Africa eyes Islamic finance and Banking

The inaugural Islamic Banking Summit Africa, which opened yesterday in Djibouti, saw more than 200 leaders in theinternational Islamic bankingand finance industry engagein critical discussions that focused on capturing the Africa opportunity in Islamic finance. The two-day event at the Djibouti Palace Kempinski, held under the official support of the Central Bank of Djibouti, kicked off with a keynote session which featured a special presidential address by Republic of Djibouti President Ismail Omar Guelleh and a keynote address by central bank governor Djama M Haid. "Africa is becoming an increasingly attractive destination for investments that are Sharia-compliant," said summit organiser and managing director David McLean. "Africa has now been re-positioned as the third fastest growing region in theworld, after the Middle East and Asia. "Over the last decade, trade between African countries and the rest of the world hasgrown significantly, with economic linkages with the Middle East, in particular, strengthening further," he said. "However, the Islamic finance industry is still in its infancy on the continent."