The continent of Africa has for a very long time been called a sleeping giant in terms of unrealized economic potential. Africa has an abundance of natural resources and is home to one of the world’s fastest growing middle class. Opportunities abound for Africa to rise to her full potential.
Sub-Saharan Africa alone is home to almost 241 Million Muslim of which 52% are young people. Africa also makes up more than half of the 57 member countries of the Organization of Islamic Countries a multilateral organization that works to build the economic and social ties in these countries.
Africa historically has had and continues to have a diverse mix of people with different cultures, languages and faiths and has been conducting cross border trade with her neighbors in other African countries, the Arab world through the Gulf of Aden and the Indian Ocean, moving further till China and Far East Asia for centuries.
The objective of the Islamic Finance Conference are;
- to develop robust capital markets to support economic growth in Africa,
- Lessons for emerging markets in Africa from multilateral organizations such as the Islamic Development Bank,
- Standardization of Shariah principles that would lead to harmonization of the capital markets industry in Kenya and other African countries,
- A look at macro considerations that might impact the development of a capital markets authority for African countries and
- A look at the role of Islamic financial institutions in promoting economic growth of African countries.
Also, in consideration will be a look at the Islamic Micro Finance as a Tool To Alleviating Poverty, empowering Women to Participate In The Development of Islamic Finance Industry To Promote Financial Inclusion, doing Business in Africa and Connecting the Dots between Africa and The Gulf Countries, developing Talent for the Islamic Finance Industry in Africa The conference will be held under the patronage of Cabinet Secretary of Finance of Kenya, Hon Henry Rotich and other government agencies and is set to bring together 250 participants from all over Africa and the world to discuss alternative resource mobilization, poverty alleviation and financial inclusion and promotion business and trade relations between Africa and Muslim Countries.
This auspicious event is organized by Awal Consulting Limited, the first Islamic Financial Advisory firm in East and Central Africa based in Nairobi and the Islamic Research and Training Institute (IRTI) a member of the Islamic Development Bank with the support of the Capital Markets Authority of Kenya (CMA) amongst other International partners.
Article by Juma Fred.