Tanzanian Government ambitious for development of Islamic Finance: Minister of Finance

AlHuda's 7th African Islamic Finance Summit Inaugurated in Dar es Salaam – Tanzania

(July 09, 2021 (Dubai)): (Dar es Salaam – Tanzania) Islamic Finance has key financial instruments that can play a key role in alleviating poverty and attract Foreign Direct Investments (FDIs) to Tanzania and Muslim Economies globally, stated Mr. Zubair Mughal Chief Executive Officer – AlHuda Centre of Islamic Banking and Economics (CIBE), while addressing the 7th African Islamic Finance Summit organized at Dar-es-Salam, Tanzania. The event was organized on 08th of July 2021 today and saw physical and virtual participation from speakers, regulators, experts, and participants joining together for learning and experiencing the avenues of Islamic Finance. The event featured East Africa ss emerging for Islamic Finance and a new destination for Islamic Financial Institutions. He urged the Ministry to support the Islamic Finance Industry and particularly the Takaful Industry in Tanzania for the smoother and stronger development of this country. He also gave a detailed and insightful overview of the current African and Global Islamic Finance market.

The Chief Guest for this event was His Excellency Dr. Mwigulu Lameck Nchemba, Minister of Finance and Planning Tanzania, who was representing His Excellency Dr. Hussein Ali Mwinyi, President of Zanzibar and Chairman of the Revolutionary Council. Addressing the event, he thanked AlHuda CIBE and Sponsors for organizing an apex event in such troubling times when COVID-19 has hit the African countries are hard. He also stated that he was proud to represent the His Excellency the Tanzanian President in such a prestigious event. He recognized the importance of Islamic Finance in poverty alleviation and attracting DFIs. He further expressed the President’s ambition and commitment to make Tanzania the hub of Islamic Banking and Finance. He showed support to the industry and welcomed any and all of the industry professionals to meet him at his office. He mentioned the government’s keenness in the development of Islamic Finance and is prepared to make reforms for the Takaful industry to provide them an open license like its conventional counterparts. He stressed the need for logical and clear dealings with Finance and related personnel to eradicate misconceptions and promote development.

His Excellency Mr. Aymen Sejiny, Chief Executive Offcer-ICD was the Guest of Honor. He appreciated AlHuda CIBE’s efforts for Eastern and Sub-Saharan Africa and pledged full support to the organization for years to come. He expressed his belief that efficient mobilization of all available resources will ensure the economic success of African Countries. Islamic Finance is demonstrating viability for multiple Muslim and non-Muslim economies, demonstrating its ability as an engine of growth, he said. He mentioned the support that the ICD has shown to Africa in 20+ African countries is a testament to this belief. He also drew attention to the human aspect of the economy, stating the need for upskilling and educating individuals with Islamic Finance knowledge.

His Excellency Mr. Muhammad Saleem, High Commissioner Extraordinary and Plenipotentiary for High Commission for Pakistan in Tanzania was also the Guest of Honor. He expressed his delight to see such collaboration between the two countries and these organizations that have been serving the Islamic Finance industry with such passion. Mr. Aref Nahdi, Chairman for CIFCA and Islamic Foundation, Guest of Honor, stressed the importance of regulatory frameworks and bodies that have to be created and supported by the Ministry of Finance for Development of Islamic Finance. Islamic Finance may seem expensive, but it is critical to clear misconceptions and develop the industry. Dr. Ally Hussein Laay was also the Guest of honor who is the Board Chairman of CRDB Bank Plc Tanzania. He thanked AlHuda CIBE for this event and expressed hope that Islamic Finance will be recognized by Muslims and Non-Muslims alike.

More than 20 International Speakers would give their valuable contribution in the topics of discussion today. These speakers include H.E Ayman Sejiny, CEO for ICD, Prof. Mussa Assad, Former Controller and Auditor General Tanzania, Dr. Ally Hussain Laay, Board Chairman CRDB Bank PLC, Prof. Dr. Mohammad Akram Laldin, Executive Director ISPRA Malaysia, Mr. Araf Nahdi, Chairman The Islamic Foundation and Centre for Islamic Finance, Compliance and Advice Tanzania, Dr. Huda Ahmed Yussuf, Chairperson Board of Directors Zanzibar Social Security Fund, Dr. Mohammad Kabir Hussain, University of New Orleans USA, Dr. Hima Saysi, Head of Islamic Finance Department London School of modern Studies UK, Mr. Salum Shaban Lupunda, Secretary-General and Controller Islamic Finance, Compliance, and advice. Further speakers include Mrs. Fatuma Ahmed Seid, CEO Bikols Plc, Dr. Salum Ahmed Kihemba, CEO NA Prints PLC, Dr. Karamo NM Sonko, Chairman Heeno International, Mr. Khalfan Abdallah Salim, Principal Partner at Abrar Consult Kenya, Ms. Sabra Machano, Executive Director, Warrior Women Foundation Tanzania, Dr. Abdallah Yahya Tego, Lecturer Muslim University of Morogoro, Prof. Mohammad Hafidh Khalfan, Chairman Zanzibar Higher Education Loan Board, Mr. Salum Awadh, CEO SSC Capital, Deputy Secretary-General BASUTA and Technical Resource Person for CIFCA, Mr. Yuce Uyanik, Legal Committee Member (FCI) Turkey, Mr. Paul Nilson, Commercial Director Codebase Technologies, Mr. Pervez Nasim, Chairman and CEO Ansar Financial and Development Corporation Canada, Mr. Lujjia Sulaiman Zaid, Head Islamic Banking Department Tropical Bank Ltd. Uganda, Mr. Bilal Laving, VP Takaful Africa and Asia, APEX Reinsurance and Brokers, Mr. Aminou Nassourou, Regional Manager Africa (FCI) Cameroon, Mr. Seleman Abdallah, Lead Consultant at SPM Consulting and Program Specialist at NICE Tanzania, and finally Mr. Zubair Mughal CEO AlHuda CIBE.

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 provides state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Training 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: www.alhudacibe.com

For Media Contact:
Ms. Shaguftta Perveen
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