The global macro-economic environment continues to pose a number of challenges. China’s new normal and turmoil in MENA countries make Sub-Saharan Africa an increasingly important component of global growth and, in particular, the expansion of Islamic finance in the region is providing new growth opportunities and propelling faster trade and economic growth in Sub-Saharan Africa. Against this dynamic backdrop Ethico Live! are delighted to announce the launch of an exciting new initiative in collaboration with ABL Dunamis: The Sub-Saharan Islamic Finance Convention is a landmark gathering which will convene international industry leaders to drive forward the dialogue for the progress of Islamic ﬁnance in Sub-Saharan Africa. Supported by The Uganda National Chamber of Commerce and Industry (UNCCI) and held under the Patronage of the President of the Uganda National Chamber of Commerce and Industry (UNCCI), the Sub-Saharan Africa Islamic Finance Convention will bring a dynamic new platform to explore the opportunities for Islamic ﬁnance in this exciting region.
9th February 2016, UGANDA: Combining a highly innovative and interactive conference format with world‐class speakers and more than 200 international delegates, the Sub‐Saharan Africa Islamic Finance Convention 2016 will tackle the most pressing questions for the progress of Islamic banking across the dynamic markets in this region. The Sub-Saharan Islamic Finance Convention will take place on the 10th & 11th of May 2016 at the Kampala Serena Hotel in Uganda, under the theme “Africa’s New Momentum”, and is held under the Patronage of Olive Z. Kigongo, President, Uganda National Chamber of Commerce and Industry (UNCCI) and is supported by the Uganda National Chamber of Commerce and Industry (UNCCI).
2016 will be a landmark year for Islamic ﬁnance in Uganda as important new legislation has been successfully moving its way through the legal enactment process. Islamic ﬁnance provides an opportunity for Uganda to tap into FDI from key sources of investment from across the Middle East as well as broader OIC markets. Islamic ﬁnance mechanisms, in particular Sukuk, are well placed to meet the funding needs of large‐scale infrastructure requirements and can bring new sources of capital to the local markets. In addition, Islamic banking provides a powerful catalyst for improving ﬁnancial inclusion in Uganda, including the MSME segment, plus technology innovations such as mobile money that will help boost consumer banking penetration in the country.
Given the exciting new initiatives in Uganda, The Sub‐Saharan Africa Islamic Finance Convention has been created by Ethico Live in alliance with Ugandan headquartered ﬁrm ABL Associates as our local on‐the‐ground partners.
At a recent press gathering, Mr. Abubaker Mayanja, Partner and CEO at ABL Dunamis said that, “Since the Parliament in Uganda has finally approved Islamic banking, we can expect an increase in investment from leading Islamic banks that provide commercial services free from interest (Riba in Arabic) and compliant with the religious tenets of Islam. Uganda is a somewhat late arrival to the Islamic finance eco-system within East Africa, but the country does possess the key advantage of Islamic Development Bank (IDB) membership. This can provide the impetus that will enable Uganda to become a hub for Islamic banking by attracting institutional technical support and long-term capital from IDB, which will give the country an edge over non-member countries that have previously created the legal framework for Islamic banking in the region.”
Mr. Mayanja continued by stating: “I anticipate an increase in capital inflows of $600m over the medium term; driven first by international banks that already include Islamic banking products in their offering elsewhere. They enjoy the advantage of experienced expert knowledge. These products will be introduced with special capital, as conventional deposits cannot be used given their interest bearing nature.
The second wave will come from regional players that are already in the East African and broader Sub-Saharan markets. The third wave will come from the traditional Middle East players that possess substantial capital and knowledge but are experiencing a slowdown in business in their traditional markets in the Middle East. The fourth wave will be an expansion of the Islamic finance system; insurance (Takaful), capital markets- sukuk bonds and funds, pension management, leasing (Ijara), mortgages and investment banking. The Sub-Saharan Africa Islamic Finance Convention will create a strong platform for the growth of the industry that will not only help to establish Uganda as an exciting investment destination but also attract the support and enable the development of the broader Sub‐Saharan market.”
The Sub-Saharan Islamic Finance Convention 2016 will take place at the Kampala Serena Hotel in Uganda on the 10th and 11th of May 2016 and will feature some of the most prominent Islamic finance experts from across Africa, the Middle East and internationally.
The Sub-Saharan Islamic Finance Convention is created in collaboration between Ethico Live! and ABL Dunamis.
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.
ABL Dunamis a Sub-Saharan Africa focused financial advisory and investment services firm that is a provider of services in the field of finance and investment including: financial and investment advisory services, research, analysis, structuring, corporate finance and transaction services to private, public, individual and institutional entities.