Tackling head on Africa's multi-trillion infrastructure and inclusion needs

Khartoum, Sudan, 3rd November, 2015: The 2nd international forum on Islamic finance (IFIF 2016) will draw on the success of the inaugural forum held in 2014 to converge key African and global leaders on the 9th and 10th of February, 2016 to Khartoum, Sudan under the strategic support of the Bank of Khartoum, one of Africa's oldest banks. Recognized for possessing a truly authentic Islamic banking system, Sudan provides the perfect backdrop for discussions on strengthening Islamic finance capabilities in Africa to accelerate the continent's economic growth and help realize its true potential.

The forum will attract more than 250 high profile participants including dignitaries, policy makers, central bank governors, heads of leading financial institutions and multilateral organizations, leaders in microfinance and mobile money. The high profile gathering will focus on the vital role of Islamic finance in meeting Africa's key needs for developing the infrastructure, supporting inclusive growth and innovation, and focus on how to further integrate Islamic finance into the continent's financial system to trigger growth in these areas. The forum will also showcase innovative initiatives from African countries that can be incorporated with other emerging markets.

Held under the theme of "Innovation, Inclusion, Infrastructure", the forum will feature in-depth coverage of a wide array of topics ranging from challenges in developing regulations for Islamic finance, to the opportunities available in Islamic capital markets, increasing access to financial services and expanding the mobile money network. Highlights of the programme include an exclusive informal interview of a distinguished pioneer on the future of Islamic finance in Africa, keynote addresses by high profile dignitaries, central bank governors, heads of multilateral bodies and an interactive session with renowned legal experts who will take on the issues of compliance in Africa.

Building on the success of the 1st IFIF, the second edition of the Forum brings an innovative approach with exciting new features. The most noteworthy features include live social media coverage to encourage conversations between the physical and virtual realm, and the exclusive launch of Islamic Finance Report on Sudan by Islamic Research and Training Institute (IRTI) and General Council for Islamic Banks and Financial Institutions (CIBAFI) in collaboration with Thomson Reuters. The report will provide an overview of the Islamic finance industry in Sudan and will highlight the potential of the country in contributing to the growth of the industry.   

Speaking ahead of the forum, Mr. Fadi Salim Al Faqih (CEO of the Bank of Khartoum), one of Africa's largest Islamic bank and a leader in Islamic microfinance and mobile money services in the continent, commended the vital role of the forum in strengthening the Islamic finance industry in Africa, he stated "The inaugural forum of 2014, gathered key African leaders to deliberate on the issues and challenges and successfully highlighted the opportunities in Islamic finance for the African continent".

He further emphasized on the huge potential of Islamic finance in addressing key challenges in Africa "The values-based approach of Islamic finance is a great practice that is in line with Africa's need for inclusive growth. Islamic microfinance, wealth redistributive instruments and the risk sharing based debt in Islamic finance provides more support to individuals and businesses, and helps in promoting wealth equality in the society. Furthermore, its appeal to the sheer Muslim population of Africa who are susceptible to conventional finance, can aid in increasing financial inclusion".

Mr. Fadi believes that its critical to take steps to further strengthen Islamic finance in the continent, he said "Although the realization of the potential of Islamic finance has led to its fast progression in Africa, more support is needed from the policy makers, regulators and other stakeholders in the African economies to help pave way for its growth and to fast track its development". Appreciating the theme of the forum, Mr, Fadi said" The theme for this year's forum - Innovation, Inclusion and Infrastructure- will be in line with the growth needs of Africa and I look forward to participating in the meaningful discussions at the forum"

The Vice Chairman and CEO of Middle East Global Advisors (the conveners of IFIF), Dr. Sayd Farook, highlighted the role of the Bank of Khartoum in strengthening Islamic finance capabilities in Africa, saying: "We are thankful to the Bank of Khartoum for supporting the development of Islamic finance by encouraging high profile gathering such as IFIF."

Dr. Sayd further elaborated on how the theme of the forum addresses the most pressing needs of the African economies: "Undoubtedly, Islamic finance has a much bigger role to play in the overall economic development of the continent. Specifically, we believe that there are three key areas - Innovation, Inclusion and Infrastructure - where Islamic finance can contribute the most and bring about real economic growth. At IFIF 2016, we have designed the discussions around these areas and I am sincerely looking forward to the key insights that will emerge from these high profile discussions and the resulting developments it will generate."

IFIF 2016 will take place on 9 and 10 February 2016. To learn more about the forum, please visit www.IFIF2016.com

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ABOUT INTERNATIONAL FORUM ON ISLAMIC FINANCE
The International Forum on Islamic Finance (IFIF) is a unique platform that brings together global leaders to discuss the tremendous opportunities that the Islamic finance industry has to offer to the growing economies of the African continent. The forum aims to bridge Africa with key markets for Islamic finance to thereby help in building Islamic finance capabilities in Africa.

To find out more, visit www.IFIF2016.com

Join the global conversation on Twitter via @IFIF2016, #IFIF2016.

Nikita Kandath
Marketing & Media Manager
ME Global Advisors
Tel: +971 4 441 4946
Email: nikita@meglobaladvisors.com

© Press Release 2015