THE 3rd Annual Islamic Banking Summit Africa (IBSA Djibouti 2014), which opened today at the Djibouti Palace Kempinski, saw more than 200 leaders in the international Islamic banking and finance industry engage in detailed discussions that focused on ‘capturing the Africa opportunity in Islamic finance’.
The two day event, held under the official support of the Central Bank of Djibouti, began today with an inaugural address by H.E. Ahmed Osman, Governor of the Central Bank of Djibouti.
A special Presidential Address was delivered by H.E. Ismail Omar Guelleh, President of the Republic of Djibouti, on Islamic Finance as a Strategic Priority to Boost Economic Development in Africa.
H.E. Ahmed Osman, Governor of the Central Bank of Djibouti highlighted that “Africa offers exciting growth prospects and, according to projections, 7 out of the 10 fastest growing economies in the world will be in Africa.
Growth drivers on the continent are becoming increasingly diverse, with the resource-based, the infrastructure construction and services sectors taking the lead.
Islamic finance has tremendous potential to play a more significant role in supporting the funding gaps in Africa while enhancing financial inclusion rates in the region.
According to reports, the Islamic banking segment in Africa is set for major growth driven by Africa’s large and under-served Muslim population and increasing awareness of Shari’a-compliant products.
In addition, Islamic finance provides government institutions with an alternative financing mechanism to support capital expenditure needs. Islamic finance’s close connections to the real economy will also set the stage for significantly stronger growth of the industry in Africa.”
H.E. Ahmed Osman also said that “Through a number of key initiatives, the Central Bank of Djibouti has established Islamic finance as a key constituent of the economic system in Djibouti. The Central Bank of Djibouti is delighted to host the 3rd Annual Islamic Banking Summit: Africa (IBSA Djibouti 2014).
Since its launch, the conference has gone on to establish itself as the key international forum that supports the growth of Islamic finance in Africa. IBSA Djibouti 2014 provides a high-profile platform to specifically focus on the opportunities that are forging the Islamic banking, finance, and investment landscape in Africa.”
The inaugural address was immediately followed by a keynote session on the International Initiatives to Promote Islamic Finance in Africa, which featured Abdelilah Belatik, Secretary General, General Council for Islamic Banks and Financial Institutions (CIBAFI); and Farid Masmoudi, Director of the Business Development and Partnerships Department of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group.
A highlight of IBSA 2014 was the high profile Power Debate session led by internationally respected CEOs and industry leaders.
Moderated by Dr. Alberto Brugnoni, Founder and Managing Partner at ASSAIF, the session analyzed the Practical Business Steps to Expand and Deepen the Footprint of Islamic Finance in Africa.
The power debate featured Fadi Salim Al Faqih, Chief Executive Officer, Bank of Khartoum; Nur A Mohamed, General Manager, Salaam African Bank; Muhammad Kashif, Chief Operating Officer, Dahabshil Bank International; and Cassim Docrat, Director of DDCAP (DIFC) Limited.
Speaking at the event, David McLean, Chief Executive of the Islamic Banking Summit Africa (IBSA Djibouti), noted that: “Over the last decade, trade between African countries and the rest of the world has grown significantly.
In particular, key African countries are building increasingly positive economic ties with leading Islamic banking centres. These strengthening trade ties with the key nerve centres of Islamic finance are boosting Africa’s connections across the countries of the Arabian Gulf and SE Asia, which when combined with a growing Muslim population, the need to finance large-scale infrastructure and manufacturing projects, as well as a large under-banked population and the funding needs of a burgeoning SME market, all provide tremendous growth opportunities for Islamic finance in Africa.”
African Eye News.com
