5th Global Takaful, Re-Takaful and Interest-Free Banking Forum 2023 held in Addis Ababa, Ethiopia

Dubai, UAE - 5th Global Takaful, Re-Takaful and Interest-free Banking Forum was hosted by AlHuda Centre of Islamic Banking and Economics in association with Ethiopian Reinsurance on 23 November 2023 in Addis Ababa, Ethiopia.

This event reflects the Ethiopian interest-free financial industry booming where 5 Takaful windows are operational, and 18 plus banks are offering interest-free banking products line. Among all East African countries, Ethiopia is on top as per the number of institutions offering alternative products, it reflects the approach of stakeholders that interest-free financial alternatives are for all. The event aimed to increase collaboration and promote the growth of Takaful, Retakaful, and interest-free banking in Ethiopia and beyond.

The Chief Guest of the Forum His Excellency Ato. Solomon Desta Vice Governor Financial Institutions Supervision, National Bank of Ethiopia discussed about the size of Ethiopian domestic market and express intension about inviting foreign direct institutional investment in Ethiopia. He also mentioned some of the challenges they are facing - inadequate financial education and infrastructure for interest-free financial industry. To address the challenges, he mentioned that we need to have proper financial literacy system, Shariah infrastructure for interest-free banking, and regulatory framework to enable environment.