According to an article published on the IFC site, when IFC first invested in Kenya’s Gulf African Bank in 2013, Islamic finance was a growing phenomenon in Sub-Saharan Africa. Gulf African Bank was among only a handful of financial institutions in East Africa to offer sharia-compliant financial products. IFC supported Gulf African Bank’s new model by providing $5 million equity and a $3 million trade finance line.
A year later, Islamic financial institutions have gained a firmer foothold on the continent. Nigeria, now Africa’s largest economy, and Sudan, have joined the $ 100 billion annual market for sukuk, or Islamic bonds; while Senegal and South Africa are set to follow soon.
This project has received funding from the European Union's Seventh Framework Programme for research, technological development and demonstration under grant agreement no 313203