The growing trend of Islamic banking in Africa

On February the 6th an African Interest-Free Banking and Finance Forum (AIBFF) will convene in Addis Ababa – Ethiopia to explore and discuss innovative financial inclusion strategies for Islamic banking in Africa.

The idea is to create clear pathways to financial and economic Solutions. This Apex event is organized by AlHuda CIBE.

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As a statement from AlHuda CIBE states, more than 18 countries will be participating in this event. The event, themed ‘to explore the untapped potential of interest-free Finance market of Africa and to adopt the latest trends’ is expected to address the challenges and discover the new opportunities in interest-free financial industry of Africa.

The interest-Free Banking and Finance is good solution for Banking and Financial needs. The forum will cover a variety of topics including Interest-Free Finance and Financial Inclusion, Takaful, Investment opportunities in Africa and Ethiopia and Sukuk (the Interest-Free Bonds).
The main objectives of the forum include recognizing significant developments in Interest-free Financial Infrastructure of Africa. It also hopes to provide linkages of African Interest-free Finance industry with international financial market and demonstrate the flexibility of Interest-free Financial markets during recent financial crisis.
At the event, the objective is also to share the best practices of the international Interest-free banking market with African Interest-free finance Industry, assessing innovations in Interest-free financial markets through the growth of newly developed research based products etc.
The event is open for the public with a small entrance fee. It is highly recommended that organizations, companies and banks join the summit in order to gain the maximum benefit from this international event in Ethiopia.
According to the Chief Executive Officer, AlHuda CIBE – UAE Mr. Muhammad Zubair Mughal, interest-free finance is fastest growing area in African countries.

“Interest-free finance is not only developing its roots in Muslim countries but many non-Muslim countries are getting benefit from it. AlHuda Centre of Islamic Banking and Economics (CIBE) is committed to providing specialized Training, Advisory and Research globally with commitment, dedication, and aspiration in Africa. Keeping the above vision in mind, AlHuda CIBE with its vibrant staff has been working with full dedication since 2006 for strengthening Interest-free Financial System.” He said adding that AlHuda CIBE already have its footprints in Tanzania, Somaliland, Uganda, South Africa and Nigeria.

“But in next six months we will unlock two new countries from Africa including Ethiopia for our services.” He added.

He also announced the “African Interest-free Banking and Finance Awards” to recognize the industry leaders and experts.

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