FinAfrica is bringing Islamic finance to Cameroon
FinAfrica will hold a workshop for Cameroon's finance and banking professionals at the end of February to introduce them to the ins and outs of Islamic finance.FinAfrica will hold a workshop for Cameroon's finance and banking professionals at the end of February to introduce them to the ins and outs of Islamic finance.
The not-for-profit organisation described the workshop as a chance to learn about “the history of Islamic finance, interest-free banking, financial contracts that conform to Sharia law, the Islamic Development Bank, cooperation between Islamic and conventional banks, [and] financial markets’ within the Islamic financial system”.
It will take place in Douala, the country’s economic capital, which has been home for the
Muslim population since 1922.
Most attendees are likely to come from the finance and banking sector.
Bank managing directors, institutional investors, insurers, company treasurers, finance directors and risk management directors
are expected, according to Businessincameroon.com.
Over 20 per cent of the country’s population is Muslim and an increasing number of
locals are converting to Islam, as suggested by an increase in the number of mosques around Douala. Traditionally, Muslims tend to live in the north rather than on the coast.
However, the Islamic finance market remains largely untapped, an opportunity the Saudi
Islamic Development Bank Group
sought to capitalise on in 2012, when it signed a partnership with the Cameroonian bank Afriland First Bank to start offering Sharia-compliant banking services in the country.