Hon House Chairperson, the ANC is pleased by the recent development of Africa embracing large-scale Islamic financing as it seeks to tap into Middle Eastern investments to finance its large infrastructure programmes.
African markets are opening up to Sharia financing. Regimes across African banks are open to Sharia bonds as a way to catch rich Islamic investors, with South Africa making US$500 million in September and Senegal raising US$208 billion in June. The Tunisian government could soon follow with a dollar-denominated deal that they hope to place by year-end, and Kenya is considering a Sharia bond issue.
Nigeria had a small-currency Sharia bond issue last year, and Zambia has been issuing short-term Islamic paper currency for years. The Sharia's commitment to provide support to established Islamic finance securities in Africa gives hope to many.
Africa is home to roughly four hundred million Muslims, about a quarter of the world's total, and this will be useful for Africa's investment in infrastructure, from power stations and railways to courts and roads. I thank you. [Applause.]