African Islamic Finance Summit to Be Held in Tanzania

Al-Huda Centre of Islamic Banking and Economics (CIBE) is planning to organize the 7th African Islamic Finance Summit in Tanzania.

Similar events have been held successfully 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 al-Salaam, Tanzania on 8th July 2021.

The summit will be followed by Post Event Workshops on operational aspects of Islamic banking and Takaful on 9th – 10th July 2021.

More than 15 international speakers would give their contribution to the topics under discussion.

The banking and financial industry of Tanzania and the surrounding African Countries would actively participate in the conference to gain ample knowledge of the Islamic financial sector and solutions to the escalating problems of societies.

The event is sponsored by ICD and Codebase Technologies, and is supported by SPM Consulting, CIFCA, and the London School of Modern Studies.

High profile participants from more than 20 countries are expected to participate e.g. from central banks, banking and financial sectors of Tanzania and the rest of the African countries, microfinance, and insurance industry. Zubair Mughal, the Chief Executive Officer of Al-Huda CIBE thanked the supporters and the sponsors in advance for their continuous trust in them and the unprecedented support for the event that is much needed to achieve the milestone.

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 Financial Inclusion (FI) 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 US$2 per day, with three-quarters of Tanzanians employed in the agriculture sector, according to World Bank data.

Making gains among these groups is fundamental to improving Tanzanians livelihoods. He said that Islamic banking and finance is the best approach to changing the lives of the poor.

Investing in Islamic banking and finance could mean greater foreign direct investments (FDIs) that could result in enhanced global connectivity, improved job creation, socio-economic development, and poverty alleviation.

The main objectives of the summit include recognizing significant developments in Islamic financial Infrastructure, linkages of African Islamic finance industry to international financial markets, demonstration of the flexibility of Islamic financial markets during the recent financial crisis, sharing industry best practices in the international Islamic banking market, assessing innovations in Islamic financial markets through newly developed research-based products, etc.

The event is open to the public with a very nominal entrance fee. It is highly recommended that more and more organizations, companies, and banks join the summit to gain the maximum benefit from this international event in Tanzania.