First Islamic finance conference to take place in Togo
A conference on Islamic finance was held in Lomé on September 12th and 14th - a first in Togo.A conference on Islamic finance was held in Lomé on September 12th and 14th - a first in Togo.
Organised by the African institute of Islamic finance (IAFI), its aim was to inform people of Islamic finance principles, Islamic case law, management of Islamic banks, contracts and financial products and Islamic bond financial markets, Le Griot newspaper reports.
The conference shows the expansion of this type of finance in Africa, after the first Islamic banks were created in Sudan, Gambia, Senegal, Niger, Nigeria and Mauritania.
In 2010 Zitouna, a completely Islamic bank, was created in Tunisia.
Islamic finance global assets now total over $1,000 bn (€726 bn), growing by between 15 and 20 percent over the last ten years, President of the National Committee of Islamic Finance in the Ivory Coast Diakité Mouhamed told Les Afriques newspaper.
According to Mr Mouhamed, the monetary crisis has highlighted Islamic finance because it has resisted well in a difficult economic environment.
He added that the share of Africa in global Islamic finance is still low, but the interest is strong, stating "African authorities must strengthen their legal framework and must build economic strategies to attract capitals from the Gulf."