Press Release

African Islamic Finance Market is Emerging for Islamic Finance
African Islamic Finance Market is Emerging for Islamic Finance

6th African Islamic Finance Summit Inaugurated in Dar-es-Salam, Tanzania

(05 November 2019, Dubai): AlHuda Centre of Islamic Banking and Economics (CIBE) is honored to organize 6th African Islamic Finance Summit in Tanzania. The event is successfully inaugurated by the esteemed chief guest H.E. Dr. Ashatu K. Kijaji (MP)- Deputy Minister- Ministry of Finance and Planning, Republic of Tanzania at Hyatt Regency – The Kilimanjaro, Dar-es-Salaam, Tanzania for the betterment of the socio-economic conditions of the rural and urban areas of the country. More than 20 international speakers are presenting their valuable contribution in the topics of discussion. The banking and financial industry of Tanzania and the surrounding areas will actively participate in the conference to gain ample knowledge of the Islamic financial sector and solutions to the escalating problems of the society. The event is supported by SPM Consulting and London School of Modern Studies. Sponsors of the event include Islamic Corporation for the Development of the Private Sector (ICD), Amana Bank, Tanzania, and International Trunkey System (ITS). Participants are high profile personnel for 20 countries e.g. from central banks, banking and financial sectors of Tanzania and rest of the African countries, microfinance and insurance industry.

Mr. M. Zubair Mughal, CEO, AlHuda CIBE (the organizers of the event) thanked the supporters and the sponsors in his welcome address of the conference for their continuous trust on them and the unprecedented support for the event that is much needed to achieve the milestone. Tanzania has a largely rural population, which makes access to financial services a challenge and digital solutions ideal. The World Bank reports tells that 70% of the population resides in rural areas, and Financial Inclusion (FI) data shows that less than one-third (29%) of the rural population have active accounts (used in the last 90 days), whereas urban citizens are twice as likely to have actives accounts (61%). Approximately 76% of Tanzanians live on less than $2 per day, with three-quarters of Tanzanians employed in the agriculture sector, according to World Bank data. Making gains among these groups is key to improving Tanzanians’ financial lives. He said that Islamic banking and finance is the best alternative to change the lives of the poor. Investing in Islamic Banking and Finance could mean greater foreign investment that could result in enhanced global connectivity, improved job creation, socio-economic development and poverty alleviation.

While speaking at opening ceremony, Dr. Ashatu K. Kijaji (MP), Deputy Minister- Ministry of Finance and Planning, Republic of Tanzania said, Islamic banking and finance is growing globally and Africa is also a good destination of it. He congratulated AlHuda CIBE for its role to introduce and promote Islamic banking and finance in East Africa. In the Inaugural Ceremony, Dr. Baghayo A. Saqware, Vice President, - Association of African Insurance Supervisory Authorities (AAISA), Tanzania said that Insurance industry in Tanzania is growing at fast pace and Takaful would be a very good value addition in it, which will be very good tool of financial inclusion and social development, and shared that Tanzanian Insurance Regulatory Authority (TIRA) has already been issued draft Takaful guideline for comments, and we are sure Takaful will be reaching to Tanzania very soon.

AlHuda CIBE arranged an impressive lineup of speakers from various nationalities with the revealing sessions on New Frontier Islamic Finance in Africa, Strategies to Tap the Untapped Islamic Finance Markets, Islamic Finance Developments & Advancements, Takaful, Sukuk and Islamic Funds, Development and Future of Islamic Finance, A new frontiers of Islamic Microfinance: Outreach / Challenges and Opportunities, Islamic Finance Potentials and Opportunities Islamic Finance industry. The speakers include Dr. Muhsin Salim Masoud- Managing Director, Amanah Bank Limited, Tanzania, Mr. Mohamed Issa Hemed- Secretary General, The Islamic Foundation, Tanzania, Mr. Yassir Salim Masoud- Secretary General, CIFCA, Tanzania, Mrs. Sabra Issa- Managing Director of Zanzibar Social Security Fund (ZSSF), Mr. Hany Mohamed Ramadan- Director, Banking & Finance Business Solutions International Turnkey System, Mr. Ibrahim Adetokunbo Onaleye- Professor and Managing Director Braton and Associates Limited Nigeria, Nigeria, Mr. Abdoulaye Ali Maiga- LSMS Research Scholar, Niger, Mr. Salum Awadh- Chief Executive Officer SSC Capital, Tanzania, Ms. Jemmila Asress- Global Insurance Company SC, Ethiopia, and many other delegates are participating in it to discuss the insights of Islamic finance industry.

The main objectives of the summit include e.g. recognizing significant developments in Islamic Financial Infrastructure of Africa, linkages of African Islamic Finance industry with international financial market, demonstration of the flexibility of Islamic Financial markets during recent financial crisis, share the best practices of the international Islamic banking market with African Islamic finance Industry, assessing innovations in Islamic financial markets through the growth of newly developed research based products etc.

The Conference is held followed by Two Days “Post Event Workshop on Operational Aspects of Islamic Banking and Takaful” dated for November 6 – 7, 2019. This Workshop will cover a variety of allied topics.

AlHuda CIBE is serving for the promotion of Islamic finance industry by offering its research, advisory, consultancy and capacity building services in more than 15 African-countries from last eight years. In this connection they conducted various capacity building and training workshops to build the capacity of local financial, banking and insurance professionals. AlHuda Center of Islamic Banking and Economics (CIBE) has started working on Islamic banking and finance research, advisory, consultancy and capacity building services from 2006 and now serving in different countries of the world. AlHuda CIBE has also conducted various capacity building and training workshops along with series of conferences including African Islamic Finance Summit.

About AlHuda CIBE: AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit:

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