The immunization sukuk $500 million

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Lulu Hypermarket

$500 million perpetual sukuk

The growth and globalization of Islamic finance over the past decade has been a rare success story for the financial industry. Here, Euromoney examines the challenges the sector faces to rise to the next level. Throughout the section, we highlight the banks, advisers, issuers and companies that are moving the industry forward, in Euromoney’s inaugural Innovation in Islamic finance awards.

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With expanding economies and hundreds of million Muslims, Africa deserves to be a bigger part of Islamic finance. After a slow start, there are signs the sector is beginning to gain the crucial mass and legislative backing it needs.

$1.5 billion 10-year sukuk

International banks used to dominate Islamic finance. But their desire to innovate risked the market straying from its principles. Local and specialist firms have benefited from their withdrawal. But can they take Shariah-compliant finance to the next level without repeating the mistakes of the past?

As liquidity improves and conventional buyers become more familiar with it, the premium for issuing in an Islamic format is shrinking. Emerging market issuers may still hold the most promise for the future

As Islamic banking ponders its next stage of development, it would be wise to consider the appeal of ethical investing.

Africa Finance Corporation's (AFC) debut bond is buoyed by positive investor sentiment towards sub-Saharan Africa's (SSA) largest economy.

Virgin Active’s ditched IPO plans on the Johannesburg Stock Exchange – after a surprise bid by South African investment company Brait – fits into the recent M&A-over-IPO trend.

With expanding economies and hundreds of million Muslims, Africa deserves to be a bigger part of Islamic finance. After a slow start, there are signs the sector is beginning to gain the crucial mass and legislative backing it needs.

Nigerian reformer reveals vision for the African Development Bank; blueprint for energy, private-sector loans.

The Brics sovereign is still worrying the risk experts – and its downgrades seem likely to continue.

Private equity investment has reached pre-financial crisis levels in Africa. However, more deals could be executed if there was more collaboration between funds, private equity managers say, against the backdrop of a more challenging commodity-driven economic cycle.

South Africa’s deteriorating economic outlook has fuelled fears of a credit downgrade to junk status. Nhlanhla Nene, South Africa’s minister of finance, explains to Euromoney the country's fiscal balancing act.

Africa private equity debate: Realising Africa’s potential

UK levy shows increasing burden of regulatory scrutiny; concerns rise over banks’ access to dollar funding.

Mellat leads legal action against UK; lifting sanctions only half the issue.

Iraq is asking UK investors to help finance its war against Islamic State. Are pension funds equipped to mix politics with prudence?

A $75 million commitment to the government of Rwanda for clean water production through a public-private partnership (PPP) is the largest in terms of capacity and value in sub-Saharan Africa (SSA), outside of South Africa. Despite this being a drop in the ocean given the region's investment needs, it underscores growing Gulf appetite for SSA investment.

The investment potential in Africa has long been discussed but finally the hype is turning into reality. Regional private equity firms are beginning to convert their local knowledge of Africa’s subcontinent into cash. But there are still many obstacles to establishing a thriving business in sub-Saharan Africa.

Emerging-market corporate debt – the fastest-growing asset class in the world – faces its first stress test, thanks to a surging dollar and rising US yields. As developing countries square up to another possible debt crisis, an increasingly inevitable round of corporate defaults threatens to swamp an illiquid market.

Property continues to be popular. The big sovereign wealth funds appreciate the long-term prospects of developing countries, and have the flexibility to chase opportunities across structures, markets and cycles.

Local firms are using the experience of doing business in acute political volatility for the next stage of their international expansion. Braving coups, corruption and violence, banks are expanding into some hair-raising countries.

Tax regime to encourage market; JSE outstrips national growth.

The country is vulnerable to a continuing low oil price, but that doesn’t seem to be stopping it from keeping up the pace of capital projects. And there are still plenty of reforms to make if the state is to develop the economy.

South Africa is plagued by slow growth and escalating debt levels. So how can the country’s new minister of finance, Nhlanhla Nene, get the economy moving again while balancing the budget?