Islamic banking boom in Africa

LAHORE – International Conference on Islamic Banking and Finance is going to be held in Mauritius on April 5-6, 2011. Its purpose is to extend the roadmap for the promotion of Islamic banking in African continent.
It is revealed that Muslim percentage in 61 countries of Africa is about 51 percent which shows that there is evident room for the promotion of Islamic banking and finance in the continent which is also a dire need of the hour to extend working collaboration in the countries.
Islamic banking is already fast growing in Kenya, Tanzania, South Africa, Egypt, Sudan and Nigeria whereas government of Ghana, Uganda, Ivory Coast and Somalia is making efforts to introduce Islamic banking in those countries.
It is to note that more than 250 Islamic financial institutes are rendering their services in Africa in include Islamic banks, Takaful companies, Islamic Funds, Modarabahs and Islamic microfinance.
Apart from African countries, delegates from Pakistan, Malaysia, Indonesia, UAE, Kuwait, UK and India will participate in the conference organised by AlHuda Centre of Islamic Banking and Economics (CIBE) Pakistan. The core aim of this international conference is to promote Islamic banking and finance in the African continent.
Al Huda CIBE Muhammad Chief Executive Officer Zubair Mughal said that it is vital to develop Islamic banking and finance in African countries which will bring promotion of Islamic microfinance for poverty alleviation and to promote government infrastructure. He added that Sukuk (Islamic Bonds) can play a major role in the development of underdeveloped African countries which has to be adopted in various countries of Asia and Europe.
At the end of the event, it was noted that a resolution will be passed to declare the timeframe and principles for the promotion of Islamic banking and finance will be included so that conventional banks of the continent could include Islamic banking and finance in their agenda.
He informed that a desk is established help promoting Islamic finance in Africa that provides assistance to countries in various fields of Islamic banking and finance.