Dubai – UAE: 11th African Islamic Finance Summit, was successfully organized by AlHuda Centre of Islamic Banking and Economics (CIBE) in association with the Central Bank of Somaliland and the National Insurance Authority (NIA) on March 5th, 2024 in Hargeisa, Somaliland. The event attracted a diverse audience of industry leaders, scholars, and practitioners from across Africa and the globe. This monumental occasion was made possible through the collaborative efforts of esteemed sponsors, Amanah Insurance and International Turnkey System (ITS), along with the unwavering support of the Somaliland Banker's Association (SLBA), Egyptian Islamic Finance Association, Islamic Finance Research Institute - Ghana, AL BARAKAH Multi-Purpose Cooperative Society Limited, and our esteemed media partners True Cable TV, IFING-MEDIA, Islamic Finance, and Hargeisa Press.

The primary aim of the Summit was to facilitate dialogue, exchange of ideas, and explore avenues for the advancement of Islamic finance across the African continent. The event discussions was centered around key topics such as Islamic Banking, Islamic Fintech, Regulations & Shariah Governance, Challenges and Investment Opportunities for Islamic Finance Industry, Takaful (Islamic Insurance) Product Innovation and Development of Islamic Microfinance in Africa. Delegates engaged in insightful discussions, strategic dialogues, and knowledge-sharing sessions aimed at advancing the Islamic finance landscape on the African continent. The Summit was followed by a two-days post-event workshop designed to provide participants with in-depth knowledge and practical skills in Islamic finance.

The summit featured distinguished speakers, including Mr. Khalif Omer Nour, CEO of Somaliland Banking Association, Dr. Mufti Muhammad Zubair Usmani, Chairman Sharia Board at Habib Bank Limited - Pakistan, and Miss Heba Abdel Aziz Mohamed, Pre-Sales Manager at International Turnkey Systems - Egypt, Mr. Samuel Oumkoko, CEO and Founder, Metropol Credit Reference Bureau Limited - Kenya, Mr. Asseged Gebremedhin, Chief Executive Officer, Insurance Brokerage & Consulting Firm – Ethiopia and among others.

Mr. Muhammad Zubair, CEO of Alhuda CIBE, expressed his profound gratitude to all participants, sponsors, and supporters for their invaluable contributions towards making the 11th African Islamic Finance Summit a resounding success. He remarked, "Somaliland holds immense potential to emerge as a leading Islamic finance hub in East Africa. With 100% Islamic finance services offered across banking, microfinance, and takaful sectors, Somaliland presents a conducive environment for economic development and financial inclusivity".

Furthermore, the Chief Guest of the summit, His Excellency Mr. Muse Bihi Abdi, the president of Somaliland, extended a warm welcome to international experts and participants, expressing gratitude for the opportunity to host such an important event. He commended the collaborative efforts of all stakeholders involved in the Islamic finance industry, emphasizing the pivotal role played by the nation and the banking sector in supporting one another for mutual growth and prosperity.

In his address, President Muse Bihi Abdi lauded the dedication and expertise of economists and professionals in the field of Islamic finance, recognizing their tireless efforts in driving economic development and financial stability within the nation. He remarked, "I praise all those who work in the economy, whether in the private sector or within the government for the economic growth to contribute to make the Somaliland prospers’’. He also complimented Alhuda CIBE for organizing this event and proving to the world that Somaliland exists.

The 11th African Islamic Finance summit served as a pivotal platform for enhancing strategic partnerships, exploring innovative solutions, and charting a collective roadmap for the future of Islamic finance in Africa. Through intensive efforts and collaborations, stakeholders remain steadfast in their mission to harness the transformative power of Islamic finance towards building a more equitable and prosperous future for all.

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About Alhuda CIBE:

AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provides state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Training Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com

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