African Interest-Free Banking and Takaful Forum inaugurated in Addis Ababa, Ethiopia

(February 19, 2020 (Dubai)): East Africa is emerging for Islamic Finance and a new destination for Interest-Free Financial Institutions which will open new avenue for the Foreign Direct Investment (FDI) in the region, it was stated by Muhammad Zubair Mughal, Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE) during the inaugural ceremony of African Interest-Free Banking and Takaful Forum sponsored by Cooperative Bank of Oromia, Path Solutions, Millennium Information Solution, and Global Insurance Co. today. Islamic Corporation for Development of the Private Sector (ICD) was multilateral partner for the forum. He said that, Ethiopian Interest-Free Banking and Takaful market is very imminent and seems promising.

The summit was inaugurated by Mr. Muhammad Zubair, Chief Executive Officer, AlHuda CIBE FZ LLE, Dubai- U.A.E. He welcome all the guest of honors, speakers and participants for attending this emerging phenomenon conference one of new of its kind in the region. He said that interest-free banking and finance is the ultimate financial solution due to its viability and sustainability. This system has multi-fold benefits which concentrate for the balanced wealth distribution. He also thrown light on the need of interest-free banking and financial services.

He further said that five new interest-free banks are ready to start its operations in the market including Zam Zam Bank, Hijre Bank, Zad Bank, Shabelle Bank, and Nijashi Bank. Morethan 10 interest-free window operations are also going to start their operations for the development of economy to strengthen the growth of the market and to uplift the living standards of the public. A few of the banks are also coming into the markets with stand-alone branches for interest free banking operation. Insurance industry is also participating with zeal and zest and two – three Takaful insurance companies are also starting the operations in insurance market.