Djibouti bets on Islamic finance
During the third Annual Islamic Banking Summit Africa (IBSA Djibouti 2014), H.E. Ismail Omar Guelleh, President of the Republic of Djibouti, explained why this type of financing is the future of the continent.During the third
Annual Islamic Banking Summit Africa
(IBSA Djibouti 2014),
H.E. Ismail Omar Guelleh, President of the Republic of Djibouti,
explained why this type of financing is the future of the continent.
He took his own country as an example, as the Central Bank of Djibouti includes Islamic finance in its economic system.
“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," commented Mr Guelleh.
“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."
he added during his special address.
Mr Guelleh explained that
Islamic finance provides government institutions with an alternative financing mechanism to support capital expenditure needs. He hopes Islamic finance’s close connections to the real economy will also set the stage for significantly stronger growth of the industry in Africa.
Over 200 industry experts gathered in Djibouti on 4th
November for the two-day summit. This year’s subject was “Islamic Finance: Capturing the Africa Opportunity”.