AlHuda CIBE is Devoted for the Development of Islamic Finance in Zambia
- Islamic Finance
- 30.05.2023 11:10 am
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 a 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 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 resource utilization. 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. Alternative financial products in the financial sector will play a significant role in financial diversity, inclusion and sustainable economic growth.
Mr. Muhammad Zubair, Chief Executive Officer AlHuda Centre if Islamic Banking and Economics during his visit to Zambia said that Socio-Economic aspects of financial industry together are the best solution for sustainable development of economy, and Islamic Finance is the best alternative. He also said that he with his dedicated team of experts is devoted to design ideal products for Banking, Microfinance, insurance, capital market and other financial institutions. AlHuda CIBE organized two days specialized training workshop on “Islamic Banking, Takaful and Islamic Microfinance”, Central Bank of Zambia, Islamic Supreme Council of Zambia, Commercial Banks, Insurance and investment companies and microfinance institutions participated. It was a good gesture for from industry for the appetite of Islamic Finance in Zambia.
Islamic finance is not a religious product, it is an alternative for the interest-oriented financial system, which is a hurdle for the growth of social aspects of human lives with economic growth. Islamic financial system reflects the equal distribution of wealth, uplifting of middle and lower middle class of society, entrepreneurship and sustainability in human lives. AlHuda CIBE is working from last 18 years for the development of Islamic finance in Asian, European and African continents and always dedicated to explore new markets.