Alhuda CIBE keen for growth of Islamic Finance in Zambia.

Zambia the south-Central African country is ready to embrace the concept of Islamic Finance. Islamic Finance Industry potential is increasing day-by-day not only in Muslim dominated markets, although in non-Muslim markets. It is the positive gesture towards the growth of Islamic finance industry in Africa. The Market Penetration for Islamic Finance is more in East and West Africa, then in Central Africa. In south part of Africa South Africa was the pioneer for the Islamic finance in Africa and after Zambia has huge potential for Islamic finance. The adoption of Islamic finance will bring more opportunities for the socio-economic development of the country through foreign direct investments and internal resources utilisation.

AlHuda Centre of Islamic Banking and Economics (CIBE) working in Africa for the development of Islamic Finance Industry through consultancy and advisory and capacity building to emerging and potential markets. Now, AlHuda CIBE is devoted for the development of Islamic Finance in this market.

The Zambian financial market is well equipped with 17 local and international Commercial Banks, 27 Microcredit, 7 Micro deposit taking intuitions, 6 leasing companies, few rural saving and credit bodies, 1 credit bureau and 1 development bank. These are institutions regulated by Central Bank of Zambia. Zambian Insurance market has 34 Insurance and Re-insurance companies regulated by Pension and Insurance Authority of Zambia. The market size and combination of local and international players reflect the spirit of financial adoptability of Zambian Market. The alternative financial products in the financial sector will play a significant role...