African Institute of Islamic Finance calls for developing Islamic financial industry

African Institute of Islamic Finance calls for developing Islamic financial industry
African Institute of Islamic Finance calls for developing Islamic financial industry

The African Institute of Islamic Finance (Aiif) organized the ninth edition of the international forum on Islamic finance in West Africa on Tuesday, May 21, 2024, in the Senegalese capital.

The event brought together stakeholders involved in financing economies around the theme ”Islamic finance and food sovereignty: financing opportunities for the agriculture, livestock and agro-industry sectors”.

The initiator of the meeting, also president of the African Institute of Islamic Finance, noted the importance and even the necessity of developing the Islamic financial industry which is experiencing “strong economic growth and enormous potential”.

Mouhamadou Lamine Mbacké, in this case, maintained that much progress has been made in the promotion of Islamic finance in Africa.

He also indicated that one of the objectives sought through the organization of the forum is to ”promote the meeting of the greatest experts in Islamic finance, with the aim of sharing best practices”.

Furthermore, the director of financial stability at the Central Bank of West African States (Bceao) stressed that, ”generally speaking, finance itself can help with food sovereignty”.

Banassi Ouattara noted that “there is a segment of the population which does not respond to traditional finance due to various considerations, in particular anything that involves interest consumption or products prohibited by Sharia, Islamic law.”

For him, ”the fact of moving towards Islamic finance makes it possible to integrate this segment of the population into the financial sector, and this contributes to the financial inclusion policy of the Bceao”.

Bassirou MBAYE

Source: https://www.lejecos.com/Atteinte-de-la-souverainet…

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