The Gambian capital Banjul will host the eighth African Islamic finance summit on March 23rd to explore Africa’s untapped financial market with a view to opening the continent up to new strategies for development, according to a statement by its organisers on Thursday.
The summit is intended to act as a platform for African think-tanks to discuss innovative financial inclusion strategies that would help facilitate more development in Africa.
AlHuda Centre of Islamic Banking and Economics-United Arab Emirates are the main organisers of the summit which will be held in conjunction with Gambia’s Trade, Industry, Regional Integration and Employment ministry, summit in the country’s newly built Sir Dawda Kairaba Jawara International Conference Center on 23 March 2022.
A two-day post event workshop will follow at the end of the summit.
The organisers of the AIFS view Africa as another destination for socio-economic development through Islamic Financial system.
Muhammad Zubair Mughal, the AlHuda Centre of Islamic Banking and Economics CEO said the future of Islamic finance industry in Africa is very promising given that although African countries face a myriad of socio-economic challenges, their economies are on the way to growth.
He said this may be the right time to embrace Islamic finance concepts for building financial policies not only at institutional level but for the state.
Mughal expressed confidence that African leaders while moving their countries in the right development trajectories will hold Islamic financial system as the key to realising their socio-economic objectives.
The agenda of the summit will include an introduction to Islamic finance from historical development, regulatory challenges, and opportunities.
It will describe how Islamic financial system play role for financial inclusion, Shariah compliance governance and framework, and for the implementation of Shariah audit system to regulate Islamic Financial industry.
It will highlight the investment opportunities and significance of Islamic Capital Market and will discuss its need for African Financial Industry growth.
AIFS will also recognize the role of Gambian Financial Institutions for the development of Islamic financial system through Shariah compliant avenues.
Similar summits by the AlHuda Centre of Islamic Banking and Economics were previously held in Ethiopia, Kenya, Mauritius and Tanzania.
Active in 35 countries, the AlHuda Center of Islamic Banking and Economics (CIBE) is an outfit in the Islamic banking and finance industry for research and the provision of state-of-the-art advisory consultancy and education.
WN/as/APA