Press Release

3rd African Islamic Finance Summit – Tanzania
3rd African Islamic Finance Summit – Tanzania

Open gates for Foreign Direct Investment

(Dubai) AlHuda CIBE FZ LLE is committed to hold “3rd African Islamic Finance summit” in Dar es Salam - Tanzania on 19th – 20th May 2016. Delegates of more than 11 countries are expected to participate. This will help to open gates for Foreign Direct Investment in the country. The aim of this summit is to explore the untapped market of Africa and to adopt the latest trends, challenges, and opportunities in Islamic Finance industry of Africa. Moving forward, expansion of Islamic finance industry in Africa is expected to bring favorable new opportunities in trade progress and business interactions with the Middle East. Islamic finance can potentially play a part in facilitating more trade opportunities between Africa, Middle East and rest of the world with the involvement of more global and Islamic banks from both regions.

Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE, while talking to the media said that increasing trend of Islamic finance events in Africa is evidence, that Africa is moving forward in this industry. This is quite a wrong conception that Islamic finance is only taking its roots in North African countries e.g. Tunisia, Morocco, and Algeria, etc., rather its potential exists in the whole of African continent. Islamic banking and finance is growing rapidly in Nigeria, Libya, South Africa, Kenya, and Morocco, while Egypt, Sudan, Tunisia have already taken good initiatives in the mentioned field. He said that there is also a rising trend of Islamic banking and finance in Senegal, Mauritania, Uganda, Tanzania, Ghana and Ethiopia. Analyzing Islamic financial industry of Africa, he added that, according to estimates the total volume of Islamic finance in Africa is 78 Billion USD, which is less than 5% share of global Islamic finance industry. Out of that, Islamic Banking has 81% share, Islamic Fund 7 %, Sukuk 5 %, Takaful 6%, and Islamic microfinance has only 1% share in the African Islamic Finance Industry. While more than 96 Islamic banks, 29 Islamic Funds, 31 Islamic Microfinance Institutions and more than 41 Takaful companies are working over there.

He also emphasized that the increasing trend of poverty in Africa can be reduced by utilizing Islamic Microfinance methodology and the multilateral organizations e.g. African Development Bank, Islamic Development Bank, GIZ, IFAD and World Bank. These can play a pivotal role in this direction to achieve the goal of poverty alleviation and social development. Current economic conditions have further highlighted the need for Islamic banking and finance and African region would definitely take advantage of it.

It is to be noted that AlHuda Centre of Islamic Banking and Economics (CIBE) is an international organization, working for the promotion of Islamic banking and finance. It is working for education, training, advisory and consultancy with having footprints in UAE, South Africa, Uganda, Pakistan, Tanzania, Somali land, and Nigeria.

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