Africa, another destination for Socio-Economic Development through Islamic Financial system
(March 28, 2022 (Dubai): 8th African Islamic Finance Summit (AIFS) successfully held in The Sir Dawda Kairaba Jawara International Conference Center, The Gambia on 23 March 2022 with two-days 24th -25th March 2022 post event workshop. The purpose for this event was to explore the untapped African financial market for Socio-Economic Benefits of the region. The summit was a platform for African think-tank to discuss innovative financial inclusion strategies for more development in Africa. In welcoming address Mr. Muhammad Zubair Chief Executive Officer of AlHuda CIBE said that West Africa is new emerging region for Islamic finance industry and it is growing very fast. AlHuda CIBE is the only consultancy who has worked in more than 25 African countries for Islamic Development Bank, World Bank and for many other multilateral organizations. AlHuda CIBE is very dedicatedly to the development of Islamic finance all over the region and very optimistic for the future.
In the inaugural session Hon. Buah Saidy, Governor Central Bank of the Gambia shared a very future oriented speech for the Islamic Banking and Finance in West Africa particularly in Gambia. Hon. Alieu Secka Indonesian Honorary consulate highlighted different aspects of Islamic finance development with reference to some practical examples from Indonesia. Hon. Fafa Sanyang, minister of petroleum and energy presented his opinion that Islamic finance is not only limited to the financial sector but it can also be used in many other sectors through Sukuk and advanced murabahah. The Chief Guest Hon. Seedy Keita, minister of trade, industry, regional integration and employment on behalf of His Excellency Adama Barrow president of the Gambia presented a very optimistic opinion about Islamic finance, its sustainability for socio-economic goals and financial inclusion from micro to advanced level. His Excellency also said Islamic finance is emerged as an effective tool for financing development worldwide, including in non-Muslim countries. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system. It has the potential to address the challenges of ending extreme poverty and boosting shared prosperity.
AlHuda CIBE hosted delegates from different countries and distinguished guest Speakers were well-known names of the Gambia financial Industry and outside the Gambia for the development of Islamic banking. In first technical Session for the development of Islamic Banking and Finance Mr. Moustafa Samir Taha, Mr. Muhammed Sonko, Professor Azmi Omar, PhD, and the session chair was Mr. Mussa Sillah Director, Islamic Development Bank, Regional Hub of Dakar-Senegal. The second session was for New frontier of Islamic Microfinance in the Gambia Mr. Baboucarr Joof, Mr. Mamud Njie, Mr. Fafona Sonko, Saihou Ceesay, Dr. Hassan Ramzy Mohamed Essa, Mr. Fafanding S Fatajo were the panelist and Mr. Muhammad Zubair Chief Executive Officer of AlHuda CIBE-UAE. For this outstanding session Mr. Seeku A K Jaabi, First Deputy governor, Central Bank of the Gambia.
The third session was for takaful Industry, the guest speakers were Mr. Momodou Musa Joof, Ms. Fatou Jallow Jawara, Mr. Hamar Jawo, Mr. Ousainou O. Jallow and the session chair was Mr. El Tahir Mohamed ElHassan, Deputy General Manager, The Sudanese Microfinance Development Facility-SMDF, Sudan. The fourth session was about investment opportunities in Africa, the honorable guest speakers were Mr. Pervez Nasim, Professor Dr. Kabir ul Hassan, Mr. Rafic Hamid Azar, Mr. El Tahir Mohamed ElHassan, Ms. Fatou Badjie and Mr. Karamo Sawaneh. The session chair for this session was Dr. Hassan Ramzy Mohamed Essa.
8th African Islamic Finance was held successfully with a 2 days post event workshop held in collaboration with the Ministry of Trade, Industry, Regional Integration and Employment, The Gambia, and Central Bank of the Gambia. The supporters for this event were Heeno International, Micro insurance Network Africa, MicroLab Association, Abuja Chamber of Commerce and Industry, Palestinian Banking Institute, London School of Social and Management Sciences, Centre of Islamic Finance, Compliance and Advice, The Islamic Chamber of Commerce, Industry and Agriculture, The Gambia Bankers Association, and Insurance Association of the Gambia. The academia partners for this event are West Africa Insurance Institute and The Institute of Bankers. The lead sponsors for this event were Agib Bank ltd, Supersonicz the Microfinance. The silver sponsor for this event was Albaraka Forum, and the exclusive IT Sponsor for this event was International Turnkey System Group. Takaful Gambia ltd, West-Africa Takaful and Forward Enterprise were exhibition sponsor for this event.
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 provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings 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 Finance industry. For further Details please visit: www.alhudacibe.com
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