Islamic finance leaders from across Africa, the Middle East and beyond set to gather in Djibouti to tap into Sukuk opportunities and drive new growth momentum for Islamic finance in Africa

Islamic finance leaders from across Africa, the Middle East and beyond set to gather in Djibouti to tap into Sukuk opportunities and drive new growth momentum for Islamic finance in Africa

Djibouti – The Islamic finance opportunity in Africa is fast gaining the attention of key stakeholders including central banks & regulatory authorities, as well as the leading international Islamic financial institutions and investors seeking to tap into high-growth opportunities on the continent.

Building on the success of previous summits where more than 250 Islamic banking leaders from across Africa and internationally gather each year, Ethico Live in collaboration with the Central Bank of Djibouti are delighted to announce that the International Islamic Banking Summit Africa: Djibouti 2017 will again take place on the 8th & 9th of November 2017 at the Kempinski Palace Djibouti.

The event will feature a Special Presidential Address from H.E. Ismaïl Omar Guelleh, President of the Republic of Djibouti and Head of Government. Senior industry experts, across two days, will address the economic and strategic opportunities provided by Shariah‐compliant financing under the theme “Unlocking the Economic & Strategic Potential of Islamic Finance in Africa” with a special focus on the role that Islamic finance can play in boosting trade & investment, enhancing financial inclusion through innovation, and harnessing Sukuk for infrastructure finance in key markets across Africa.

Speaking ahead of the event on how Islamic finance has positively impacted markets on the continent such as Kenya, Paul Muthaura, CEO of the Capital Markets Authority Kenya said: ”The global Islamic finance industry is expected to reach an overall value of USD 3.54 trillion by 2021, a remarkable 77% growth when compared to 2015. This anticipated rapid development of Islamic finance on the global stage is to a degree, being mirrored across Africa. In Kenya, this is exemplified by the support that the country’s financial sector regulators have given to the on-going policy and regulatory reforms aimed at enhancing the penetration of Islamic finance, with the country now getting increasingly well positioned to become a hub for Islamic finance. Kenya’s Islamic finance sector now constitutes three fully-fledged Islamic Banks, four Islamic windows, two credit unions, one Takaful company, one Takaful broker, one Retakaful window and two capital market Unit Trust Funds. Through such developments, Africa’s Islamic finance market continues to witness extensive growth and, with a robust and facilitative environment, Africa is creating a real opportunity to attract investment and capital inflows through Islamic finance, locally, and internationally.”
    
Another major highlight of the International Islamic Banking Summit Africa: Djibouti 2017 is the Leader’s Dialogue Live! interview session which will be presented as a live onstage one-on-one discussion with a leading player in the global Islamic finance industry. This will be a unique opportunity to engage directly with the key issues and gain a fresh perspective and first-hand insights into what we can expect from the Islamic finance industry going forward. The live interview session features renowned industry leader and global Islamic banker, Hassan Ameen Jarrar, CEO of Bahrain Islamic Bank who noted that: “Sukuk has become an important instrument in the international Islamic financial markets and it is exciting to see the recent surge in Sukuk issuance in key markets across Africa. This provides global investors with the opportunity to be involved in high-impact projects that not only promote social and economic development across Africa but also generate economic returns for investors. By innovating the range and scope of financial products, Islamic finance is helping to broaden financial access and will also provide greater access to liquidity pools across the Middle East which will result in rising economic and social development in Africa. Bahrain Islamic Bank is at the forefront of developing innovative Islamic financing and investment products, supported by superior retail and corporate banking services and I look forward to sharing my perspectives on the industry at the International Islamic Banking Summit Africa in Djibouti.”

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As home to over a quarter of the global Muslim population, Africa has an increasingly strong and viable market for Islamic financial services and products. Islamic finance is being increasingly deployed as a strategic instrument to tap into the unbanked population in Africa and innovatively address the vital issue of financial inclusion, as well as becoming a catalyst for boosting FDI and trade flows between the continent, OIC markets and beyond. Furthermore, Sukuk is well positioned to play a powerful role in meeting the funding gaps in strategically vital infrastructure projects across the region.

Key issues such as these will be addressed at the International Islamic Banking Summit Africa: Djibouti 2017 on the 8th & 9th of November at the Kempinski Palace.

The International Islamic Banking Summit Africa 2017 is created in collaboration between the Central Bank of Djibouti and Ethico Live!
Ethico Live Limited is a UK registered company with its corporate headquarters at 110 Queen Street, Glasgow G1 3BX, UK. Focused on the digital transformation of financial services and the role that FinTech is playing in driving positive and profitable change in areas such as finclusion, Islamic banking and smart cities, we serve our clients with high-profile international conferences in Europe, the Middle East, and Asia – with a special focus on the exciting high-growth markets of Africa.

© Press Release 2017

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