Africa is emerging Market for Islamic Banking and Finance: Zubair Mughal
(July 27, 2022 (Dubai): Africa is emerging for Islamic Finance and a new destination for Islamic Financial Institutions which will open new avenue for the Foreign Direct Investment (FDI) in the region, it was stated by Muhammad Zubair Mughal, Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE) during the inaugural ceremony of African Islamic Banking and Takaful Summit was held in association with Centre for Islamic Finance, Compliance and Advice and sponsored by Imaan Finance, CRDB Bank Plc, PBZ Bank LTD, Craft Silicon, Technology Associates – Tanzania, Zanzibar Insurance Corporation, InvoiceMate, BSV-Blockchain, , Association of Tanzania Insurers (ATI) – Tanzania, National Insurance Authority, Somaliland, NBC, Imaan Newspaper, Imaan Radio, Imaan TV and IFING-MEDIA. He said that, Tanzanian Islamic Banking and Takaful market is very imminent and seems promising.
The summit was inaugurated by Mr. Muhammad Zubair, Chief Executive Officer, AlHuda CIBE FZ LLE, Dubai- U.A.E. He welcomed all the guests of honors, speakers and participants for attending this emerging phenomenon conference, one of new of its kind in the region. He said that Islamic banking and finance is the ultimate financial solution due to its viability and sustainability. This system has multi-fold benefits which concentrate on the balanced wealth distribution. He also threw light on the need of Islamic banking and financial services.
He further said that several new Islamic financial institutions are ready to start their operations in the market. Various Islamic window operations are also going to start their operations for the development of the economy to strengthen the growth of the market and to uplift the living standards of the public in the region. A few of the banks are also coming into the markets with stand-alone branches for Islamic banking operation. Insurance industry is also participating with zeal and zest and Takaful operations are also going to be operated in the insurance market.
The Guest of Honors includes H.E. Mohamed Himid Mbaye Former Deputy Governor, Bank of Tanzania, Immediate Past Chairman CIFCA, H.E. Prof. Florens D. A. M. Luoga Governor, Bank of Tanzania, H.E. Mrs. Khadija. I. Said Deputy Commissioner of Insurance, Insurance Regulatory Authority (TIRA), Tanzania, Dr. Ally Hussein Laay Chairman of the Board of Directors, CRDB Bank Plc, Tanzania, Mr. Khamis Suleiman Chairman, Association of Tanzania Insurers, Tanzania were with Mr. Muhammad Zubair at inaugural ceremony and appreciated AlHuda CIBE FZ LLE, Dubai- U.A.E. activities for the development of Islamic banking and finance in Africa and especially in Tanzania. They mentioned that Tanzania and Africa have enriched the future for Islamic banking and finance and many banks are dealing with Islamic banking products in the country and the region. They pertinently mentioned that AlHuda CIBE is playing its role for the promotion of a globally accepted alternative financial solution which is the only hope of financial stability. They also mentioned that there is absence of a specific legal and regulatory framework to govern the Islamic finance industry which should be addressed timely. It not only will promote the Islamic banking and financial services but also enhance the economic growth of the region.
Other speakers and distinguished guests include Mr. Issa Mohammad Sheikh- CIFCA- Coordinator, AlHuda CIBE Shariah Advisor, Tanzania, Mr. Mohamed shakeel salyani (PhD)- Head of Islamic Banking Division, Craft Silicon, Kenya, Mr. Rashid Rashid- Head of Islamic Banking, CRDB Bank PLC, Tanzania, Mr. Asim Hameed- Shariah Board Member, IMAAN Finance Ltd. Tanzania, Mr. Muhammad Salman Anjum- Head of BSV Hub & CEO ,InvoiceMate, UAE, and Prof. Dr. Mohammed Hafidh Khalfan addressed the session on Islamic Banking, Finance, FinTech & Sukuk. Dr. Ndikumana Sudi- Chief Executive Officer/Chairman, Health Maintenance Organization (HMO-Africa), Burundi, Mr. Muhammad Zubair- Managing Director, AlHuda CIBE FZ LLE – U.A.E, Dr. Huda A. Yussuf- Chairman Board of Trustees, Zanzibar Social Security Fund, Tanzania, Dr. Juma Shaban Chibololo- Lecturer, Faculty of Islamic Studies-MUMand Mr. Sunusi Saleh Dan-Alhaji addressed the session on Takaful (Islamic Insurance) and Islamic Capital Market.
Furthermore, Dr. Abdalla Y. Tego-Lecturer Muslim University of Morogoro, Dr. Kassim Nurdin Hussein- Chairman, Awqaf Tanzania, Mr. Salum Awadh- CEO, SSC Capital, Founder, Shirkah Invest, Tanzania and Prof. Mussa Assad have spoken to the Development of Islamic Finance in East Africa session.
Finally, H.E. Mtemi. Dr. Salum Ahmed Kihemba, PhD – Chief Executive Officer, Legal Finance and Administrative Affairs, NA Prints Plc, Tanzania, Dr. Abdalla Ussi Hamad- Director, Institute of Islamic banking and Finance, Zanzibar University, Zanzibar, Mr. Abdirahman Mohamed Anas- Head of Internal Audit, Premier Bank, Somalia and Mr. Yassir Masoud Salim- Secretary General, Hay’atul Ulamaa, Tanzania, concluded the session on Waqf, Zakka & Islamic Microfinance.
Two days’ post event specialized training workshops on “Practical and Operational Aspects of Takaful ” will be held on 27th – 28th July, 2022 at Johari Rotana, Dar es Salaam, Tanzania.
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 seventeen 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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