AlHuda Centre of Islamic Banking and Economics (CIBE) is honored to organize 6th African Islamic Finance Summit in Tanzania. The event is successfully inaugurated by the esteemed chief guest H. E. Dr. Ashatu K. Kijaji (MP)- Deputy Minister- Ministry of Finance and Planning, Republic of Tanzania at Hyatt Regency - The Kilimanjaro, Dar-es-Salaam, Tanzania for the betterment of the socio-economic conditions of the rural and urban areas of the country. More than 20 international speakers are presenting their valuable contribution in the topics of discussion.
The banking and financial industry of Tanzania and the surrounding areas will actively participate in the conference to gain ample knowledge of the Islamic financial sector and solutions to the escalating problems of the society. The event is supported by SPM Consulting and London School of Modern Studies. Sponsors of the event include Islamic Corporation for the Development of the Private Sector (ICD), Amana Bank, Tanzania, and International Trunkey System (ITS). Participants are high profile personnel for 20 countries e.g. from central banks, banking and financial sectors of Tanzania and rest of the African countries, microfinance and insurance industry.
Mr. M. Zubair Mughal, CEO, AlHuda CIBE (the organizers of the event) thanked the supporters and the sponsors in his welcome address of the conference for their continuous trust on them and the unprecedented support for the event that is much needed to achieve the milestone. Tanzania has a largely rural population, which makes access to financial services a challenge and digital solutions ideal. The World Bank reports tells that 70% of the population resides in rural areas, and Financial Inclusion (FI) data shows that less than one-third (29%) of the rural population have active accounts (used in the last 90 days), whereas urban citizens are twice as likely to have actives accounts (61%).
Approximately 76% of Tanzanians live on less than $2 per day, with three-quarters of Tanzanians employed in the agriculture sector, according to World Bank data. Making gains among these groups is key to improving Tanzanians' financial lives. He said that Islamic banking and finance is the best alternative to change the lives of the poor. Investing in Islamic Banking and Finance could mean greater foreign investment that could result in enhanced global connectivity, improved job creation, socio-economic development and poverty alleviation.