Africa is home to over a quarter of the global Muslim population and has an increasingly strong and viable market for Islamic financial services and products. While the industry is still in a key development phase, tremendous progress has already been achieved on the continent, with significant potential for exciting growth across key markets especially in East Africa.
Hosted by The Central Bank of Djibouti and held under the Patronage of the President of Republic of Djibouti, the International Islamic Banking Summit Africa: Djibouti 2016 brings an innovative platform to explore the next wave of opportunities for Islamic ﬁnance in Africa.
The International Islamic Banking Summit Africa Djibouti 2016 is an innovative gathering which regularly convenes global industry leaders to boost economic development and facilitate greater trade and investment flows between Africa, the Gulf, the broader OIC markets and beyond, through Islamic finance. Islamic finance brings several key value propositions to Africa; most notably in the areas of enabling infrastructure finance, boosting international trade & investment flows, and deepening financial inclusion. The Summit will take place on the 2nd&3rd of November 2016 at the Djibouti Palace Kempinski, Djibouti and will focus on the theme “Harnessing the Driving Forces for the Successful Development of Islamic Finance in Africa”.
Featuring a special presidential address from H.E. Ismaïl Omar Guelleh, President of the Republic of Djibouti, Head of Government, the Summit will tackle the 3 key catalysts that are driving the progress of Islamic finance in Africa: Infrastructure Finance; Trade and Investment; and Financial Inclusion & Innovation
The Summit has an interactive format spread over 2 days and will be officially inaugurated on the 2ndof November 2016 with a stellar line-up of opening keynote addresses fromH.E. Ahmed Osman, Governor, Central Bank of Djibouti;H.E. Abdelrahman Hassan AbdelrahmanHashim, Governor, Central Bank of Sudan; H.E. Getahun Nana Jenber, Vice Governor, National Bank of Ethiopia; and H.E. Khaled M. Al‐Aboodi, Chief Executive Officer, Islamic Corporation for the Development of the Private Sector (ICD, Islamic Development Bank). This keynote plenary session focuses on Building the Regulatory Infrastructure Essential to Creating a Strong Future for Islamic Finance in Africa. The opening keynote session also includes addresses are from Abdelilah Belatik, Secretary General of the General Council for Islamic Banks and Financial Institutions (CIBAFI); H.E. Dr. SidiOuldTah, Director General, The Arab Bank for Economic Development in Africa (BADEA); and Jaafar S. Abdulkadir, Head of Islamic Banking, KCB Bank Group. The keynote session will focus on how Islamic finance can better connect Africa to the Gulf, Broader OIC Markets and Beyond through Harnessing the Opportunities for Infrastructure Finance, Trade & Investment, and Financial Inclusion & Innovation.
Speaking ahead of the event, H.E. Khaled M. Al‐Aboodi, Chief Executive Officer, Islamic Corporation for the Development of the Private Sector said: “There are many significant signs that Islamic Finance is gaining serious momentum on the African continent and is becoming one of the key drivers for equitable and sustainable growth for a strong and dynamic private sector. Clearly the growth of Islamic finance will not only provide new financial instruments but will also provide greater access to liquidity pools across the Middle East which will result in faster economic, social and human development on the continent.”
Another major highlight of the International Islamic Banking Summit Africa: Djibouti 2016 is the Leader’s Dialogue Live! keynote interview session, which will be presented as a live onstage one-on-one discussion with a leading player in the global Islamic finance industry. This will be a unique opportunity to engage directly with the key issues and gain a fresh perspective and first-hand insights into what we can expect from the Islamic finance industry going forward. This live interview session features renowned industry leader and global Islamic Banker,Afaq Khan.
Speaking at the announcement of his participation, Afaq Khan said: “The global Islamic finance industry will continue to grow at a much faster rate than conventional banking and also increase its market share notwithstanding ongoing challenges such as Shariah standards across markets, regulations, tax issues, and documentation standardisation. Due to the increasing demand for Shariah-compliant investments globally by both Muslims and non-Muslims, the industry has grown by an estimated 20 per cent annually in the last five years. As of now, Africa has only around 2% of global Islamic banking assets and as little as 0.5% of Sukuk outstanding and, notwithstanding ongoing turbulence in the global economy, the stage is set for the rapid growth of Islamic banking and finance across Africa. In addition, Africa’s strong potential for rapid growth in retail banking has also drawn several international Islamic banks to invest on the continent. The International Islamic Banking Summit Africa: Djibouti 2016 will bring several key value propositions to Africa; most notably in the areas of enabling infrastructure finance, boosting international trade & investment flows, and deepening financial inclusion; and I look forward to participating in the Summit which focuses on Harnessing the Driving Forces for the Successful Development of Islamic Finance in Africa.”
The second day of the conference follows a practical master-class format and will be led by AIMS (Dubai) and ABL Dunamis (Uganda) and will place Islamic finance in a practical actionable context.