Tanzanian Islamic Finance Industry Seems Promising: Zubair Mughal

DAR ES SALAAM, Tanzania - March 28, 2017 - PRLog -- "Tanzania has Big Potential for Islamic Finance and is considered to be a hub for East African countries" stated by Muhammad Zubair Mughal,  Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics, on the inaugural ceremony of 4th African Islamic Finance Summit in Dar es Salaam, Tanzania today. Conference is bound to continue till 31st March, 17, where speaker from various countries will present their research papers and viewpoints about Islamic Banking and Finance industry. He  has mentioned that Islamic Finance could  facilitate the Government to increase Financial Inclusion,  attract the foreign direct investment (FDI) and can raise the financing for the mega Govt. Projects through Sukuk and other Islamic Financial instruments. He has also mentioned that now Islamic Banking and Finance is not limited with the Muslim world only but many other countries in different part of the world also have a successful experience for the same. He emphasized that Islamic banking and finance is a solution for all and it should be treated as Banking financial product rather than a religious products. But for Muslim, they have an extra benefit that it is according to their religious beliefs but for non-Muslims, it is an ideal sustainable solution for banking, finance and business.

He has added saying that Tanzanian Islamic Banking and Finance market seem promising as there are 4 Banks offering Islamic Banking services in the country among them one is a full-fledged bank while other banks are also looking forward to enter in this niche market, about 5 Islamic Microfinance institutions are working in the country, meanwhile, couple of insurance companies are also waiting for the green signal from the regulator to enter into Takaful market.

In the opening ceremony, H.E. Saad Ali Shire, Minister of Foreign Affairs and International Cooperation – Somaliland, Mr. J.J Mukami, Deputy Commissioner - Tanzania Insurance Regulatory Authority ( TIRA),  Mrs. Nasama Massinda, CEO of Capital Markets and Securities Authority – Tanzania, Mr.  Faustin Kamuzora, Permanent Secretary, The Vice President's office in Tanzania, Mrs. Irene Isaka, Director General of SSRA in Tanzania, H.E. Mahgoub Ahmed Sharfi, Ambassador of the Republic of the Sudan – Tanzania and many other dignitaries spoke about the importance of Islamic Banking and Finance, and unanimously support the same concept.

A two days specialized workshop for "Takaful" will be held on 30th – 31st March, 2017, followed by the Summit, speakers from 12 countries are participating in said summit along with the strong local speakers, Researcher and Scholars.

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 for the last twelve years. The prime goal has always been to remain 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 in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution 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