Zimbabwe Holds Great Potential for Islamic Banking in Southern African Countries

(6th December, 2023 - Dubai, UAE): Alhuda Center of Islamic Banking and Economics (CIBE) successfully hosted a two-day training workshop in Harare, Zimbabwe, focusing on Islamic banking, finance, and microfinance. The workshop aimed to equip professionals, practitioners, and regulators with the knowledge and skills necessary to develop and implement Islamic financial solutions in Zimbabwe. This event also shed light on the growing potential for Islamic banking in Zimbabwe and other Southern African countries.

Southern African countries, particularly South Africa and Zambia, have witnessed a notable increase in the presence of Islamic banking institutions. South Africa boasts a growing number of Islamic banks and Takaful companies, demonstrating the increasing demand for Sharia-compliant financial services. The government issuance of Sukuk further exemplifies its commitment to diversifying financial instruments and attracting investment. Other countries like Mozambique, Botswana, and Namibia have also expressed interest in introducing Islamic banking to diversify their financial sectors, attract foreign investment, and cater to their growing Muslim communities. Regulatory frameworks have been developed to facilitate the establishment of Islamic financial institutions, signaling a positive trajectory for the integration of Islamic finance principles in the region.

Islamic banking and finance in Zimbabwe are on the early stage of development. The banking sector holds substantial potential for Islamic finance. The presence of a potential market, combined with the government's acknowledgment, creates an environment favorable to the growth of Islamic banking in Zimbabwe. The introduction of Sukuk can play a pivotal role in mobilizing funds for essential projects, fostering economic growth, and promoting financial inclusion in the country.

Mr. Muhammad Zubair, CEO of Alhuda CIBE, said that, the development of Islamic banking in Southern African countries, especially South Africa, is promising. Zimbabwe holds a wealth of opportunities for Islamic banking, and Alhuda CIBE is committed to playing a leading role in its development. He added that Islamic finance can play a vital role in driving financial inclusion, economic development, and overall prosperity in the region. Alhuda CIBE remains dedicated to contributing to the development of Islamic banking and finance in Africa, actively participating in initiatives aimed at promoting ethical and inclusive financial practices. The efforts of Alhuda CIBE in Southern Africa are part of a broader commitment to fostering economic development and financial stability in the region.

Further expressing, M. Zubair Mughal emphasized the collective expertise and resources harnessed by this alliance, dignified to elevate Islamic banking and finance to new heights. He highlighted the pivotal role of Islamic finance in fostering financial inclusion, thereby catalyzing economic growth and elevating living standards worldwide.

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

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