East Africa Islamic Economy Summit to Focus on Fintech Technology

The East Africa’s Islamic Economy Summit 2018 which takes place in Kenya’s capital, Nairobi, on April 24-25 will be themed around Fintech as a driver for Islamic Economy in East Africa as well as Financial inclusion in the region.

Elaborating on the theme of the 3rd edition of the East Africa Islamic Economy Summit, Agnes Gitau, GBS Africa, said, “East Africa’s fairly developed infrastructure and communication sector, a young educated tech savvy population and their ability to capitalise on technology development provides a great opportunity for the region to lead in the Islamic Finance digital economy.”

Five years back, with the support of key institutions in East Africa, GBS Africa started a conversation around Islamic Finance, Islamic Economy and East Africa’s economic development.

This conversation has grown to become an annual gathering for the region where significant players in East Africa’s economy meet to set the way forward for the development of the sector, aligning deliberations to East Africa’s economic development agenda.

This year’s summit will look at Islamic economy to define the role of the financial sector, and utilize its tools and technologies as growth accelerators and as means to facilitate transactions free from traditional bureaucratic processes and drive financial inclusion.

The emergence of Fin Tech opens a host of investment opportunities in the digital Islamic economy. This nascent sector is widely receptive to innovation and in dire need of fresh talent, especially when it comes to small and medium enterprises.

East Africa’s fairly developed infrastructure and communication sector, a tech savvy young population and the ability to capitalize on technology development provides a great opportunity for the region to lead in Islamic digital economy.

Accounting firm Ernst & young puts a figure of 150 million new customers by 2021 with the adaptation of Technology in Islamic Finance.

The East Africa’s Islamic Economy Summit 2018 will take place in Kenya’s capital, Nairobi, on April 24-25.