AlHuda Center of Islamic Banking and Economics (CIBE) is a pioneer organization started its efforts to promote Islamic Banking and Finance Since 2005. In these working years, AlHuda CIBE is acknowledged all around the world due to its excellent services and its team of dedicated professionals who are equipped to continue thriving.

AlHuda CIBE has primarily been committed to provide quality services. Based on this principal, the recognition of AlHuda CIBE is increasing by leaps & bounds. It has built up a range of excellent services in the promotion of Islamic Banking and Finance into the masses such as Advisory & Consultancy, Research & Development, Education & Capacity Building, Shariah Advisory and Publications & Events.

AlHuda CIBE is increasing its outreach globally also making a close interaction with Global market which enables to gather market information efficiently and activate service operations whenever and wherever it needed.

About Islamic Banking and Finance

Djibouti introduced Islamic banking in 2006 with the establishment of an Islamic bank branch, and since then Islamic finance spread quickly. Three full-fledged Islamic banks are at present operational in Djibouti, and Islamic banking constitutes about 17% of the total banking industry assets.

Potential opportunities for Djibouti in Islamic financial sectors other than banking, such as the development of Takāful industry, which could benefit from the positive attitude of the population towards Islamic finance and which could also complement the rapid development of Islamic banking. Therefore, AlHuda CIBE - UAE going to organize the specialized training in Djibouti on Practical Aspects of Islamic Banking and Takaful.

About Djibouti:

Djibouti is one of the smallest countries in Africa, with an area of 23,200 square kilometers and a population estimated at about 990,000. The size of its economy limits its ability to diversify production and increases its reliance on foreign markets, making it more vulnerable to market downturns and hampering its access to external capital. With less than 1,000 square kilometers of arable land (0.04% of its total land area) and average annual rainfall of only 130 millimeters, Djibouti depends almost completely on imports to meet its food needs.

Economic activity slowed down in 2022 after a recovery in 2021. GDP growth rate in 2022 is estimated at 3.6 percent compared to 4.8% in 2021. The slowdown is driven by rigidities in the global maritime transport and logistics value chain associated with the war in Ukraine, sluggish demand from Ethiopia, and severe droughts. Djibouti's economy is projected to gradually recover over the medium term, driven by private and SOEs investment programs (including the development of the Damerjog industrial park project, a new fuel storage terminal, and an oil jetty) and structural reforms that will be undertaken as part of the implementation of the second national development plan (Djibouti Inclusion - Connectivity - Institutions ICI). GDP growth is thus expected to accelerate to 5.3 percent in 2023 and, further, to 6.2 percent in 2024.