H. E. ISMAÏL OMAR GUELLEH, President of the Republic of Djibouti and Head of Government delivers a Presidential Plenary Address; and Admassu Yilma Tadesse, President and Chief Executive of PTA Bank, presents keynote address at the International Islamic Banking Summit Africa 2015.

Republic of Djibouti: 4th November 2015:  The International Islamic Banking Summit Africa 2015, a new innovative platform launched by the Central Bank of Djibouti in collaboration with the UK-based Ethico Live, was launched today during a high-profile opening ceremony at the Kempinski Palace in the Republic of Djibouti. Convened under the patronage of H. E. Ismaïl Omar Guelleh, President of the Republic of Djibouti and Head of Government, and held with the official support of the Central Bank of Djibouti, the event was attended by more than 300 industry leaders from 27 countries representing over 70 international and regional organizations. A powerful line-up of 27 international speakers and industry thought leaders discussed New Strategies to Boost Economic Development and Trade & Investment between Africa and OIC markets through Islamic Finance.

The main conference day opened today with an address by Admassu Yilma Tadesse, President and Chief Executive of PTA Bank. Mr. Tadesse focused on Advancing the Africa Growth Story and what lessons have been learnt and what new opportunities can be reaped, especially in the high-potential area of Islamic finance in key markets across Africa. This opening address was followed by a session featuring keynote speeches from H.E. Ahmed Osman, Governor, Central Bank of Djibouti; and Ijlal Alvi, Chief Executive Officer of the Bahrain-based global industry standard-setting body, The International Islamic Financial Market (IIFM), which focused on pinpointing what the local, regional and international regulatory and multi-lateral institutions can do to further boost the development of Islamic finance in Africa.

The opening keynote sessions were followed by a special plenary address by H. E. ISMAÏL OMAR GUELLEH, President of the Republic of Djibouti, and Head of Government.

Dr. Abdirahman Mohamed Abdi, Managing Director, Savanna Consultancy, and author of the book "Islamic Banking: Steady in Shaky Times?", then delivered a special address on 'Assessing the Challenges Facing Islamic Finance'.

Speaking on the sidelines of the event, Mr. Tadesse said: "Djibouti has a bright future as a blue ocean economy and major hub for services, not only transportation and logistics, but others such as banking and finance, notably Islamic finance, for which there is much and growing demand in the region. With robust economic growth and increased demand for finance in Africa, and given the growth of Islamic finance internationally, Djibouti's positioning presents an attractive opportunity for the development of a significant centre for banking and Islamic finance, especially considering the gaps in financial intermediation in the immediate region. Realizing this potential will of course require a strong institutional framework and enabling macro-economy, as well as suitable incentives and smart public-private partnerships".

Another major highlight of the International Islamic Banking Summit Africa was the Live Innovation Showcase, which was an opportunity to engage with the latest innovations and developments in Islamic finance from across the world.

Keynote Speaker, Mr. Ijlal Alvi, Chief Executive Officer of the International Islamic Finance Markets (IIFM) commented that: "The development and implementation of international standards particularly regulatory, Shariah, financial contracts and product templates have been a key driver of the successful expansion of the Islamic finance industry across borders. These market unification efforts help to create a robust, transparent and efficient Islamic finance industry and the work of the IIFM has enabled important standards in the areas of Islamic capital markets, corporate finance and trade finance which have aided the Islamic finance industry to become more vibrant and connected on an international level."

Mr. Alvi concluded by saying, "These standardization efforts are even more important in the rapidly developing markets of Africa and, as a leading standard-setting organization serving the global needs of the Islamic financial services industry, our partnership with The International Islamic Banking Summit Africa 2015 highlights our commitment to the global and regional industry to 'Boost Economic Development and Trade & Investment between Africa and OIC markets through Islamic Finance' that will contribute to the sustainable growth of the Islamic finance industry. As a supporter of the International Islamic Banking Summit Africa 2015 we look forward to defining the next stage of evolution and growth for Islamic finance in Africa."

Speaking to the regional and international media present at the event, David McLean, President of Ethico Live!, noted that: "The International Islamic Banking Summit Africa 2015 is a tremendous new initiative of the Central Bank of Djibouti to bring together regional and international industry leaders to provide answers to the most pressing questions, such as how can multi-lateral institutions further boost the development of Islamic finance in Africa and how Islamic finance can play a greater role in economic development across the African continent and become a catalyst for increased investment from the Middle East and OIC countries into Africa."

The second day of the conference continues on the 5th of November and will take the form of a practical masterclass format, which will be led by AIMS (Dubai) and Soyan Financial Consultancy respectively, and will address the key technical issues for progressing Islamic finance in Africa from a hands-on pragmatic perspective. 

The International Islamic Banking Summit Africa 2015 is created in collaboration between the Central Bank of Djibouti and Ethico Live!

Ethico Live Limited is a UK registered company with its corporate headquarters at 2-4 Blythswood Square, Glasgow G2 4AD, UK. Through our on-the-ground presence in key centres across the world we are able to serve our clients in the global financial markets with high-profile international conferences in Europe, the Middle East, Africa and Asia.

Ethico Live contact information:
W: www.ethicolive.com
E: info@ethicolive.com
Tel: +91 1244982992

© Press Release 2015