Center of Islamic Banking and Economics

Press Release

AlHuda (CIBE) vows to initiate an African & Central Asian Roadshow

on Islamic Banking & Finance
9th February, 2017 (Dubai): Al-Huda Centre of Islamic Banking and Economics
(CIBE) is committed to hold an African & Central Asia Roadshow on Islamic Banking
and Finance starting from Tanzania on March, 2017 with a mega event called 4 th
African Islamic Finance summit, followed by an African Takaful forum in Nigeria and
specialized training program in Kazakhstan in April,2017. The series of these events
will cover 8 African and 5 Central Asian countries i.e. Tanzania, Nigeria, Uganda,
Mauritius, Cameroon, South Africa, Kenya and Morocco and on the other hand
Kazakhstan, Tajikistan, Uzbekistan, Kyrgyzstan and Azerbaijan respectively. Road
show is bound to get an end by organizing event on Islamic Agricole & Rural Finance
in Kenya by October 2017. African & Central Asian regions can make rapid progress
seeking benefits from international Islamic banking practices. Apart from Islamic
banking and finance Takaful, Sukuk, Islamic Funds, Islamic Microfinance and various
other relevant topics are to be discussed during the programs.

Addressing to the announcing ceremony of the Road Show, Muhammad Zubair

Mughal, Chief Executive Officer, Al-Huda CIBE expressed that due to sharp declined
trends in Oil prices, slow economic pace & Arab spring, the trend of the Islamic
Banking & Finance had been slow paced in 2016 in Middle East and Arab region,
while a sufficient development had been recorded in Africa, Central Asia & Far East.
To know the overview of Islamic Finance Industry, we can divide Islamic Finance
industry into five major components e.g. Islamic Banking, Sukuk, Islamic Fund/Asset
Management, Takaful & Islamic Microfinance. Islamic Banking is the greatest
contributor to Islamic Finance Industry, which contributes 80% to the total $ 2.3
trillion of Islamic finance industry, while Sukuk contributing 14% volume to Islamic
Finance industry and ranked as second largest contributor, Islamic Fund/Asset
management Industry with 3% is ranked as 3rd while Takaful Industry contributing
2% with slow pace and Islamic Microfinance contributing 1% stands as the last. By
2017, the total volume of Islamic Finance Industry is expected to be USD 2.7 trillion.

While talking about African & Central Asian road show, he further indicates that how
this roadshow can be beneficial and helpful in promotion of Islamic Finance in both
regions. Many new Islamic Finance markets are seen to be emerging on the horizon
in the world. If we see on the regional basis, in East Africa, we find that Uganda has
recently passed an Islamic Financial bill through Parliament. Islamic banking &
Finance in Kenya and Tanzania is already flourishing very well. Morocco & Tunisia are
emerging markets in North Africa while Nigeria, Senegal, Mauritania, Ivory Cost in
West Africa has an organized system of Islamic Finance while Sukuk is also
strengthening its roots in these regions. As far as Central Asia is concerned, this

AlHuda Center of Islamic Banking and Economics

Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Pakistan Office: 117-G3, Johar Town, Lahore + 92 (0)42 - 35913096 8
Email: info@alhudacibe.com Web: www.alhudacibe.com
 Center of Islamic Banking and Economics

year will prove to be a better year with respect to the previous year. The main
reason is the increasing tendency of Russia towards Islamic Banking & Finance; the
countries in central Asia are closer to Russia in Banking & Finance despite its having
been separated from USSR.

He further added saying that besides the promotion of Islamic Banking and Finance,
the purpose of the road show is also to acknowledge the need of giving hype to the
system beyond any political and religious refrains. Specialized training workshops
on various relevant topics will also be part of this two nations roadshow like Takaful
workshop in Kazakhstan, Islamic banking and finance workshop in Tajikistan, Islamic
Microfinance in Nigeria, Islamic Agricole and Rural Finance in Kenya, Takaful
workshop in Mauritius. The core objective of the entire program is to strengthen the
foundations of Islamic banking and finance in African & Central Asian region further
to give support to the progress of Islamic mode of banking and finance in the
region.

About AlHuda CIBE:

AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name

in Islamic banking and finance industry for research, advisory and capacity building
over the last eleven years. The prime goal has always been to stick to the
commitments and provide state-of-the-art Advisory & Consultancy and Education
through various well-recognized modes viz. Islamic Financial Product Development,
Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful
Consultancies etc. side by side through our distinguished, generally acceptable and
known Publications on Islamic Banking and Finance.

AlHuda CIBE, as a unique institution with remarkable services, is dedicatedly serving

the community not only in UAE/Pakistan but all over the world and has served in
more than 35 countries for the development of Islamic Banking and Finance
industry so far.

For further details about AlHuda CIBE, please visit: www.alhudacibe.com

For Media Contact:

Ms. Shaguftta Perveen

Manager Communications,
info@alhudacibe.com
Call: +92 42 35913096 - 8

AlHuda Center of Islamic Banking and Economics

Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Pakistan Office: 117-G3, Johar Town, Lahore + 92 (0)42 - 35913096 8
Email: info@alhudacibe.com Web: www.alhudacibe.com