Interest-Free/ Islamic Finance Set to Transform Africa: Hassan Mohammed, State Minister of Industry, Ethiopia
Spokesman Report
DUBAI: The 5th International Interest-Free Banking & Takaful Forum, organized by AlHuda Centre of Islamic Banking and Economics (CIBE), successfully took place from August 20th to 21st, 2024, in Addis Ababa, Ethiopia. The event brought together an array of industry leaders, scholars, and practitioners from across Africa and beyond to discuss and explore the burgeoning potential of Islamic finance in the African continent. This monumental occasion was made possible through the collaborative efforts of esteemed sponsors Ethiopian Insurance Corporation, Dahabshil Bank International, Shabelle Bank, MYTM, ZamZam Bank and Global Insurance Co. S. C. The event was supported by numerous partners, including the Somaliland Banker’s Association, Islamic Finance Research Institute-Ghana, AL BARAKAH Multi-Purpose Cooperative Society Limited, Azerbaijan Fintech Association, and Africa Fintech Network. Media partners included Adsolute Communications Plc, IFING-MEDIA, Mesofinance Monthly, and Financial IT. Ethiopian Airlines served as the event’s official partner airline. The Forum aimed to facilitate a dynamic exchange of ideas and promote the growth of Interest-Free finance in Africa, a region poised to become a new frontier for Islamic banking and Takaful. The event featured in-depth discussions on critical topics such as the regulatory landscape of Islamic finance in Africa, investment opportunities in Interest-Free banking, the role of Takaful in financial inclusion, and the impact of Islamic fintech innovations on the African market. These discussions were instrumental in mapping out the strategic direction for Islamic finance in the region. In a keynote address, H. E. Hassan Mohammed, State Minister of Industry, The Federal Democratic Republic of Ethiopia, emphasized the Ethiopian government commitment to development an encouraging environment for the expansion of Interest-Free finance. He stated, “Interest-Free finance offers a viable pathway to economic growth and financial inclusivity in Africa. Ethiopia, with its rich history and strategic location, is poised to be a leading hub for Islamic finance in the region.” H. E. Hassan Mohammed further highlighted the role of Interest-Free finance in promoting financial inclusion and stability, especially in Ethiopia’s rapidly evolving economy. He noted, “The risk-sharing nature of Interest-Free financial instruments can help mitigate systemic risks and reduce the likelihood of financial crises, making it an essential tool for economic resilience.” Mr. Muhammad Zubair, Chief Executive Officer of AlHuda CIBE, expressed his deep appreciation to all participants, sponsors, and supporters for their invaluable contributions. He remarked, “Africa is a new destination for Interest-Free finance, and Ethiopia is at the forefront of this transformation. The success of this Forum is a testament to the collaborative efforts of all stakeholders in advancing the Islamic finance industry in Africa.” The 5th International Interest-Free Banking & Takaful Forum concluded with a prestigious award ceremony honoring exceptional institutions and individuals in the African Islamic finance landscape. The event served as a pivotal platform for forging strategic partnerships, exploring innovative solutions, and laying the groundwork for the future of Islamic finance in Africa. To further enhance the capacity of the African Islamic finance industry, a one-day post-forum workshop was included, equipping participants with practical skills and knowledge in Islamic banking and Takaful. This event highlights AlHuda CIBE ongoing commitment to promoting the global growth of Islamic finance by providing an invaluable opportunity for networking, knowledge sharing, and collaborative development.