There has been growing interest in Islamic financial services across the African continent, which has been further boosted by the support from various African regulatory and supervisory authorities and financial institutions to implement Islamic finance. Recent reports indicate that key African economies have posted exciting growth rates in recent years, second only to Asia, drawing increasing inward investment and creating a strong platform for further opportunities for economic growth and resilience. Africa is now in the spotlight as a new investment destination. The challenge, and opportunity, in Africa is to diversify funding sources and the investor base, as markets look for new investment opportunities to maximise returns on capital; and Islamic finance has a potentially major role to play in this context. Islamic finance undoubtedly offers a major opportunity for diversifying the investor base, and raising investor interest in Africa - given Africa's strong trade links with the Arabian Gulf and increasing ties with Asia. Backed by continued strong growth projections in key markets in Africa, Islamic finance, with its link to supporting real economic activities has enormous growth potential on the continent. With a number of key initiatives, the Central Bank of Djibouti has already established Islamic finance as a key component of the economic system in Djibouti, and we are working towards further strengthening Islamic finance's role in our financial system. We are once again delighted to host the Islamic Banking Summit Africa (IBSA) here in Djibouti. Since its inception last year, the event has already become an important platform for supporting the growth and development of Islamic finance in Africa. We look forward to the high profile discussions at this year's IBSA 2013 focusing on capturing the potential for Islamic finance in Africa.
H.E. Ahmed Osman
Central Bank of Djibouti
Special Presidential Address by
H.E. Ismaïl Omar Guelleh
President of the Republic of Djibouti, Head of Government
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Now in its 3rd successful year, the Islamic Banking Summit Africa (IBSA 2014), which will be held in Djibouti on the 4th and 5th of November 2014, under the patronage of H.E. Ismail Omar Guelleh, President of the Republic of Djibouti and Head of Government and with the official support of the Central Bank of Djibouti, has firmly established its position as the pre-eminent platform for international leaders in the Islamic finance industry to engage with African pioneers in discussions that will provide deeper insights into what the future holds for the Islamic banking and finance industry on the continent.
Last year’s IBSA 2013 saw close to 300 regional and international industry leaders converge in Djibouti to further explore the growth potential of the Islamic banking and finance industry in Africa. A key outcome of the discussions at last year’s event was that Africa is becoming an increasingly attractive destination for Shari’ah-compliant FDI. Africa has now been re-positioned as the third fastest growing region in the world, after the Middle East and Asia. Over the last decade, trade between African countries and the rest of the world has grown significantly, with economic linkages with the Middle East in particular strengthening further – and thus positioning Islamic finance as a catalyst to further boost cross-border investment between Africa, the Middle East and beyond.
However, the Islamic finance industry is still in its infancy on the continent. Of the total 600+ Islamic financial institutions worldwide, only about 40-50 are operating on the African continent, which is home to a massive Muslim demographic that represents over 50% of the total population. Recent reports indicate that over 65% of the total population on the continent are unbanked and that banking penetration stands at 60% in urban areas and less that 20% in the rural areas. This indicates a promising future for Islamic finance in Africa. However to capture this tremendous potential, the regional industry must overcome certain challenges which include a lack of Shari’ah-compliant investment vehicles, fragile legal and regulatory frameworks and, importantly, the lack of awareness by many end-users and consumers.
Against this background of the tremendous growth opportunities for the Islamic banking and finance industry in Africa outlined at last year’s IBSA, we are delighted to announce the launch of the 3rd Annual Islamic Banking Summit Africa (IBSA 2014), which will be held on the 4th & 5th of November 2014 in Djibouti, again under the official patronage of H.E. Ismail Omar Guelleh, President of the Republic of Djibouti and Head of Government and supported by the Central Bank of Djibouti.
Capturing the Africa Opportunity
for Islamic Finance
Islamic Finance: Capturing the Africa Opportunity
Increasingly strong trade ties with the key nerve centres of Islamic finance boosting Africa’s connections across the countries of the Arabian Gulf and SE Asia, a growing Muslim population, the need to finance large-scale infrastructure and manufacturing projects, as well as a large unbanked population and the funding needs of a burgeoning SME market, all provide tremendous growth opportunities for Islamic finance in Africa.
Connecting Africa to the World of Islamic Finance
Over the last decade, trade between African countries and the rest of the world has grown significantly; charting a 170% increase in trade with the GCC. The on-going shift by African countries from being aid-dependant to increasingly positive trade and investment ties with the Middle East, Islamic finance is set to play a key role in facilitating more trade and investment flows between Africa and the Middle East – and beyond. Increased attention from Gulf investors in terms of agricultural land acquisitions and the mergers and acquisitions of financial institutions, as well as a growing Asian investor base, particularly in manufacturing and project finance, is expected to further grow the African economy significantly.
IBSA 2014 will provide a high-profile platform to specifically focus on the opportunities and challenges that are forging the Islamic banking, finance, and investment landscape in Africa. To be held on the 4th and 5th of November 2014 at the Djibouti Palace Kempinski, IBSA 2014 will provide a powerful platform for industry players seeking to further build their presence in the dynamically evolving African markets for Islamic finance and to explore emerging opportunities which will further increase the momentum of growth.
Industry Leaders Gathered in Djibouti: Keynote Speakers at Last Year’s IBSA
In addition to a special Opening Keynote Address from H.E. Ismail Omar Guelleh, President of the Republic of Djibouti and Head of Government, IBSA 2013 featured an impressive line-up of industry leaders sharing new insights in a series of powerful keynote plenary sessions:
Sponsorship Opportunities at Islamic Banking Summit Africa 2014
The Islamic Banking Summit Africa (IBSA) 2014 will provide unrivalled high-impact brand visibility and ensure that you are at the forefront of shaping the future of the regional Islamic banking and finance industry. IBSA 2014 also presents a unique opportunity to nurture key client relationships in a substantive and issues-driven programme. To discuss your specific business needs please contact Yasmeen Shah at
New Insights to Shape the Future: Special Group Delegate Packages
More than 200 industry leaders will gather at IBSA 2014. Take advantage of the special Group Delegate packages to send your executive team to participate in the Islamic Banking Summit Africa. To receive further details on attending IBSA 2014 please email Yasmeen Shah at
H.E. Ahmed Osman
Central Bank of Djibouti
H.E. Dr. Mohamed Khair Ahmed
Central Bank of Sudan
H.E. Khaled Mohammed Al-Aboodi
Chief Executive Officer
The Islamic Corporation for the Development of the Private Sector, the private sector arm of the Islamic Development Bank Group (IDB), Saudi Arabia
Assistant Secretary - General
Islamic Financial Services Board (IFSB)