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Sunday 01 Nov 2015 - 11:39 Makkah mean time-19-1-1437
President Ismail Guelleh (Google image)
Djibouti (IINA) – Djibouti will host this week the 4th session of the Islamic Banking Summit Africa (IBSA 2015), with the participation of more than 350 of banking business pioneers, including the governors of the Central Banks of Sudan and Ethiopia as well as the Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector.
The two-day session, which will be inaugurated on Wednesday by Djiboutian President Ismail Omar Guelleh, will focus on ways and means to exploit the investment opportunities in order to expand the base of the Islamic finance and Takaful (insurance) growth in Africa, which is the private sector wing of the Islamic Development Bank (IDB) Group.
Some reports indicated that Africa has received at least $14 billion in Islamic project finance, and $1.6 billion from Sukuk (Islamic bond) issuances in the international markets over the period of 2005-2012.
It is to be noted that the last summit, held in Djibouti last year, recommended the development of a regulatory, legal and administrative framework for Islamic finance to ensure growth and prosperity.
AB/IINA
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