TANZANIA is expected to boost Foreign Direct Investment (FDI) as a result of planned 4th African Islamic Finance Summit to take place late this month at which delegates from more than 10 countries will attend.
AlHuda Centre of Islamic Banking and
Economics (CIBE), which is organizing the meeting for 28th and 29th this month,
yesterday said the aim of this summit is to support the local market and create
the opportunity to gain knowledge about global practices on Islamic finance through
learned national and international scholars.
Chief Executive Officer of CIBE, Mr
Muhammad Zubair, said the summit would adopt the latest trends, challenges, and
opportunities in Islamic Finance industry of Africa. "This will help to
open gates for Foreign Direct Investment in the country.
Tanzania has its own unique position
in East Africa as they are waiting for the Takaful regulation to be passed in
the country which means future of Islamic capital market is bright," Mr
Zubair remarked when speaking to the media yesterday in Dar es Salaam.
He said
East African market is developing rapidly. Many African countries seem to be
placing themselves for Islamic finance hub for the region. The increasing trend
of Islamic finance in Africa was evident that Africa was moving forward in this
industry.
There is quite a wrong conception
that Islamic finance is strengthening its roots only in North African countries
such as Tunisia, Morocco, and Algeria, among others.
Analyzing Islamic financial industry
of Africa, he added that, according to estimates, the total volume of Islamic
finance in Africa is $78 billion which is less than 5 per cent share of global
Islamic finance industry.
There will be an award ceremony as
well on the second day of the summit named as "National Islamic Banking
& Finance Awards" (NIBFA) aimed to recognize and celebrate outstanding
achievements and contributions of individuals and institutions within Islamic
Finance industry locally in 12 different categories.
No comments:
Post a Comment