Wednesday, 11 May 2016

International Industry Leaders Begin Discussions on New Opportunities for Growth at the Launch of the First Sub-Saharan Africa Islamic Finance Convention 2016 in Kampala Uganda

International Industry Leaders Begin Discussions on New Opportunities for Growth at the Launch of the First Sub-Saharan Africa Islamic Finance Convention 2016 in Kampala UgandaThe suitability of Islamic financial products such as Sukuk to meet the burgeoning large-scale infrastructure funding requirements in Africa, as well as the industry’s potential to play a more meaningful role in financial deepening and inclusion on the continent are further adding to the positive momentum of Islamic finance in Africa.

Islamic finance in Sub-Saharan Africa is predicted to have a promising future in light of exciting growth opportunities for the sector to flourish in key markets across Africa was the view from industry leaders gathered at the first Sub-Saharan Africa Islamic Finance Convention 2016, which opened today in Uganda. The event was attended by more than 200 industry players representing over 70 international organizations. A powerful line-up of more than 25 international speakers and industry thought leaders discussed topics focused on the theme of: Africa - New Momentum, New Opportunities.

The opening keynote session featured Fabian Kasi, Chairman of the Uganda Bankers Association; and Gideon Badagawa, Executive Director of the Private Sector Foundation Uganda who discussed key opportunities such as what markets and industry verticals will drive the next wave of growth in Africa, what are the current needs and opportunities for FDI in Sub-Saharan Africa, and how can Islamic finance be the catalyst to spur further growth in the region. This was followed by another high-profile session featuring Jaafar Abdulkadir, Head of Islamic Banking at KCB Bank Group; and Abubaker B. Mayanja, Managing Director of ABL Dunamis Limited, who addressed how Islamic finance can work as a new engine for capital formation and enterprise funding to sustain growth on the continent.

Speaking on the sidelines of the Sub-Saharan Africa Islamic Finance Convention 2016, Mr. Fabian Kasi, Chairman of the Uganda Bankers Association said that: “The financial sector has been growing rapidly in select Sub-Saharan African countries recently. The introduction of a variety of new products and financial institutions are playing an imperative role in financial intermediation, including cross-border financial flows. Islamic finance is increasingly becoming an integral part of the country’s financial sector, and its impact on the competitive landscape is already being felt in some ways. Besides the prospect of growing retail banking in the country, Islamic financing vehicles are also well placed to fund a larger share of infrastructure development projects in the future. The Sub-Saharan Africa Islamic Finance Convention gives us an important opportunity to listen to and network with a growing community, while laying further emphasis on addressing what challenges lie ahead for the banking and finance community across Africa.”

The Sub-Saharan Africa Islamic Finance Convention 2016 also addressed how Islamic banking can play a more prominent role by stimulating the development of the vitally important MSME segment in Sub-Saharan Africa. Read more....

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