Tunisia’s Islamic financial assets could potentially grow to 40 percent of total financial assets to $28.5 billion by 2018 from a low base of just 2 percent. It confirms that the country will benefit from the anticipated Islamic finance regulatory framework expected to be in place by late 2014, according to a report.
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today released an Islamic Finance country report on Tunisia in collaboration with the Islamic Research and Training Institute (IRTI), a member of the Islamic Development Bank and the General Council for Islamic Banks and Financial Institutions (CIBAFI).
The Tunisia country report follows a recent agreement between Thomson Reuters, IRTI, and CIBAFI. The collaboration will results in producing a series of research reports that will encourage transparency and address lack of primary industry research in the Islamic Finance space.
The Tunisia report offers a structured, systematic and comprehensive approach to identifying and measuring the opportunities for Islamic finance in the country.
The findings of the report are based on two key elements including a national retail financial services perception survey of more than 600 consumers together with interviews with key influencers in the financial services industry and government. The report indicates that 54 per cent of Tunisians would switch to an Islamic bank even with lower rates of return, while 40 percent of Tunisians said they would still deal with an Islamic bank even if capital is not guaranteed.
“We are delighted to produce this analytical report in collaboration with the IRTI and CIBAFI. The Tunisia country report highlights this sector’s contribution to the country’s economic growth and development,” Russell Haworth, managing director, Middle East and North Africa, Thomson Reuters, said.
“The recent financial and economic crises and the political-social transformation in many countries after the Arab Spring have accentuated the interest in the Islamic Finance sector,” Dr. Mohamad Azmi Omar, Director General, IRTI, said.
“The Islamic finance industry in Tunisia is set to witness a remarkable growth that could position the country as the Islamic financial hub of North Africa,” Dr. Sayd Farook, global head of Islamic Capital Markets, Thomson Reuters, said.
“A new era has dawned in Tunisia following the recent revolution. We have seen increased interest in the country’s changing economic and financial landscape specifically in the area of Islamic Finance regulations,” Dr. Omar Hafiz, Secretary General, CIBAFI, Bahrain said.