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Islamic Banking Grows in Africa Amid Booming Muslim Population


Islamic Banking Grows in Africa Amid Booming Muslim Population
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Islamic-style banking is on the rise worldwide, showing especially strong growth in Africa recently, according to the rating agency Moody’s. This type of banking system doesn't charge or pay interest, uses physical assets to underpin transactions, and does not invest in so-called “sin” industries like alcohol, pork and gambling. In South Africa, the continent’s financial hub, Islamic banking is gaining popularity among the minority Muslim community. VOA’s Anita Powell reports in Johannesburg.

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