Africa: Experts X-Ray Challenges to Islamic Financial System in Africa

The thematic workshop on Development of Islamic Banking in Africa held in Ilorin, Nigeria recently became apt in appraising the current challenges inhibiting the development of Islamic banking in Nigeria particularly and Africa in general. The workshop was organised by the Islamic Research and Training Institute (IRTI) in collaboration with the University of Ilorin and Al-Hikmah University. The workshop brought together experts in Islamic Banking, Regulations and Financial Economics in order to take stock of current academic research, policies, practice and developments on Islamic Banking in Africa. The major challenge to the development of Islamic banking is considered to be the absence of regulations.