About AlHuda Center of Islamic Banking & Economics

Towards the pursuance of our goal to promote interest-free Banking and Finance all over the globe, AlHuda Centre of Islamic Banking and Economics is working diligently since 2005. AlHuda CIBE has been acknowledged as a distinguished service provider due to our notable services, team of dedicated professionals and one stop solutions of interest-free Banking and Finance. Our aim is to provide state-of-the-art services of interest-free banking and finance. We are proud to be prominent for our Advisory and consultancy, research and development, education and capacity building, Shariah advisory, publication and events all over the world.

AlHuda CIBE is supported by many national and international organizations and institutions as Strategic Partners support and our Alumni have spread over 98 countries. We are proud to stand among world's largest presences for capacity building, trainings, consultancy and other services. More details are available at www.alhudacibe.com

About Islamic Banking and Takaful in Africa

Africa, the world’s second largest and second most populous continent, has long been a sleeping giant in the development of Islamic finance, but now has awoken to become an active contributor to the industry’s development. The Islamic finance industry is currently valued at $2.2 trillion and is projected to reach $3.8 trillion by 2022, according to the Islamic Finance Development Report. A continent of 1.2 billion people where around 40 percent are Muslim has huge potential to shift the growth curve of Islamic finance to cater to such a large population. However, a lack of qualified personnel and a lack of standardized regulations as well as the absence of an active Islamic finance market has stunted its growth trajectory.

Tanzania currently has one fully fledged Islamic bank which primarily offers Shari’ah compliant financial products. There are, however, other commercial banks which offer Islamic banking services. The main concern with respect to Islamic banking in Tanzania is that there is currently no specific legal framework to cater for Islamic banking as well as resolution of legal disputes arising from Islamic banking. This could be seen as hindering the progress of Islamic banking in Tanzania. When the legal framework for this is set up, we anticipate an increase in Islamic banking customers.

The aim of this summit is to explore the untapped market of Africa and to adopt the latest trends, challenges and opportunities in Islamic banking and Takaful industry in Africa.