AlHuda Centre of Islamic Banking and Economics (CIBE) Archives

5th African Islamic Finance Summit Inaugurated in Dar Es Salaam, Tanzania

by admin | May 25, 2021 | Business Summit, Events, Muslim World

Delegates from 20 African Countries participated in the 5th African Islamic Finance Summit Inaugurated in Dar Es Salaam, Tanzania, organized by AlHuda CIBE

Dar es Salaam – Tanzania (Press Release) East 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 5th African Islamic Finance Summit in Dar es Salaam, Tanzania. Conference will continue till 20th April 2018, in which speakers from various countries will present their presentations, research papers and viewpoints about Islamic Banking and Finance industry. He said that, Tanzanian Islamic Banking and Finance market is very imminent seems promising. There are 4 banks offering Islamic banking services in the country; one is a full-fledged bank while other banks are also looking forward to enter in this niche market, about 5 Islamic Microfinance institutions are working in the country, meanwhile, couple of insurance companies are also waiting the green single of the regulator to be entered into Takaful market.

The summit was inaugurated by Eng. Hamad Masauni, Deputy Minister of Home Affairs, Republic of Tanzania on behalf of H.E Samia Suluhu, the Vice President, Republic Tanzania. He appreciated AlHuda Center of Islamic Banking and Economics activities for the development of Islamic banking and finance in Africa especially in Tanzania. He mentioned that Tanzania has enriched future for Islamic banking and finance and many banks are dealing with Islamic banking products in the country. He mentioned “BOT has been receiving applications for licenses either to operate Islamic windows or full-fledged Islamic banks. We as Government acknowledge absence of specific legal and regulatory framework to govern the Islamic finance industry and therefore Government through BOT and other stakeholders is harmonizing the principles of Islamic finance and the existing principles of conventional rules”.

While speaking at opening ceremony, Dr. Bernard Y. Kibesse, Deputy Governor, Bank of Tanzania (BOT) said, Islamic banking and finance is growing globally and Africa is also a good destination of it, he mentioned that BOT designed different guidelines for the smooth Islamic banking operations in Tanzania. He congratulated AlHuda CIBE for its role to introduce and promote Islamic banking and finance in East Africa. In the Inaugural Ceremony, Dr. Baghayo A. Saqware, Commissioner of Insurance, Tanzania Insurance Regulatory Authority (TIRA) Tanzania said that Insurance industry in Tanzania is growing at fast pace and Takaful would be a very good value addition in it, which will be very good tool of financial inclusion and social development, and shared that TIRA has already been issued draft Takaful guideline for comments, and we are sure Takaful will be reaching to Tanzania very soon.

Other speakers and distinguished guests include H.E. Dr. Ashatu K. Kijaji (MP), Deputy Minister, Ministry of Finance and Planning, Tanzania, H. E. Mr. Aly Toure (represent Governor), Director General of Permanent Control, Central Bank of Guinea, Republic of Guinea, H.E. Dr. Sahabi Isa Ga High Commissioner, Nigeria Embassy Tanzania, Tanzania, H.E. Pro. Faustin Kamuzora, Permanent Secretary, Prime Minister office, Tanzania, H.E. Sheikh Abubakar Zubeir Mbwa, Grand Mufti, BAKWATA-The National Muslim Council of Tanzania, Tanzania, H.E. Mr. Said Salim Awadh Bakhres, Chairman, Bakhresa Group of Companies, Tanzania, H.E. Mr. Mohammad H Mbaye, Executive Chairman, CIFCA, Tanzania, H.E. Mr Amir Muhammad Khan, Chargé d’Affaires a.i, Pakistan Embassy, Tanzania, H.E. Dr. Baghayo A. Saqware, Commissioner of Insurance, Tanzania Insurance Regulatory Authority (TIRA), Tanzania, Mr. Moh Issa Hemed, Secretary General, The Islamic Foundation, Tanzania, Mr. Muhsin M. Hussain, Managing Director, Tanzania Takaful, Tanzania, Dr. Abdallah Yahya Tego, Deputy Vice Chancellor (Academic, Research and Consultancy), Muslim University of Morogoro, Tanzania, Mr. Junaid Farid, Director, Strategic Planning & International Marketing, Akhuwat, Lahore, Dr. Muhsin Salim Masoud, Managing Director, Amana Bank Limited, Tanzania, Mr. Seleman Abdallah, Founder & Managing Partner, Lead Consultant PM, Tanzania, Mr. Zubair Mughal Chief Executive Officer, AlHuda CIBE FZ LLE, Dubai- U.A.E, Mr. Mamode Raffick Nabee Mohomed, Founder & Secretary, Al Barakah Multi-purpose Cooperative Society Limited, Mauritius, Mr. Mohammad Waseem Bhatti, Chief Executive Officer, Greenville Consulting, Hong Kong, Mr. Ahbabu Abdella Yassin, Exploremore Consultants, Head, Training & Research, Ethiopia, Mr. Ahmad Hayder Jabir, Businessman and Lecturer, Zanzibar University, Zanzibar, Dr. Abdulrahman Juma Nkoba, SENIOR LECTURER –Institute of Finance Management (IFM), IFM/CEO – CIFCA, Tanzania, Mr. John Edward Riggan, Chief Executive Officer, Innovare Advisors, USA, Dr. Mohammed Hafidh Khalfan, Former Deputy VC (Academics), Zanzibar University, Zanzibar, Mr. Rashid H.H. Rashid, Head Of Islamic Banking, KCB Bank, Tanzania, Mr. Khalil ur Rahman, Sr. Research Officer, AlHuda Center of Islamic Banking and Economics, Pakistan and Mr. Salim Abdallah Zagar, Chairman, Moladi Tanzania Limited, Tanzania. A two days post event specialized workshop for “Takaful and Islamic Microfinance” will be held on 19th – 20th April, 2018 after the summit.

