“The Islamic banking and finance market in Africa can be easily divided into East Africa, northern Africa, West Africa and South Africa where Islamic banking and finance is increasing rapidly. Besides Islamic banking, there are Sukuk, Islamic funds, Takaful and Islamic microfinance institutions actively working in these countries and are making rapid progress. The penetration of Islamic finance is comparatively low in central African countries with respect to these countries. Islamic banking is hardly found in Central African countries including Cameroon, Chad, Gabon,” said
Muhammad Zubair Mughal, CEO of AlHuda Center of Islamic Banking & Economics (CIBE) while addressing the Islamic Banking & Finance Road Show 08 May, 2017.
He added that promotion of Islamic finance in central Africa will bring about a pleasant change in the economy of these countries furthermore foreign investments in FDI will be increased. Government will enjoy the benefits of financial sources through Sukuk project. Poverty will be mitigated in central African countries through Islamic Microfinance
Al-Huda CIBE is organising an African Islamic Banking & Finance Road Show for the promotion of Islamic finance.