Published On: Tue, Jan 19th, 2016

Forum to explore Islamic banking opportunities

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THE upcoming second International Forum on Islamic FinanceKHARTOUM, (CAJ News) – THE upcoming second International Forum on Islamic Finance (IFIF 2016) will serve as a key platform for critical discussions on developing effective regulation and supervision of Islamic finance in Africa.

The event is scheduled for Khartoum, Sudan on 9 and 10 February.

This is widely considered an indispensable to help Islamic finance flourish in Africa and put the continent’s Islamic finance industry on a level playing field with conventional finance.

African countries harbor nearly a quarter of the world’s Muslim population and currently are at different stages in relation to the development of a legal and regulatory framework enabling Islamic banking practices, products and institutions.

However, only a few countries have regulations that fully facilitate Islamic finance activities.

Sudan, the host country of IFIF 2016, is one of only two countries in the world whose banking system wholly Sharia-compliant.

A report from the Islamic Corporation for the Development (ICD) in September 2015, entitled “Islamic Finance in Africa: A Promising Future,” highlighted the tremendous growth opportunities for Islamic finance in Africa.

Regulatory challenges identified in the report include regulatory inconsistency, the lack of awareness and financial literacy by many end-users and consumers, the shortage of qualified human capital and the need for a business landscape supporting the growth of Islamic finance.

Islamic banking is banking or banking activity that is consistent with the principles of sharia (Islamic law) and its practical application through the development of Islamic economics.

CAJ News

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