TANZANIA TO HOST AFRICAN ISLAMIC FINANCE SUMMIT

In Summary

The summit which will bring delegates from more than 10 countries is slated for March 28 and 29, 2017, the Dubai-based AlHuda Centre of Islamic Banking and Economics (CIBE) which is organizing the event said in a statement. 

Islamic finance refers to the means by which corporations in the Muslim world, including banks and other lending institutions, raise capital in accordance with Sharia, or Islamic law.

Dar es Salaam. Tanzania is set to host the fourth African Islamic Finance summit which may help opening up gates for more foreign direct investments to the country.

The summit which will bring delegates from more than 10 countries is slated for March 28 and 29, 2017, the Dubai-based AlHuda Centre of Islamic Banking and Economics (CIBE) which is organizing the event said in a statement. 

Islamic finance refers to the means by which corporations in the Muslim world, including banks and other lending institutions, raise capital in accordance with Sharia, or Islamic law.

It includes Islamic banking, insurance (Takaful), bond (Sukuk) fund and microfinance.

Tanzania allows Islamic Banking and the market is waiting for the Takaful regulations to be passed before the start of the Islamic insurance.

“The future of Islamic capital market is bright in Africa and so this increasing trend of Islamic finance is evident that the continent is moving forward in this industry,” said Mr Muhammad Zubair, CEO -AlHuda CIBE.

He estimated that the total volume of Islamic finance in Africa is $78 billion which is less than 5 per cent share of global Islamic finance industry. 

Out of that, Islamic Banking has 81 per cent share, Islamic Fund 7 per cent, Sukuk 5 per cent, Takaful 6 per cent, and Islamic microfinance has only 1 per cent share in the African Islamic Finance Industry.