5th African Islamic Finance Summit to be held in Tanzania

by admin | May 25, 2021 | Business Summit, Events, Social Round-up

5th African Islamic Finance Summit to be held in Tanzania

It will help bringing forward digital financial services solutions and financial inclusion: Muh. Zubair Mughal, CEO, AlHuda CIBE

Dubai :(Press Release) AlHuda Centre of Islamic Banking and Economics (CIBE) is honored to organize 5th African Islamic Finance Summit in Tanzania. The event is successfully held for many years in Tanzania for the betterment of the socio-economic conditions of the rural and urban areas of the country. It will be held at Hyatt Regency – The Kilimanjaro, Dar-es-Salaam, Tanzania on 17th and 18th April 2018. The summit will be followed by Post Event Workshops on Islamic Insurance and Islamic Microfinance on 19th and 20th April 2018. More than 15 international speakers would give their valuable contribution against the topics of discussion. The banking and financial industry of Tanzania and the surrounding areas will actively participate in the conference to gain ample knowledge of the Islamic financial sector and solutions to the escalating problems of the society. The event is supported by Tanzania Association of Microfinance Institutions (TAMFI) and Tanzania Insurance Broker Association (TIBA) and there are many supports in queue. Sponsors of the event include Islamic Corporation for the Development of the Private Sector (ICD), Amana Bank, Azam Bakhresa Group, KCB Sahl Bank, Akhuwat and many more to come. The event will be inaugurated by the esteemed chief guest from the ministry of finance. Participants are high profile personnel for 20 countries e.g. from central banks, banking and financial sectors of Tanzania and rest of the African countries, microfinance and insurance industry.

Mr. Muh. Zubair Mughal, CEO, AlHuda CIBE (the organizers of the event) thanked the supporters and the sponsors in advance for their continuous trust on them and the unprecedented support for the event that is much needed to achieve the milestone. He further said that today more than five in 10 Tanzanians (54%) are financially included, mainly through mobile money accounts (53%). Tanzania has a largely rural population, which makes access to financial services a challenge and digital solutions ideal. The World Bank reports 70% of the population resides in rural areas, and FII data shows that less than one-third (29%) of the rural population have active accounts (used in the last 90 days), whereas urban citizens are twice as likely to have actives accounts (61%). Approximately 76% of Tanzanians live on less than $2 per day, with three-quarters of Tanzanians employed in the agriculture sector, according to World Bank data. Making gains among these groups is key to improving Tanzanians’ financial lives. He said that Islamic banking and finance is the best alternative to change the lives of the poor. Investing in Islamic Banking and Finance could mean greater foreign investment that could result in enhanced global connectivity, improved job creation, socio-economic development and poverty alleviation. It provides an excellent opportunity for Africa and the rest of the world to develop strong knowledge of Islamic Banking and Finance procedures that will create genuine global opportunities for the long term development of this growing and increasingly transcending financial sector.

The main objectives of the summit include e.g. recognizing significant developments in Islamic Financial Infrastructure of Africa, linkages of African Islamic Finance industry with international financial market, demonstration of the flexibility of Islamic Financial markets during recent financial crisis, share the best practices of the international Islamic banking market with African Islamic finance Industry, assessing innovations in Islamic financial markets through the growth of newly developed research based products etc. The event is open for the public with very nominal entrance fee. It is highly recommended that more and more organizations, companies and banks join the summit in order to gain the maximum benefit from this international event in Tanzania.

About AlHuda CIBE:

AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com