22 August 2024: The 5th International Interest-Free banking and Takaful Forum, organized by Al Huda Centre of Islamic Banking and Economics (CIBE), concluded successfully in Ethiopia on Wednesday. The event, held in Addis Ababa, brought together key industry leaders, scholars, and practitioners from across Africa and beyond, aiming to explore and advance the potential of Islamic finance on the African continent, reported the zawya.com.
The forum, which spanned two days from August 20 to 21, was supported by a coalition of sponsors, including Ethiopian Insurance Corporation, Dahabshil Bank International, Shabelle Bank, MYTM, ZamZam Bank, and Global Insurance Co. S.C. The event also received backing from notable partners such as the Somaliland Bankers Association, Islamic Finance Research Institute-Ghana, and the Africa Fintech Network. Ethiopian Airlines served as the official airline partner, while media coverage was provided by Adsolute Communications Plc, IFING-MEDIA, Mesofinance Monthly, and Financial IT.
This significant gathering facilitated dynamic exchanges on critical topics, including the regulatory landscape of Islamic finance in Africa, investment opportunities within Interest-Free banking, the role of Takaful in financial inclusion, and the impact of Islamic fintech innovations. These discussions were instrumental in charting a strategic direction for the growth of Islamic finance in Africa, a region increasingly viewed as the next frontier for this sector.
In his keynote address, Hassan Mohammed, State Minister of Industry for the Federal Democratic Republic of Ethiopia, reaffirmed the government’s commitment to fostering a conducive environment for the expansion of Interest-Free finance. “Interest-Free finance offers a viable pathway to economic growth and financial inclusivity in Africa. Ethiopia, with its rich history and strategic location, is poised to be a leading hub for Islamic finance in the region,” he stated.
Hassan Mohammed further underscored the role of Interest-Free finance in promoting financial stability and inclusion, particularly within Ethiopia’s rapidly evolving economy. He emphasized that the risk-sharing nature of Islamic financial instruments could mitigate systemic risks and enhance economic resilience.
Muhammad Zubair, Chief Executive Officer of Al Huda CIBE, expressed his gratitude to all participants, sponsors, and partners.
“Africa is emerging as a new destination for Interest-Free finance, and Ethiopia is at the forefront of this transformation. The success of this Forum reflects the collaborative efforts of all stakeholders in advancing the Islamic finance industry in Africa,” he said.
The forum concluded with an award ceremony recognizing outstanding institutions and individuals who have significantly contributed to the growth of Islamic finance in Africa. Additionally, a one-day post-forum workshop was conducted, providing participants with practical skills and knowledge in Islamic banking and Takaful.
