Islamic Finance Weekly: How Nigeria Can Emerge Africa's Leading Hub for Islamic Finance
Experts and Representatives of Non-Interest Finance Multilateral Institutions believe Nigeria has the potential to emerge the leading hub for Islamic Finance in Sub-Saharan Africa.
This edition of the Islamic Finance Weekly anchored by Bukola Akinyele-Yisau features a recent webinar organized by the IFN Nigeria On Air Forum 2020 in collaboration with the Nigeria Stock Exchange which explored "Opportunities for Islamic Finance, Banking and Investment to Flourish in Nigeria".
It highlights the key points raised by The Head of Islamic Origination, Standard Chartered Bank, Mr. Ahsan Ali, Mr. Boubakari Ake Head of Sub Sahara African Unit, ICD of the Islamic Development Bank Group and Mr. Cassim Docrat Director, DDCAP DIFC Limited on the areas that should be leveraged to deepen the Non-Interest Financial Market in Nigeria and Africa.
They gave an overview of recent developments in the International Islamic Finance market especially the sukuk segment and how they can be converted to growth enablers in the region.
From the Webinar, the representatives of Islamic Finance Multi-lateral institutions all agreed that there is need for Standardization & Harmonization of the Non-interest finance market at a cross border level in Africa and at the Global level.
The experts also called on the Islamic Development Bank and others to allocate a big more capital to Africa. Also, they believed Agency banking and digitization can be leveraged to achieve this while the takaful needs to expanded with an ecosystem for the entire sector in order to make impact.