Insights from our Speakers at IIBSA 2016

H.E. Khaled M. Al-Aboodi

Chief Executive Officer

Islamic Corporation for the Development of the Private Sector

"There are many significant signs that Islamic Finance is gaining serious momentum on the African continent and is becoming one of the key drivers for equitable and sustainable growth for a strong and dynamic private sector. Clearly the growth of Islamic Finance will not only provide new financial instruments but will also provide greater access to liquidity pools across the Middle East which will result in faster economic, social and human development on the continent."

Afaq Khan

Global Islamic Banker

"The global Islamic finance industry will continue to grow at a much faster rate than conventional banking and also increase its market share notwithstanding ongoing challenges such as Shariah standards across markets, regulations, tax issues, and documentation standardisation. Due to the increasing demand for Shariah-compliant investments globally by both Muslims and non-Muslims, the industry has grown by an estimated 20 per cent annually in the last five years. As of now, Africa has only around 2% of global Islamic banking assets and as little as 0.5% of Sukuk outstanding and, notwithstanding ongoing turbulence in the global economy, the stage is set for the rapid growth of Islamic banking and finance across Africa. In addition, Africa’s strong potential for rapid growth in retail banking has also drawn several international Islamic banks to invest on the continent. The International Islamic Banking Summit Africa: Djibouti 2016 will bring several key value propositions to Africa; most notably in the areas of enabling infrastructure finance, boosting international trade & investment flows, and deepening financial inclusion; and I look forward to participating in the Summit which focuses on Harnessing the Driving Forces for the Successful Development of Islamic Finance in Africa."

Jaafar Abdulkadir

Head of Islamic Banking

KCB Bank Group

"As home to an increasing Muslim demographic, the impact on demand for Islamic finance in Africa will be sizable. Inadequate access to funds is a major developmental constraint for Africa and many SMEs, entities and entrepreneurs remain outside the mainstream banking system. Islamic finance has the potential to be a catalyst for financial inclusion across Africa and can become an important source of capital for small companies and individuals. Africa’s challenges, including infrastructure financing and the need for wider access to financial services, also provide an opportunity for the Islamic finance industry to grow. KCB Group recently unveiled its Islamic banking unit in a move aimed at tapping into the growing demand for Islamic financial products, especially across the East African region. While the launch paves the way for the full roll-out of Sharia’h compliant products, the Islamic finance industry still needs to create an enabling environment and economies of scale and the International Islamic Banking Summit Africa: Djibouti 2016 presents the kind of international platform where GCC and international players can engage the African market to forge new business relationships and stimulate economic growth of the region and the entire continent".

Ethico Live Leadership Team