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17 July 2012

Major Islamic banking forum planned in Africa

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Manama: Opportunities and challenges that are forging the Islamic banking, finance and investment landscape in Africa will be the focus for an upcoming Islamic banking forum in Djibouti.

Held under the official support of the Central Bank of Djibouti, the Islamic Banking Summit: Africa (IBSA 2012) will be held on November 6 and 7.

"Over the last decade, trade between African countries and the rest of the world has grown significantly, including a 170 per cent increase in trade with the GCC," said conference chief executive David McLean.

"The on-going shift by African countries from being aid-dependant to increasing trade and investment ties with the Middle East, Islamic finance is set to play a key role in facilitating more trade and investment flows between Africa and the Middle East.

"Increased interest from Gulf investors in terms of agricultural land acquisitions and the mergers and acquisitions of financial institutions, as well as a growing Asian investor base, particularly in manufacturing and project finance, is expected to grow the African economy significantly," he added.

"Africa presents a tremendous opportunity for Islamic finance and is probably the next logical or strategic decision for leading financial institutions looking to extend their products and services to a new high-potential market," said Central Bank of Djibouti governor Djama M Haid.

"IBSA 2012 is a high-level event that brings together industry leaders, regulators and scholars that are the main drivers of the development of Islamic financial services," he added. 

(Courtesy: TradeArabia)

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