(Addis Ababa – Ethiopia) East Africa is emerging for Islamic Finance and a new destination for Interest-Free Financial Institutions which will open new avenue for the Foreign Direct Investment (FDI) in the region, it was stated by Muhammad Zubair Mughal, Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE) during the inaugural ceremony of African Interest-Free Banking and Finance Forum, Ethiopia today. Conference and post event work shop will continue till 8th February, 2019, in which speakers from various countries will present their presentations, research papers and viewpoints about Interest-Free Banking and Finance industry. He said that, Ethiopian Interest-Free Banking and Finance market is very imminent seems promising. There are 4 banks offering Interest-Free banking services in the country.
The summit was inaugurated by Mr. Muhammad Zubair, Chief Executive Officer, AlHuda CIBE FZ LLE, Dubai- U.A.E. He welcome all the guest of honors, speakers and participants for attending this emerging phenomenon conference one of new of its kind in the region. He said that interest-free banking and finance is the ultimate financial solution due to its viability and sustainability. This system has multi-fold benefits which concentrate for the balanced wealth distribution. He also thrown light on the need of interest-free banking and financial services.
H.E. Ali Asghar Golo, Ambassador of Pakistan in Ethiopia, appreciated AlHuda CIBE FZ LLE, Dubai- U.A.E. activities for the development of Interest-Free banking and finance in Africa and especially in Ethiopia. He mentioned that Ethiopia has enriched future for Interest-Free banking and finance and many banks are dealing with Interest-Free banking products in the country. He pertinently mentioned that AlHuda CIBE is play its role for the promotion of globally accepted alternative financial solution which is the only hope of financial stability. He further mentioned that there is absence of specific legal and regulatory framework to govern the Interest-Free finance industry which should be addressed timely. It not only will promote the interest-free banking and financial services but also enhance the economic growth of the region.
While speaking at opening ceremony, Hon. Monirul Islam, Ambassador Bangladeshi Embassy in Addis Ababa, Ethiopia said, Interest-Free banking and finance is growing globally and Africa is also a good destination of it. He warmly congratulated AlHuda CIBE for its role to introduce and promote Interest-Free banking and finance in East Africa.
Other speakers and distinguished guests include Tego, Mr. Omar Haji Hussain, Chief Executive Officer, Takaful Insurance of Africa, Hargeisa, Somaliland; Mr. Asseged Gebremedhin, A/D/CEO-Operations, National Insurance Company of Ethiopia, Ethiopia; Mr. Abdillahi Farah Aden, Financial Inclusion Advisor, Mercy Corps, Ethiopia; Mr. Fikru Tsegaye, (FLMI, ACS, ARA, ALMI, CERT CII), Manager, Business Development and Corporate Affairs, Ethiopian Reinsurance S.C.; Addis Ababa, Ethiopia; Mr. Tego Wolasa, Retail & Product Development Manager, KCB Islamic Banking, Kenya; Mr. IBRAHIM DAWD MUZEYEN, Management Consultant, IFB advisor, Addis Ababa – Ethiopia; Dr. James R. Kanagawa, Chief Representative ECO Bank, Ethiopia; Mrs. Hikmet Abdella, Chairperson, Global Insurance Company SC, Ethiopia; Mr. Zubair Mughal Chief Executive Officer, AlHuda CIBE FZ LLE, Dubai- U.A.E; A two days post event specialized training workshop for “Interest-Free Banking, Takaful and Islamic Micro-Finance” will be held on 7th – 8th February, 2019 after the forum.