The forecasts are subject to considerable downside risks and uncertainties. First of all, the decline in the tourism sector might be sharper than currently expected. A second wave of the pandemic would derail the global and domestic recovery and worsen fiscal performance. Furthermore, a resurgence of the refugee crisis and tensions with Turkey could have negative repercussions on tourism.
I urge all players in the sharia compliant banking to embrace the spirit of cooperation and competition as they come up with ways of product and service standardization. Kenya has pioneered in sharia compliant banking in this region but other countries in the region are headed in that direction, with Tanzania already having two fully Sharia compliant banks.