West Africa: New destination for Islamic Finance

• West Africa is the new emerging region for the Islamic finance industry
• AlHuda CIBE has been in existence for 16 years and is the only consultancy firm that has worked in more than twenty-five African countries for Islamic Development Bank
• There is solid evidence from major financial markets that Islamic finance has already been mainstreamed within the global financial system

West Africa is turning out to be yet another destination for Socio-Economic Development through the Islamic Financial System.

The 8th African Islamic Finance Summit (AIFS) kicked off in The Sir Dawda Kairaba Jawara International Conference Center, The Gambia, on March 23, 2022, with a two-day (24th  -25th  March 2022) post-event workshop. The primary purpose of this event was to explore and exploit the untapped African financial market for the Socio-Economic benefits of the region.

The summit was a platform for Africa’s think tanks to discuss innovative financial inclusion strategies for more development projects in the continent. In a welcoming address, Mr Muhammad Zubair, the CEO of AlHuda Centre of Islamic Banking and Economics (CIBE), said that West Africa is the new emerging region for the Islamic finance industry, growing very fast.

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AlHuda CIBE has been in existence for 16 years and is the only consultancy firm that has worked in more than Twenty-five African countries for Islamic Development Bank, World Bank and many other multilateral organizations. AlHuda CIBE is dedicated to developing Islamic financing all over the globe and is direly optimistic for the future.

While inaugurating the 8th  African Islamic Finance Summit (AIFS), Honorable Buah Saidy, the Governor Central Bank of the Gambia, shared a very future-oriented speech for the Islamic Banking and Finance in West Africa, particularly in the Gambia. Additionally, Hon. Alieu Secka, the Honorary Indonesian consulate, highlighted different aspects of Islamic finance development regarding some practical examples from Indonesia.

Honourable Fafa Sanyang, the Gambia’s minister of petroleum and energy, presented his opinion that Islamic finance is limited to the financial sector and can also be used in many other sectors through Sukuk and advanced murabahah forms of capital. 

The Chief Guest for the inauguration session, Seedy Keita ( minister for trade, industry, regional integration and employment), presented a very optimistic opinion about Islamic finance, praising its sustainability for socio-economic goals and financial inclusion from micro to advanced level.

President Adama Barrow also said Islamic finance emerges as an effective tool for financing development globally, including in non-Muslim countries. There is solid evidence from major financial markets that Islamic finance has already been mainstreamed within the global financial system. He added that Islamic finance has the potential to address extreme poverty challenges and boost shared prosperity.

AlHuda CIBE event hosted delegates from different countries and distinguished guest Speakers from the Gambia financial Industry, well known in and outside the Gambia, for the development of Islamic banking.

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During the inauguration, In first technical session for the development of Islamic Banking and Finance was conducted by Mr Moustafa Samir Taha, Mr Muhammed Sonko, Professor Azmi Omar, PhD. The session chair was Mr Mussa Sillah, the Director of the Islamic Development Bank in the Regional Hub of Dakar, Senegal.

The second Alhuda CIBE session was for the New frontier of Islamic Microfinance in the Gambia. The panellists for this session were Mr Baboucarr Joof, Mr Mamud Njie, Mr Fafona Sonko, Saihou Ceesay, Dr Hassan Ramzy Mohamed Essa, Mr Fafanding S Fatajo and Mr Muhammad Zubair, the Chief Executive Officer of AlHuda CIBE-UAE. The session was chaired by Mr Seeku A K Jaabi, the First Deputy Governor of Central Bank of the Gambia.

The third session was for the Takaful Industry. Guest speakers for this session were Mr Momodou Musa Joof, Ms Fatou Jallow Jawara, Mr Hamar Jawo, Mr Ousainou O. Jallow; the chair was Mr El Tahir Mohamed Elhassan, the Deputy General Manager of the Sudanese Microfinance Development Facility-SMDF, Sudan.

The fourth session was about investment opportunities in Africa. 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 chair for this session was Dr Hassan Ramzy Mohamed Essa.

The 8th African Islamic Finance was held successfully with a two-day 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 event was supported by:

• Heeno International
•  Microinsurance 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
•  Insurance Association of the Gambia.

The academia partners for the Alhuda CIBE event

• West Africa Insurance Institute
• The Institute of Bankers

Lead sponsors for Alhuda CIBE event

• Agib Bank ltd
• Supersonicz the Microfinance.

The silver sponsor for the event was Albaraka Forum.

The exclusive IT Sponsor for this event was the International Turnkey System Group.

Exhibition sponsors

• Takaful Gambia ltd
• West-Africa Takaful
• Forward Enterprise

AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in the Islamic banking and finance industry. It is widely known for research and provides a state-of-the-art Advisory Consultancy and Education through various well-recognized modes, namely the Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance, Takaful Consultancies etc. side by side through their distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

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