Djibouti: International Islamic Banking Summit for Africa

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Djibouti (HAN) November 2, 2015. Public Diplomacy & Regional Security. by Matthew Amlôt, cpifinancial. The Central Bank of Djibouti is leading the way in terms of driving the practical legal and regulatory framework and Djibouti’s strong commitment to Islamic finance is further cemented by its drive to connect with the broader world of Islamic finance through recent membership of important international industry organizations, the Islamic Financial Services Board (IFSB) and the General Council for Islamic Banks and Financial Institutions (CIBAFI).

Hosted by The Central Bank of Djibouti and held under the Patronage of the President of Republic of Djibouti, the International Islamic Banking Summit Africa will bring a dynamic new platform to explore the opportunities for Islamic finance in Africa. The summit convenes a strong representation of regional and international industry leaders who will focus on boosting economic development and how to facilitate greater trade and investment flows between Africa and the OIC markets through Islamic finance. The conference will take place on the 4th and 5th of November 2015 at the Djibouti Palace Kempinski and will feature a special plenary address from H. E. Ismail Omar Guelleh, President of the Republic of Djibouti and Head of Government.
The conference has an innovative format spread over two days and will open on the 4th of November 2015 with a keynote address from Admassu Yilma Tadesse, President and Chief Executive of PTA Bank. The Eastern and Southern African Trade and Development Bank (PTA Bank) is the leading regional development financial institution focused on financing and fostering trade, socio-economic development and regional economic integration across its Member States. Mr. Tadesse’s keynote address focuses on Advancing the Africa Growth Story and what lessons have been learnt and what new opportunities can be reaped. This opening keynote address is followed by keynote addresses from H.E. Ahmed Osman, Governor, Central Bank of Djibouti; and Ijlal Alvi, Chief Executive Officer of the Bahrain-based global industry standard-setting body, The International Islamic Financial Market (IIFM). The keynote session will focus on what the local, regional and international Regulatory and Multi-lateral Institutions can do to further boost the development of Islamic finance in Africa.
Confirming his participation at the event, Ijlal Alvi, Chief Executive Officer, The International Islamic Financial Market (IIFM) said, “The development and implementation of international standards particularly regulatory, Shari’ah, financial contracts & product templates have been a key driver of the successful expansion of the Islamic finance industry across borders. These market unification efforts help to create a robust, transparent and efficient Islamic finance industry and the work of the IIFM has enabled important standards in the areas of Islamic capital markets, corporate finance and trade finance which have aided the Islamic finance industry to become more vibrant and connected on an international level.”
The opening Keynote session is followed by a special plenary address delivered by H. E. ISMAÏL OMAR GUELLEH, President of the Republic of Djibouti, and Head of Government. Another major highlight of the International Islamic Banking Summit Africa is the Live Innovation Showcase, which is an opportunity to engage with the latest innovations and developments in Islamic finance from across the world.

Mr. Alvi concluded by saying, “These standardisation efforts are even more important in the rapidly developing markets of Africa and, as a leading standard-setting organization serving the global needs of the Islamic financial services industry, our partnership with The International Islamic Banking Summit Africa 2015 highlights our commitment to the global and regional industry to ‘Boost Economic Development and Trade & Investment between Africa and OIC markets through Islamic Finance’ that will contribute to the sustainable growth of the Islamic finance industry. As a supporter of the International Islamic Banking Summit Africa 2015 we look forward to meeting you in Djibouti to be a part of discussions that will define the next stage of evolution and growth for Islamic finance in Africa.”

The second day of the conference will take the form of a practical masterclass format, which will be led by AIMS (Dubai) and Soyan Financial Consultancy respectively, and will address the technical issues for progressing Islamic finance in Africa from a hands-on pragmatic perspective. Sources: by Matthew Amlôt, cpifinancial

 Hanadi Khaled Ahmed, director of international relations at the Central Bank of Djibouti/Photo



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