needs to drive long-term demand for Islamic banking products. He recommends that African countries with large Muslim populations – Egypt, Morocco, Sudan, Nigeria and Senegal – step up efforts to lead the growth of Islamic finance.