Press Release

AlHuda CIBE will Organize 2nd International Interest-Free Banking and Takaful Forum in Addis Ababa - Ethiopia

Africa is new destination for interest-free finance

(22 January 2020, Dubai): 2nd International Interest-Free Banking and Takaful Forum will convene in Addis Ababa – Ethiopia on 18th February, 2020 to explore and discuss regulation and supervision of interest-free finance industry, governance, investment, and innovative financial inclusion strategies that can create clear pathways to financial and economic Solutions. This Apex event is organized by AlHuda CIBE with the support of The Islamic Corporation for the Development of the Private Sector (ICD) and Millennium Information Solution FZ LLC.

More than 18 countries will be participating in this prestigious event. The theme of the forum is to develop interest free banking and Takaful regulations for smooth operations and growth and to adopt the latest trends, address the challenges and discover the new opportunities in interest-free financial industry of Africa. Interest-Free Banking and Takaful is good solution for Banking and insurance industry needs. The forum will cover a variety of topics including frontier of Interest-Free banking and Takaful, regulation and supervision of the industry, Shariah governance of interest-free banking and Takaful industry, investment opportunities.

The main objectives of the summit include e.g. recognizing significant smooth developments in Interest-free Financial Infrastructure of Africa, regulations and supervision of interest free banking and Takaful industry, linkages of African Interest-free Finance industry with international financial market, share the best practices of the international Interest-free banking market with African Interest-free finance Industry, assessing innovations in Interest-free financial markets through the growth of newly developed research based products etc. The event is open for the public with very nominal entrance fee. It is highly recommended that more and more organizations, companies and banks join the summit in order to gain the maximum benefit from this international event in Ethiopia.

Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE - UAE echoed his thoughts, and said that Interest-free finance is fastest growing area in African countries, Interest-free finance is not only developing its roots in Muslim countries but many non-Muslim countries are getting benefit from it. AlHuda Centre of Islamic Banking and Economics (CIBE) is committed to providing specialized Training, Advisory and Research globally with commitment, dedication, and aspiration in Africa. Keeping the above vision in mind, AlHuda CIBE with its vibrant staff has been working with full dedication since 2006 for strengthening Interest-free Financial System. He also added that AlHuda CIBE already have its footprints in Tanzania, Somaliland, Uganda, South Africa & Nigeria but in next six month they will unlock two new countries from Africa including Ethiopia for their services.

He further said that five new interest-free banks are ready to start its operations in the market including Zam Zam Bank, Hijre Bank, Zad Bank, Shabelle Bank, and Nijashi Bank. Morethan 10 interest-free window operations are also going to start their operations for the development of economy to strengthen the growth of the market and to uplift the living standards of the public. A few of the banks are also coming into the markets with stand-alone branches for interest free banking operation. Insurance industry is also participating with zeal and zest and two – three Takaful insurance companies are also starting the operations in insurance market.

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:

For Media Contact: Ms. Shaguftta Perveen
Manager Communications,
Call: +92 42 35913096 - 98

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