Center of Islamic Banking and Economics

Press Release

Islamic Banking is Rapidly Growing Industry in Ethiopia, Zubair Mughal

Organized Six Days Workshops on Islamic Banking in Ethiopia, by AlHuda Center of Islamic
Banking and Economics, Participation by number of bankers

(July 04, 2018 (Dubai)): Ethiopia is an important country of East Africa. Total population is 102
million and Muslims are 40% of it, which is major reason for the promotion of Islamic Banking.
Ten conventional banks are offering Islamic banking services in Ethiopia, and three more bank
are going to offer Islamic banking services in near future. Mr. Muhammad Zubair, the CEO of
AlHuda Center of Islamic Banking and Economics expressed his views in the Islamic Banking
workshop mutually held by AlHuda and Dashan Bank in Addis Ababa, the capital of Ethiopia.

Islamic Banking is the dire need of the time which will not only increase the Financial Inclusion
in the country rather will increase Economic Development, Foreign Direct Investment (FDI) and
will help the poverty elevation, Mr. Muhammad Zubair said Moreover, Ethiopian Government
would initiate mega projects through Sukuk (Islamic Bonds). He further said to retain balanced
growth of Islamic Banking Industry, it is important to develop Takaful (Islamic Insurance),
Islamic Microfinance, and Islamic capital markets.

Mr. Muhammad Zubair further adds, by the development of Islamic banking industry, the Halal
industry, Halal tourism and Halal economy will flourish aggressively.

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: 98A Sunflower Society, J1 Johar Town, Lahore – + 92 (0)42 - 35913096 – 8
Email: info@alhudacibe.com Web: www.alhudacibe.com
 Center of Islamic Banking and Economics
Addressing to the workshop participants by recognizing AlHuda services, Mr. Mesfin Bamam
the Director of Interest free banking- Dashan Bank, said the demand of Islamic banking in
Ethiopia is increasing tremendously and alike workshops would help to promote Interest free
banking in the country. It is important to note that AlHuda Center of Islamic Banking and
Economics aims to organize an International Islamic Banking conference in October 2019 in
Ethiopia and 25 African countries are expected to participate in the conference.

About AlHuda CIBE:

AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic
banking and finance industry for research 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 in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity
building for the last twelve years. The prime goal has always been to remain stick to the
commitments providing Services not only in UAE/Pakistan but all over the world. We have so
far served in more than 35 Countries for the development of Islamic Banking and Finance
industry. 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: 98A Sunflower Society, J1 Johar Town, Lahore – + 92 (0)42 - 35913096 – 8
Email: info@alhudacibe.com Web: www.alhudacibe.com