Center of Islamic Banking and Economics

Press Release

AlHuda CIBE organized an African Islamic Finance road show in

Cameroon

Central Africa is a new market for Islamic Banking

May 10, 2017 (Lahore): Islamic Banking and Finance market in Africa can
be easily divided into East Africa (Including Kenya, Tanzania, Uganda etc.)
Northern Africa (Morocco, Tunis, Al-Jazair) West Africa (Senegal, Nigeria,
Mauritania) and South Africa where Islamic Banking and Finance is increasing
rapidly. Besides Islamic Banking, there are Sukuk, Islamic fund, Takaful and
Islamic Microfinance institutions actively working in these countries and are
making rapid progress. The penetration of Islamic Finance is comparatively
low in central African countries with respect to these countries. Islamic
banking is hardly found in Central African countries including Cameroon,
Chad, Gabon, said Mr. Muhammad Zubair Mughal, Chief Executive Officer of
AlHuda Center of Islamic Banking & Economics (CIBE) while addressing to the
conference about Islamic Finance on the occasion of Islamic Banking &
Finance Road Show organized on 8 th May, 2017. He added saying, Central
African countries are replete with opportunities for the development of
Islamic Finance along with Sukuk, Takaful and Islamic Microfinance.
Additionally he said that if Islamic banking & Finance industry is viewed
globally, the Africa and Central Asia have great potential for Islamic Finance
where Africa has special significance having 54 countries and 53 % Muslim
Population while the development of Islamic Banking & Finance and Takaful is
much easier as there is only one Central Bank working in these countries.
Likewise the only Insurance authority CIMA is functional.

He said that promotion of Islamic Finance in central Africa will bring about a
pleasant change in the economy of these countries furthermore foreign
investments in FDI will be increased. Government will enjoy the benefits of
financial sources through Sukuk project. Poverty will be mitigated in central
African countries through Islamic Microfinance.

AlHuda Center of Islamic Banking and Economics

Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Pakistan Office: 117-G3, Johar Town, Lahore + 92 (0)42 - 35913096 8
Email: info@alhudacibe.com Web: www.alhudacibe.com
 Center of Islamic Banking and Economics
He further said that AlHuda CIBE in association with its partner African
Islamic Finance Consulting (AIFC) do have a definite working strategy for
Islamic Banking in African countries and soon introductory Awareness
programs about Islamic Banking will be organized in Chad & Gabon.
Al-Huda CIBE is organizing an African Islamic Banking & Finance Road Show
for the promotion of Islamic Finance and Cameroon in this context holds
great importance.

About AlHuda CIBE:

AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized
name in Islamic banking and finance industry for research and provide state-
of-the-art Advisory Consultancy and Education through various well-
recognized modes viz. Islamic Financial Product Development, Shariah
Advisory, Trainings Workshops, and Islamic Microfinance and Takaful
Consultancies etc. side by side through our distinguished, generally
acceptable and known Publications in Islamic Banking and Finance.
We are dedicated to serving the community as a unique institution, advisory
and capacity building for the last twelve years. The prime goal has always
been to remain stick to the commitments providing Services not only in
UAE/Pakistan but all over the world. We have so far served in more than 35
Countries for the development of Islamic Banking and Finance industry.For
further Details about AlHuda CIBE, please visit: www.alhudacibe.com

For Media Contact:

Ms. Shaguftta Perveen

Manager Communications,
info@alhudacibe.com
Call: +92 42 35913096 - 8

AlHuda Center of Islamic Banking and Economics

Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Pakistan Office: 117-G3, Johar Town, Lahore + 92 (0)42 - 35913096 8
Email: info@alhudacibe.com Web: www.alhudacibe.com