International Forum for Islamic Finance opens in Sudan

Barth Ikiebe, Abuja

An International Forum on Islamic Finance banking has begun in Sudan to discuss strategies to enable Islamic finance gain prominence and spur economic growth across Africa.

Islamic banking leaders and dignitaries from across Africa and the Middle East have gathered in Khartoum, Sudan, at the 2nd annual International Forum on Islamic Finance (IFIF 2016) to fashion strategies for Islamic finance.

The event hosted by the government of the Republic of the Sudan, the Central Bank of Sudan and the ministry of finance and economic planning, and in strategic partnership with the Bank of Khartoum – IFIF 2016, has 200 dignitaries, central bank representatives, ministers, C-level bankers, thought leaders and experts in attendance.

Delivering keynote addresses to guests were Fadi Al Faqih, Chief Executive Officer of Bank of Khartoum, Musaed Mohammed Ahmed, head of Sudan’s Banks Union, Abdelrahman Hassan Abdelrahman Hashim, governor of the Central Bank of Sudan, Badr El-Din Mahmoud Abbas, Minister of Finance and National Economy of Sudan and Bakri Hassan Salih, first Vice President of the Sudan.

Among the Speakers include Anindya Ghose, Professor at NYU Stern School of Business, who was named Business Week’s “Top 40 Professors under 40 Worldwide”.

Ghose will speak on the impact of social media on banking and believed that: “Industries and markets are being transformed by a growing shared technology infrastructure. Indeed, Africa is emerging as an inspiring hub of innovation for social media in the banking sector, enabling unbanked individuals in Africa to access risk averse financing through Islamic banking.”

In his words “The International Forum on Islamic Finance, IFIF, is an outstanding platform to help build awareness of Africa’s digital media proposition in the context of Islamic finance’s push for financial inclusion across the continent.”

Another key highlight of the first day of IFIF was the exclusive launch of the much-awaited Sudan Islamic Finance report. The report was produced by the Islamic Research and Training Institute, IRTI, and the General Council for Islamic Banks and Financial Institutions, CIBAFI, in collaboration with the Bank of Khartoum. The ground-breaking report provides substantive due diligence on the opportunities for Islamic financial and non-financial services in Sudan.

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