AlHuda CIBE and AADF Collaborate to Foster Islamic Finance in Africa

(July 2nd, 2024 Dubai, UAE): During a significant visit to West Africa aimed at fostering the development of Islamic Finance, Mr. Muhammad Zubair, CEO of AlHuda Centre of Islamic Banking and Economics (CIBE), met with Mr. Cyril Okoye, Secretary General of the Association of African Development Finance Institutions (AADFI). The meeting in Abidjan, Côte d’Ivoire, culminated in a series of collaborative initiatives to advance the financial sector across the continent.

To support and enhance the capabilities of AADFI member institutions in Islamic Finance, AlHuda CIBE has committed to offering a range of educational and developmental resources. These include free webinars on Islamic finance, comprehensive online training programs tailored to the specific needs of AADFI members, and assistance in developing Islamic finance products suited to African markets.

AADFI is dedicated to developing and growing Islamic finance in Africa, recognizing its potential to drive financial inclusion and economic development across the continent. By partnering with AlHuda CIBE, AADFI aims to equip its member institutions with the knowledge and tools necessary to implement and expand Islamic finance services, thereby contributing to Africa's more inclusive and robust financial ecosystem. Moreover, AlHuda CIBE and AADFI have agreed to jointly conduct a pivotal research study titled "Islamic Finance: Potential, Outreach, and Challenges in Africa." This study aims to explore the landscape of Islamic finance on the continent, identifying opportunities for growth and the hurdles that need to be addressed.

Mr. Muhammad Zubair, CEO of AlHuda CIBE, remarked, "The development of financial institutions in Africa is accelerating rapidly. Integrating Islamic finance will play a vital role in enhancing financial inclusion and driving economic development”. He added that “Islamic finance is not exclusive to Muslims; it is a robust system that can be operated by Muslims and non-Muslims alike. For Muslims, it aligns with their religious beliefs, while for non-Muslims, it represents a sound banking and finance system” with relevance to ESG.

Echoing this sentiment, Mr. Cyril Okoye, Secretary General of AADFI, stated, “Islamic finance is witnessing rapid growth in Africa. AADFI recognizes its potential and is committed to supporting its development across member institutions on the continent. Our collaboration with AlHuda CIBE signifies a strategic alliance that will empower our member institutions with the expertise and resources required to embrace Islamic finance. This, in turn, will facilitate greater financial inclusion, stimulate economic activities, and drive sustainable development. We believe that Islamic finance offers innovative solutions to many of our nation's financial challenges, and we are excited to lead this transformative journey to better Africa’s financial future.”

This collaboration between AlHuda CIBE and AADFI marks a significant step towards enriching the African financial sector, fostering inclusive growth, and promoting sustainable economic development through the principles of Islamic finance. Equipping financial institutions with the necessary knowledge and expertise will pave the way for a more inclusive and prosperous financial future for the African continent.

About Alhuda CIBE:
AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in the Islamic banking and finance industry for research. It provides state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Training Workshops, Islamic Microfinance, Takaful Consultancies, etc., side by side through our distinguished, generally acceptable, and well-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 stick to the commitment to providing Services in UAE/Pakistan and worldwide. We have so far served in more than 100 Countries for the development of the Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit www.alhudacibe.com.

About AADFI:
The Association of African Development Finance Institutions (AADFI) is the umbrella organization for development finance institutions in Africa. The Association was formed in 1975 under the auspices of the African Development Bank (AfDB), aiming to stimulate cooperation to promote and finance sustainable development in Africa and encourage economic integration on the continent. The AADFI achieves its objectives by providing capacity-building, technical assistance, networking opportunities, knowledge management, etc.

The AADFI currently has over 80 members, including national, regional, and multilateral development finance institutions in Africa and other continents engaged in development finance activities in Africa. It is a founding member of the World Federation of Development Financing Institutions (WFDFI). The headquarters is in Abidjan, Cote d’Ivoire. For further information on AADFI, visit: www.adfi-ci.org

For Media Contact:
Ms. Shaguftta Perveen
Manager Communications,
info@alhudacibe.com
Call: +971 52 865 5523