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Center of Islamic Banking and Economics

Press Release

African Interest-Free Banking and Finance Forum Inaugurated in Addis Ababa,


Ethiopia

Interest-free Banking and Finance is Rapidly Growing Industry in Ethiopia

(February 07, 2018 (Dubai)): (Addis Ababa – Ethiopia) East Africa is emerging for Islamic Finance and a
new destination for Interest-Free Financial Institutions which will open new avenue for the Foreign
Direct Investment (FDI) in the region, it was stated by Muhammad Zubair Mughal, Chief Executive
Officer of AlHuda Centre of Islamic Banking and Economics (CIBE) during the inaugural ceremony of

AlHuda Center of Islamic Banking and Economics


Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Pakistan Office: 117-G3, Johar Town, Lahore – + 92 (0)42 - 35913096 – 8
Email: info@alhudacibe.com Web: www.alhudacibe.com
Center of Islamic Banking and Economics

African Interest-Free Banking and Finance Forum, Ethiopia today. Conference and post event work shop
will continue till 8th February, 2019, in which speakers from various countries will present their
presentations, research papers and viewpoints about Interest-Free Banking and Finance industry. He
said that, Ethiopian Interest-Free Banking and Finance market is very imminent seems promising. There
are 4 banks offering Interest-Free banking services in the country.

The summit was inaugurated by Mr. Muhammad Zubair, Chief Executive Officer, AlHuda CIBE FZ LLE,
Dubai- U.A.E. He welcome all the guest of honors, speakers and participants for attending this emerging
phenomenon conference one of new of its kind in the region. He said that interest-free banking and
finance is the ultimate financial solution due to its viability and sustainability. This system has multi-fold
benefits which concentrate for the balanced wealth distribution. He also thrown light on the need of
interest-free banking and financial services.

H.E. Ali Asghar Golo, Ambassador of Pakistan in Ethiopia, appreciated AlHuda CIBE FZ LLE, Dubai- U.A.E.
activities for the development of Interest-Free banking and finance in Africa and especially in Ethiopia.
He mentioned that Ethiopia has enriched future for Interest-Free banking and finance and many banks
are dealing with Interest-Free banking products in the country. He pertinently mentioned that AlHuda
CIBE is play its role for the promotion of globally accepted alternative financial solution which is the only
hope of financial stability. He further mentioned that there is absence of specific legal and regulatory
framework to govern the Interest-Free finance industry which should be addressed timely. It not only
will promote the interest-free banking and financial services but also enhance the economic growth of
the region.

While speaking at opening ceremony, Hon. Monirul Islam, Ambassador Bangladeshi Embassy in Addis
Ababa, Ethiopia said, Interest-Free banking and finance is growing globally and Africa is also a good
destination of it. He warmly congratulated AlHuda CIBE for its role to introduce and promote Interest-
Free banking and finance in East Africa.

Other speakers and distinguished guests include Tego, Mr. Omar Haji Hussain, Chief Executive Officer,
Takaful Insurance of Africa, Hargeisa, Somaliland; Mr. Asseged Gebremedhin, A/D/CEO-Operations,
National Insurance Company of Ethiopia, Ethiopia; Mr. Abdillahi Farah Aden, Financial Inclusion Advisor,
Mercy Corps, Ethiopia; Mr. Fikru Tsegaye, (FLMI, ACS, ARA, ALMI, CERT CII), Manager, Business

AlHuda Center of Islamic Banking and Economics


Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Pakistan Office: 117-G3, Johar Town, Lahore – + 92 (0)42 - 35913096 – 8
Email: info@alhudacibe.com Web: www.alhudacibe.com
Center of Islamic Banking and Economics

Development and Corporate Affairs, Ethiopian Reinsurance S.C.; Addis Ababa, Ethiopia; Mr. Tego
Wolasa, Retail & Product Development Manager, KCB Islamic Banking, Kenya; Mr. IBRAHIM DAWD
MUZEYEN, Management Consultant, IFB advisor, Addis Ababa – Ethiopia; Dr. James R. Kanagawa, Chief
Representative ECO Bank, Ethiopia; Mrs. Hikmet Abdella, Chairperson, Global Insurance Company SC,
Ethiopia; Mr. Zubair Mughal Chief Executive Officer, AlHuda CIBE FZ LLE, Dubai- U.A.E; A two days post
event specialized training workshop for “Interest-Free Banking, Takaful and Islamic Micro-Finance” will
be held on 7th – 8th February, 2019 after the forum.

About AlHuda CIBE:


AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and
Finance industry and provides state-of-the-art Advisory Consultancy and Education through various well-
recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops,
and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished,
generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution for the last twelve years. The prime
goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan
but all over the world. We have served in more than 35 Countries for the development of Islamic
Banking and Finance industry. For further Details about AlHuda CIBE, please visit:
www.alhudacibe.com

For Media Contact:


Ms. Shaguftta Perveen - Manager Communications,
info@alhudacibe.com - Call: +92 42 35913096 - 8

AlHuda Center of Islamic Banking and Economics


Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Pakistan Office: 117-G3, Johar Town, Lahore – + 92 (0)42 - 35913096 – 8
Email: info@alhudacibe.com Web: www.alhudacibe.com