Africa is Potential Destination for the Development of Islamic Finance Industry: Zubair Mughal
Dubai : 10th African Islamic Finance Summit (AIFS) successfully held in The Sir Dawda Kairaba Jawara International Conference Center, The Gambia on May 03, 2023. The purpose for this event was to explore the untapped African financial market for Socio-Economic Benefits of the region. The summit was a platform for African think-tank to discuss innovative financial inclusion strategies for more development in Africa. In a welcoming address Mr. Muhammad Zubair Chief Executive Officer of AlHuda CIBE said that West Africa is an emerging region for Islamic finance industry and it is growing very fast. AlHuda CIBE is the only consultancy who has worked in more than 30 African countries for Islamic Development Bank, World Bank and for many other multilateral organizations. AlHuda CIBE is very dedicated to the development of Islamic finance all over the region and very optimistic for the future.
In the inaugural session H.E. Demba Sabally, Minister of Agriculture shared a very future oriented speech for the Islamic Banking and Finance in West Africa particularly in The Gambia. Mr. Ismail Adam, Deputy Director – Banking Supervision Department, Bank of Ghana, on behalf of His Excellency Governor Central Bank of Ghana. H.E. Seyaka Sonko, Minister of Interior presented his opinion that Islamic finance is not only limited to the Muslim countries rather it is an alternative sustainable financial solution for the mankind. The advancements in Islamic finance industry are emerging. The Chief Guest H.E. Seedy Keita, Minister of Finance and Economic Affairs, on behalf of His Excellency Adama Barrow, President of Republic of the Gambia presented a very optimistic opinion about Islamic finance, its sustainability for socio-economic goals and financial inclusion from micro to advanced level. H.E. Baboucarr Bouy, Minister of Public Service, Administrative Reforms, Policy Coordination and Delivery, Dr. Paul J. Mendy, Second Deputy Governor, Central Bank of Gambia and Mrs. Sarata Conateh, Chief Executive Officer, Gambia Chamber of Commerce also participated as a guest of honor in the inauguration session to address the challenges of ending extreme poverty and boosting shared prosperity.
AlHuda CIBE hosted delegates from different countries and distinguished guest Speakers were well-known names of the Gambia financial Industry and outside the Gambia for the development of Islamic banking. The first technical session for Islamic Banking, Finance & Financial Inclusion was addressed by Mr. Ismail Adam, Mr. Mamud Njie, Mr. Pa Alieu Sillah whereas the session was chaired by Mr. Siaka Bah from Central Bank of The Gambia.Mr. Ibrahim Ali Alkali, Mr. Fafanding S Fatajo, Mr. Momodou Joof, were the panelist in the panel discussion titled Development of Islamic Microfinance in West Africa which is moderated by Mr. Muhammad Zubair Chief Executive Officer of AlHuda CIBE-UAE. The third session addressed the Challenges and Opportunities for Islamic Finance Industry in Africa. The guest speakers Professor Dr. M. Kabir Ul Hassan, Mr. Suleiman Fode Drame, Mr. Sonko Fofana throw the light on the subject matter whereas the session chair was Mr. Mamud Njie. The fourth session was about investment opportunities in Africa and the honorable guest speakers were Mr. Lamine Kone, Mr. Ba Lamin Darboe. The session was chaired by Deputy Director of The Bank of Ghana, Mr. Ismail Adam.
The sponsors for this event was Agib Bank Ltd the pioneer and only Islamic Bank in the Gambia, and Forward Enterprises which is eager to fulfill social responsibilities and APS Islamic Microfinance Co., The supporting partners for this event was Heeno International, Gambia Chamber of Commerce and Industry, National Association of Cooperative Credit Union Gambia, Egyptian Islamic Finance Association, National Insurance Authority Somaliland, Islamic Finance Research Institute Ghana and Nigerian Insurers Association. The Media Partners for this event were The Standard Newspaper, Micro Capital, IFING Media, Financial Nigeria and International Business Magazine.