Africa is emerging for Islamic Finance and a new destination for Islamic Financial Institutions which will open new avenue for the Foreign Direct Investment (FDI) in the region, it was stated by Muhammad Zubair Mughal, Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE) during the inaugural ceremony of African Islamic Banking and Takaful Summit was held in association with Centre for Islamic Finance, Compliance and Advice and sponsored by Imaan Finance, CRDB Bank Plc, PBZ Bank LTD, Craft Silicon, Technology Associates – Tanzania, Zanzibar Insurance Corporation, InvoiceMate, BSV-Blockchain, , Association of Tanzania Insurers (ATI) – Tanzania, National Insurance Authority, Somaliland, NBC, Imaan Newspaper, Imaan Radio, Imaan TV and IFING-MEDIA. He said that, Tanzanian Islamic Banking and Takaful market is very imminent and seems promising.
The summit was inaugurated by Mr. Muhammad Zubair, Chief Executive Officer, AlHuda CIBE FZ LLE, Dubai- U.A.E. He welcomed all the guests of honors, speakers and participants for attending this emerging phenomenon conference, one of new of its kind in the region. He said that Islamic banking and finance is the ultimate financial solution due to its viability and sustainability. This system has multi-fold benefits which concentrate on the balanced wealth distribution. He also threw light on the need of Islamic banking and financial services.
He further said that several new Islamic financial institutions are ready to start their operations in the market. Various Islamic window operations are also going to start their operations for the development of the economy to strengthen the growth of the market and to uplift the living standards of the public in the region. A few of the banks are also coming into the markets with stand-alone branches for Islamic banking operation. Insurance industry is also participating with zeal and zest and Takaful operations are also going to be operated in the insurance market.
The Guest of Honors includes H.E. Mohamed Himid Mbaye Former Deputy Governor, Bank of Tanzania, Immediate Past Chairman CIFCA, H.E. Prof. Florens D. A. M. Luoga Governor, Bank of Tanzania, H.E. Mrs. Khadija. I. Said Deputy Commissioner of Insurance, Insurance Regulatory Authority (TIRA), Tanzania, Dr. Ally Hussein Laay Chairman of the Board of Directors, CRDB Bank Plc, Tanzania, Mr. Khamis Suleiman Chairman, Association of Tanzania Insurers, Tanzania were with Mr. Muhammad Zubair at inaugural ceremony and appreciated AlHuda CIBE FZ LLE, Dubai- U.A.E. activities for the development of Islamic banking and finance in Africa and especially in Tanzania. They mentioned that Tanzania and Africa have enriched the future for Islamic banking and finance and many banks are dealing with Islamic banking products in the country and the region. They pertinently mentioned that AlHuda CIBE is playing its role for the promotion of a globally accepted alternative financial solution which is the only hope of financial stability. They also mentioned that there is absence of a specific legal and regulatory framework to govern the Islamic finance industry which should be addressed timely. It not only will promote the Islamic banking and financial services but also enhance the economic growth of the region.
Two days’ post event specialized training workshops on “Practical and Operational Aspects of Takaful ” will be held at Johari Rotana, Dar es Salaam, Tanzania.