The world’s prevailing financial institutions — banks, credit unions and equity markets — have mostly ignored sub-Saharan Africa. And “microfinance” organizations, while wildly successful in some parts of the Indian subcontinent, have had mixed results there.
Could a smartphone app that applies principles of Islamic law help fill the gap?
That’s the project being undertaken at Ovamba Solutions, a Chevy Chase, Md.-based company that connects African business owners with wealthy European and American investors. The company operates an app-based investment platform that is based on fees rather than interest, allowing it to steer clear of prohibitions against interest that exist in Islamic law.
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