Spokesman Report

Dubai, UAE:During a significant visit to West Africa aimed at fostering the development of Islamic Finance, Mr. Muhammad Zubair, CEO of AlHuda Centre of Islamic Banking and Economics (CIBE), met with Mr. Cyril Okoye, Secretary General of the Association of African Development Finance Institutions (AADFI). The meeting in Abidjan, Côte d’Ivoire, culminated in a series of collaborative initiatives to advance the financial sector across the continent.

To support and enhance the capabilities of AADFI member institutions in Islamic Finance, AlHuda CIBE has committed to offering a range of educational and developmental resources. These include free webinars on Islamic finance, comprehensive online training programs tailored to the specific needs of AADFI members, and assistance in developing Islamic finance products suited to African markets.

AADFI is dedicated to developing and growing Islamic finance in Africa, recognizing its potential to drive financial inclusion and economic development across the continent. By partnering with AlHuda CIBE, AADFI aims to equip its member institutions with the knowledge and tools necessary to implement and expand Islamic finance services, thereby contributing to Africa’s more inclusive and robust financial ecosystem. Moreover, AlHuda CIBE and AADFI have agreed to jointly conduct a pivotal research study titled “Islamic Finance: Potential, Outreach, and Challenges in Africa.” This study aims to explore the landscape of Islamic finance on the continent, identifying opportunities for growth and the hurdles that need to be addressed.

Mr. Muhammad Zubair, CEO of AlHuda CIBE, remarked, “The development of financial institutions in Africa is accelerating rapidly. Integrating Islamic finance will play a vital role in enhancing financial inclusion and driving economic development”. He added that “Islamic finance is not exclusive to Muslims; it is a robust system that can be operated by Muslims and non-Muslims alike. For Muslims, it aligns with their religious beliefs, while for non-Muslims, it represents a sound banking and finance system” with relevance to ESG.

Echoing this sentiment, Mr. Cyril Okoye, Secretary General of AADFI, stated, “Islamic finance is witnessing rapid growth in Africa. AADFI recognizes its potential and is committed to supporting its development across member institutions on the continent. Our collaboration with AlHuda CIBE signifies a strategic alliance that will empower our member institutions with the expertise and resources required to embrace Islamic finance. This, in turn, will facilitate greater financial inclusion, stimulate economic activities, and drive sustainable development. We believe that Islamic finance offers innovative solutions to many of our nation’s financial challenges, and we are excited to lead this transformative journey to better Africa’s financial future.”

This collaboration between AlHuda CIBE and AADFI marks a significant step towards enriching the African financial sector, fostering inclusive growth, and promoting sustainable economic development through the principles of Islamic finance. Equipping financial institutions with the necessary knowledge and expertise will pave the way for a more inclusive and prosperous financial future for the African continent.