More than 200 industry participants, regulators and thought leaders in the international Islamic banking and finance industry will be gathering on the 4th & 5th of November 2014 at the Djibouti Palace Kempinski for the 3rd Annual Islamic Banking Summit Africa (IBSA 2014).
Thursday, October 30, 2014
Focusing on the theme “Islamic Finance: Capturing the Africa Opportunity”, IBSA 2014 is held under the official patronage of H. E. Ismail Omar Guelleh, President of the Republic of Djibouti and Head of Government, and supported by the Central Bank of Djibouti. IBSA 2014 will provide a platform to specifically focus on the opportunities and challenges that are forging the Islamic banking, finance, and investment landscape in Africa.
Speaking ahead of the event, David McLean, Chief Executive of the Islamic Banking Summit Africa (IBSA), noted that: “Over the last decade, trade between African countries and the rest of the world has grown significantly. In particular, key African countries are building increasingly positive economic ties with leading Islamic banking centres. These strengthening trade ties with the key nerve centres of Islamic finance are boosting Africa’s connections across the countries of the Arabian Gulf and SE Asia, which when combined with a growing Muslim population, the need to finance large-scale infrastructure and manufacturing projects, as well as a large unbanked population and the funding needs of a burgeoning SME market, all provide tremendous growth opportunities for Islamic finance in Africa.”
The two day event will be officially inaugurated on the 4th of November 2014 with a keynote address by H.E. Ahmed Osman, Governor of the Central Bank of Djibouti. The inaugural session, also featuring H. E. Abdelrahman Hassan Abdelrahman Hashim, Governor of the Central Bank of Sudan, will review the strategic initiatives that are underway to improve the regulatory framework in key African markets for Islamic finance.
Confirming his participation at the event, H.E. Ahmed Osman, Governor of the Central Bank of Djibouti noted that "Africa offers exciting growth prospects and, according to projections, seven out of the 10 fastest growing economies in the world will be in Africa. Growth drivers on the continent are becoming increasingly diverse, with the resource-based, the infrastructure construction and services sectors taking the lead. Islamic finance has tremendous potential to play a more significant role in supporting the funding gaps in Africa while enhancing financial inclusion rates in the region. According to reports, the Islamic banking segment in Africa is set for major growth driven by Africa's large and under-served Muslim population and increasing awareness of Shari'ah-compliant products. In addition, Islamic finance provides government institutions with an alternative financing mechanism to support capital expenditure needs. Islamic finance’s close connections to the real economy will also set the stage for significantly stronger growth of the industry in Africa.”
H.E. Ahmed Osman also said that, "Through a number of key initiatives, the Central Bank of Djibouti has established Islamic finance as a key constituent of the economic system in Djibouti. The Central Bank of Djibouti is delighted to host the 3rd Annual Islamic Banking Summit: Africa (IBSA 2014). Since its launch, the conference has gone on to establish itself as the key international forum that supports the growth of Islamic finance in Africa. IBSA 2014 will provide a high-profile platform to specifically focus on the opportunities that are forging the Islamic banking, finance, and investment landscape in Africa.”
H. E. Ismail Omar Guelleh, President of the Republic of Djibouti and Head of Government will deliver a special presidential address at the 3rd Annual Islamic Banking Summit Africa (IBSA 2014) on the 4th of November 2014.
Another highlight of IBSA 2014 will be the industry leaders’ power debate. The session will feature Fadi Salim Al Faqih, Chief Executive Officer, Bank of Khartoum; Nur A Mohamed, General Manager, Salaam African Bank; Muhammad Kashif, Chief Operating Officer, Dahabshil Bank International; and Cassim Docrat, Director, DDCAP (DIFC) Limited. This interactive session will led by Dr. Alberto Brugnoni, Founder and Managing Partner, ASSAIF and will discuss the Practical Business Steps to Expand and Deepen the Footprint of Islamic Finance in Africa.
IBSA 2014 will also feature a special keynote address by Jaseem Ahmed, Secretary-General, Islamic Financial Services Board (IFSB), who will discuss the setting of Standards for Islamic Finance to Thrive in Africa. Abdelilah Belatik, Secretary General, General Council for Islamic Banks and Financial Institutions (CIBAFI) and Farid Masmoudi, Director of the Business Development and Partnerships Department, Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, will also deliver keynote addresses and discuss the International Initiatives to Promote Islamic Finance in Africa.
Commenting on his participation in IBSA 2014, Fadi Salim Al Faqih said that, “Islamic banking is set for dramatic growth in Africa in the coming years across both the consumer, corporate and investment banking segments. As African banks begin to build stronger capabilities in Islamic finance, regulatory bodies are also busy establishing the regulatory and policy frameworks essential for the industry to thrive on the continent. By learning from the established Islamic banking markets, Africa has a great opportunity to fast-track the development of Islamic finance on the continent, especially in increasing financial inclusion with mobile money as an enabler. The major benefit that the Islamic finance industry in Africa will bring to the table will be to accelerate economic growth on the continent and we look forward to discussing the roadmap to success at the 3rd Annual Islamic Banking Summit Africa (IBSA Djibouti).”