Insights from our Speakers at IIBSA 2015
"Djibouti has exciting plans to transform its economy through an ambitious strategic plan: Djibouti 2035, which is based on the 4 key pillars of good governance; private sector led diversification; human capital development in the areas of education and health; and leading the way in strengthening regional integration. The strategically located country on the Horn of Africa already has one of the highest economic growth rates on the continent, with 7% forecast for 2015, and has successfully built the biggest port on the eastern coast while further pursuing its vision of becoming the logistics and commercial hub for the whole of East Africa. Djibouti is already well placed as the shipment port for Ethiopia, the second most populous nation in Africa, and recently concluded a US$2 bn power link that supplies 70% of Djibouti’s electricity needs. Djibouti is also rapidly becoming an important hub for Islamic finance in Africa, with strong support coming from the very top from H.E. Ismail Omar Guelleh, the President and Head of Government of the Republic of Djibouti and, in less than a decade, Islamic banks have captured a significant share of the market and are providing better access to financing. The Central Bank of Djibouti is leading the way in terms of driving the practical legal and regulatory framework and Djibouti’s strong commitment to Islamic finance is further cemented by its drive to connect with the broader world of Islamic finance as evidenced by the country recently securing membership of both the Islamic Financial Services Board (IFSB), and the General Council for Islamic Banks and Financial Institutions (CIBAFI). Djibouti is well placed to be an exciting growth hub for Islamic finance in Africa over the next few years."
“Djibouti has a bright future as a blue ocean economy and major hub for services, not only transportation and logistics, but others such as banking and finance, notably Islamic finance, for which there is much and growing demand in the region. With robust economic growth and increased demand for finance in Africa, and given the growth of Islamic finance internationally, Djibouti's positioning presents an attractive opportunity for the development of a significant centre for banking and Islamic finance, especially considering the gaps in financial intermediation in the immediate region. Realizing this potential will of course require a strong institutional framework and enabling macro-economy, as well as suitable incentives and smart public-private partnerships".
“The development and implementation of international standards particularly regulatory, Shariah, financial contracts & product templates have been a key driver of the successful expansion of the Islamic finance industry across borders. These market unification efforts help to create a robust, transparent and efficient Islamic finance industry and the work of the IIFM has enabled important standards in the areas of Islamic capital markets, corporate finance and trade finance which have aided the Islamic finance industry to become more vibrant and connected on an international level.
These standardization efforts are even more important in the rapidly developing markets of Africa and, as a leading standard-setting organization serving the global needs of the Islamic financial services industry, our partnership with The International Islamic Banking Summit Africa 2015 highlights our commitment to the global and regional industry to 'Boost Economic Development and Trade & Investment between Africa and OIC markets through Islamic Finance' that will contribute to the sustainable growth of the Islamic finance industry. As a supporter of the International Islamic Banking Summit Africa 2015 we look forward to meeting you in Djibouti to be a part of discussions that will define the next stage of evolution and growth for Islamic finance in Africa.”
"Africa is home to over a quarter of the global Muslim population and has an increasingly strong and viable market for Islamic financial services and products. While the industry is still in a key development phase, tremendous progress has already been achieved on the continent, with potential for exciting growth across key markets especially in East Africa. With extensive knowledge of regional and international Islamic finance markets, AIMS, a boutique Islamic Advisory Partnership, offers a comprehensive range of advisory services on Islamic banking, investments, and capital markets to an international customer base consisting of high net worth investors, corporates, SMEs, institutional investors, financial institutions, sovereign and quasi-sovereign entities and regulators across all asset classes and industry segments. The International Islamic Banking Summit Africa 2015 will present AIMS with the kind of high profile platform where we can engage key decision-makers and the leading players in the Islamic finance market in Africa and play a role to assist in advancing the industry further on the continent."