The Gambia will host the 10th African Islamic Finance Summit (AIFS) next week in Banjul to discuss the significance of Islamic finance, its sustainability, its impact on the economy, and opportunities for Africa and West Africa.
West Africa is the emerging market for Islamic Banking and Finance, mainly dominated by a Muslim population of a combination of Anglo and Francophone countries.
The Summit will discuss the need for African Financial Industry growth and recognize the role of African avenues, adding that a two-day post-event workshop about Islamic Banking, Islamic Microfinance, and Takaful will follow the Summit.
“The agenda of this event is a brief introduction to Islamic finance from historical development, regulatory challenges, and opportunities. It will describe how the Islamic financial system plays a role in financial inclusion, Shariah compliance governance and framework, and the implementation of Shariah audit system to regulate Islamic Financial industry,” AIFS, the organizers of the Banjul event said in a communique to the press.
“The significance of Islamic Microfinance, Islamic Agriculture Finance, Fintech, Insurtech, and many advanced tools for the Islamic financial industry will be part of it. In addition, it will highlight the investment opportunities and significance of Islamic Capital Market and Financial Institutions for developing Islamic financial systems through Shariah compliant.”
Muhammad Zubair Mughal, Chief Executive Officer (CEO) of AlHuda Centre of Islamic Banking and Economics, United Arab Emirates organizer of the event, said that Africa is the second largest destination for Islamic Finance Industry, adding that as per the demographic dynamics, West Africa is mainly populated by Muslims thus Islamic Finance is not only the sustainable way for the development but a fulfillment of religious
duty, and with its dual benefits, Africa can build its economic structure through Islamic finance tools.
“So far AlHuda Centre of Islamic Banking and Economics has organized the African Islamic Finance Summit in Ethiopia, Kenya, Mauritius, Tanzania, and the Gambia. Now we will organize this mega conference 2nd edition in The Gambia. This conference gathers financial industries like Banking, Insurance, Islamic Microfinance, Funds Management, Agri/Rural Finance, Regulatory Authorities, Government bodies, Ministries, NGOs, Donor Agencies, and Academia.”
” In 2022, this event was held with the support of the Central Bank of the Gambia, Ministry of Trade, Industry, Regional Integration and Employment of the Gambia, and with the collaboration of public and private sector institutions, he added.
