(Lahore): AlHuda Centre of Islamic Banking and Economics (CIBE) is committed to hold an International Road Show on Islamic Banking and Finance that will be started from April 2014 form Tanzania and will successfully be ended by September 2014 in Mauritius by organizing Int’l conferences on Islamic Banking and Finance in seven (07) African countries during this entire road show so that African region could progress by taking benefit from the practices of international Islamic banking. Besides Islamic banking and finance, Takaful, Sukuk, Islamic Funds, Islamic Microfinance and various other relevant topics would be discussed during the programs.
Addressing to the announcing ceremony of the Road Show, Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE said that Islamic banking and finance is rapidly increasing all over the world and its assets would reach to 2 trillion dollars by the end of 2014. But unfortunately, the development of Islamic banking and finance is very slow in the entire African region while the 54 African countries could rapidly progress by implementing Islamic finance and Sukuk. The dilemma of African countries is mainly poverty and it could also be overcome through the implementation of Islamic mode of banking and finance in the region where almost 50% population is Muslim while Muslims and non-Muslims both can take benefit of Islamic banking and finance.
While giving reference of Islamic banking and finance in Africa, he further added that there are various countries of Africa where serious efforts are observed for the development and promotion of Islamic banking and finance i.e. Sudan, Tunisia, Egypt, Morocco South Africa and Nigeria while there are a few countries that are taking rapid initiatives towards Islamic banking like Kenya, Mauritius, Libya, Ghana and Senegal. Current economic conditions have further highlighted the need of Islamic banking and finance and African region would definitely take advantages of it.
He further said that besides the promotion of Islamic banking and finance, the purpose of the road show is also to acknowledge the need of giving hype to the system beyond any political and religious refrains. Specialized training workshops on various relevant topics will also be part of the international conferences like Takaful workshop in Tanzania, Sukuk workshop in Tunisia, Islamic Microfinance in Nigeria, Sukuk in South Africa, Takaful workshop in Mauritius. The core objective of the entire program is to strengthen the foundations of Islamic banking and finance in African region to give back to the progress of Islamic mode of banking and finance there.
It is to be noted that AlHuda Centre of Islamic Banking and Economics is an international organization working for the promotion of Islamic banking and finance that is working for education, trainings, advisory and consultancy. For further details: www.alhudacibe.com.