Shelter Afrique, a Pan-African housing finance institution, will partner with Riyadh-based Islamic Development Bank Institute (IsDBI) to develop Islamic housing finance products for affordable and climate adaptive housing in the continent.

The agreement was signed at COP28 in Dubai, a statement issued by the Nairobi-based organisation said.

The statement said Shelter Afrique views the development of Islamic finance products as a viable alternative financing model to address Africa's housing and urban development challenges, and also address a gap in the availability of diversified financial products at scale.

Thierno Habib-Hann, Managing Director of Shelter-Afrique, expressed delight at the strategic significance of the program, stating, "We are thrilled to collaborate closely with IsDBI on this initiative. Rent to own schemes are natural products for Islamic finance, hence will be leveraged to address the large housing gap. In addition, this collaboration aligns with our commitment towards a dedicated funding thematics dedicated to ‘Green financing and Islamic finance.”

Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute, said the Technical Assistance provided by IsDBI aims to equip Shelter Afrique with the necessary tools to navigate the evolving landscape of affordable housing and urban development in Africa.

(Writing by SA Kader; Editing by Anoop Menon)


Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.