Wednesday, 9 March 2016

Africa’s New Momentum

Africa’s New Momentum
Financial inclusion and FDI in Uganda is expected to deepen following a move by Parliament to enact a new financial law that paves the way for Islamic banking in the country.

9th March 2016, Uganda: The passing of the new law enhances Uganda’s position in the Organization of Islamic Cooperation (OIC) where it is a member, a scenario that could lead to a significantly improved inflow of investment for development from the Islamic world.

Against this dynamic backdrop Ethico Live! is delighted to announce the launch of an exciting new initiative in collaboration with ABL Dunamis: The Sub-Saharan Islamic Finance Convention is an important new gathering which will convene international industry leaders to drive forward the dialogue for the progress of Islamic finance in Sub-Saharan Africa.

Combining a highly innovative and interactive conference format with world‐class speakers and more than 200 international delegates, the Sub‐Saharan Africa Islamic Finance Convention 2016 will tackle the most pressing questions for the progress of Islamic banking across the dynamic markets in this region. The Sub-Saharan Islamic Finance Convention will take place on the 10th & 11th of May 2016 at the Kampala Serena Hotel in Uganda, under the theme “Africa’s New Momentum”.

By enabling Islamic finance, Uganda is better placed to attract capital from Muslim countries whose savings rates are comparatively high and, in particular, Sukuk could be a key catalyst to drive the financing of large-scale infrastructure projects. Experts have also projected that Islamic banking will trigger new foreign direct investments that will create new jobs. In addition, Islamic banking provides a powerful force for improving financial inclusion in Uganda, including the dynamic MSME segment, plus technology innovations such as mobile money that will help boost consumer banking penetration in the country.

Given the exciting new initiatives in Uganda, The Sub‐Saharan Africa Islamic Finance Convention has been created by Ethico Live in alliance with Ugandan headquartered firm ABL Associates as the local on‐the‐ground partners.

At a recent press gathering, Mr. Abubaker Mayanja, Partner and CEO at ABL Dunamis noted that: “Since the Parliament in Uganda has finally approved Islamic banking, we can expect an increase in investment from leading Islamic banks that provide commercial services free from interest (Riba in Arabic) and compliant with the religious tenets of Islam. Uganda is a somewhat late arrival to the Islamic finance eco-system within East Africa, but the country does possess the key advantage of Islamic Development Bank (IDB) membership. Read more....


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