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.
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