Sierra Leone Market is the future potential market for Islamic Finance Industry in West Africa; Muhammad Zubair Mughal
(Dubai 27th June 2022): AlHuda Centre of Islamic Banking and Economics diverted its human resources to Sierra Leone financial market, in a couple of days by its professional excellence and technical expertise penetrated freely in Freetown. Islamic Financial Industry is a system which provides reliable economic and socially justified solutions in light of Shariah principle. The structure of Islamic financial system is the key of sustainability for developing economies like Sierra Leone. AlHuda Centre of Islamic Banking and Economics is penetrated in West African Financial Industry, it played very developmental role in some Anglo and Francophone countries. In expansion of its operations AlHuda CIBE move to Sierra Leone market, this market is new for the concept of Islamic finance industry. The lack of awareness, human resources expertise, and in-depth knowledge are the main challenge for it, but the good thing is the market is ready to adopt this new venture in this market.
AlHuda CIBE mission is present in Sierra Leone from one and half month, in this duration we met with Governor, Deputy Governor, and Directors of Bank of Sierra Leone and have communication for the development of Islamic microfinance and Sukuk (Islamic Capital bonds) Issuance. We also met with Mr. Dennis K. Vandi, Minister of Finance, Mr. Sheku A.Fantamadi Bangura Deputy Minister of Finance (I) Government of Sierra Leone and other team and had a good conversation on issuance of Sukuk as opportunity to raise funds independently for the Government. In last week senior management Mr. Muhammad Zubair Mughal, Chief Executive Officer AlHuda Centre of Islamic Banking and Economics United Arab Emirates were in Sierra Leone. We acknowledge the response of the Sierra Leone financial industry key players to welcome AlHuda CIBE. The management of AlHuda CIBE has couple of meetings banking and finance industry and some knowledge driven activities also with some institutional collaborations. He met with Dr.J.Sanpha Koroma, Founder and Chief Executive Officer Union Trust Bank Limited; this meeting had very fruitful discussion about capital generating avenues and establishment of capital market to raise capital investment for Sierra Leone. AlHuda CIBE signed a Memorandum of Understanding (MOU) with Apex Bank Sierra Leone as In-House Consultant for the development of Islamic Microfinance for rural and agriculture sector . It is signed by Mr. Nelson Salia-Konneh Managing Director of Apex Bank and Mr. Muhammad Zubair Mughal Chief Executive Officer AlHuda CIBE.
He met with Mr. Sheku Mattia, Deputy Commissioner Sierra Leone Insurance Commission (Slicom) and other directors for the designing guidelines to introduce and operate Islamic Insurance (Takaful) industry. They also engaged a workshop where they invite all the insurance industry of for the introductory lecture about Islamic Insurance. He also had a very good conversation about future of Islamic Insurance in the country with Mr. Raymond Macauley, Managing Director of Aureol Insurance Company Ltd and President of Sierra Leone Insurance Association. He also had a very good interactive session with microfinance sector, an interactive session arranged by Sierra Leone Microfinance Institutions Association. He also had a meeting with Ms. Sao-Kpato Hannah Isatta Max-Kyne, Commissioner National Commission for Social Action and the technical team, where they discussed future collaborations with two institutions and how to attract foreign funding for the Sierra Leone.
Mr. Muhammad Zubair Mughal highlights many opportunities for Islamic finance industry to this market for the socio-economic development, to generate capital investment, how government can generate funds for their mega construction projects and how they can attract more funding for the social and economic development. As per his diverse experience in multiple markets he is very optimistic that Sierra Leone is the future market for the Islamic Finance in West Africa. In the presence of AlHuda CIBE Mission to Sierra Leone we met with financial industry all segments; we appreciate the people for their interest in Islamic Finance.
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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