Thank you for this intersting article. According to what we know and see in MENA region, it seems that religious resaons are not the key factor to explain why people avoid financial intermidiation. The financial exclusion is due to lack of public awarness, the high level of illiterateness and the underdevelopment of financail services (you mentionned that the bank account penetration rate is only 18%). Moreover, in certain MENA countries where Islamic Finance is developped, we notice that this is because of non-muslim people's dealings and in certain way the competiteveness of IFIs. The same observation is true is the East of Asia.
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