Islamic finance: "A rapidly growing global market worth $4 trillion," according to Mouhamadou Lamine Mbacké

The development of Islamic finance worldwide opens up new economic opportunities, but it remains heavily dependent on the availability of specialized skills. This is the opinion of Mouhamadou Lamine Mbacké, President of the African Institute of Islamic Finance (AIIF).

“If we talk about Islamic finance at the global level, we are talking about $4 trillion in assets with a growth rate between 15 and 25%,” said the guest on Seneweb Eco this Sunday, March 15, 2026. For him, this growth is largely explained by the appeal of finance based on ethical and balanced principles.

“Even non-Muslims are more in favor of Islamic finance than conventional finance, because Islamic finance has an ethic that ensures that neither the bank nor the client is harmed,” argued Mouhamadou Lamine Mbacké.

The president of the African Institute of Islamic Finance also emphasized the resilience of this model in the face of international financial crises. "Islamic banks emerged unscathed from the crisis," he stated, believing that this system contributes to "establishing a stable economy, where there are no speculative bubbles or compound interest rates that eventually burst."

However, despite this potential, the development of Islamic finance continues to face a shortage of specialized skills. "The lack of qualified bankers and experts is one of the main obstacles today," said Mouhamadou Lamine Mbacké.

According to him, the experience of some countries shows the importance of quickly building a critical mass of specialists. "It was expertise that was lacking," he explained, citing the example of Morocco which, since the introduction of Islamic finance in 2017, has succeeded in structuring a solid ecosystem thanks to dedicated skills.

In Senegal, AIIF claims to have already contributed to the training of many professionals. "We have trained more than 2,000 experts in the field, but this could have been supported more by the State," he lamented.

According to the president of the African Institute of Islamic Finance, the growth of this sector necessarily requires increased investment in training and the development of local expertise. "To set up a sukuk, you need a capital market specialist trained in Islamic finance," he emphasized, stressing that the demand for these skills remains strong internationally.