Dar to Host Islamic Finance Summit
TANZANIA is expected to boost Foreign Direct Investment (FDI) as a result of planned 4th African Islamic Finance Summit to take place late this month at which delegates from more than 10 countries will attend.
AlHuda Centre of Islamic Banking and Economics (CIBE), which is organizing the meeting for 28th and 29th this month, yesterday said the aim of this summit is to support the local market and create the opportunity to gain knowledge about global practices on Islamic finance through learned national and international scholars.
Chief Executive Officer of CIBE, Mr Muhammad Zubair, said the summit would adopt the latest trends, challenges, and opportunities in Islamic Finance industry of Africa. “This will help to open gates for Foreign Direct Investment in the country.
Tanzania has its own unique position in East Africa as they are waiting for the Takaful regulation to be passed in the country which means future of Islamic capital market is bright,” Mr Zubair remarked when speaking to the media yesterday in Dar es Salaam.
He said East African market is developing rapidly. Many African countries seem to be placing themselves for Islamic finance hub for the region. The increasing trend of Islamic finance in Africa was evident that Africa was moving forward in this industry.
There is quite a wrong conception that Islamic finance is strengthening its roots only in North African countries such as Tunisia, Morocco, and Algeria, among others.
Analyzing Islamic financial industry of Africa, he added that, according to estimates, the total volume of Islamic finance in Africa is $78 billion which is less than 5 per cent share of global Islamic finance industry.
There will be an award ceremony as well on the second day of the summit named as “National Islamic Banking & Finance Awards” (NIBFA) aimed to recognize and celebrate outstanding achievements and contributions of individuals and institutions within Islamic Finance industry locally in 12 different categories.
Source : DailyNews