Islamic Banking is Rapidly Growing Industry in Ethiopia: Zubair Mughal
Ethiopia is an important country of East Africa. Total population is 102 million and Muslims are 40% of it, which is major reason for the promotion of Islamic Banking. Ten conventional banks are offering Islamic banking services in Ethiopia, and three more bank are going to offer Islamic banking services in near future. Mr. Muhammad Zubair, the CEO of AlHuda Center of Islamic Banking and Economics expressed his views in the Islamic Banking workshop mutually held by AlHuda and Dashan Bank in Addis Ababa, the capital of Ethiopia.
Islamic Banking is the dire need of the time which will not only increase the Financial Inclusion in the country rather will increase Economic Development, Foreign Direct Investment (FDI) and will help the poverty elevation, Mr. Muhammad Zubair said. Moreover, Ethiopian government would initiate mega projects through Sukuk (Islamic Bonds). He further said to retain balanced growth of Islamic banking industry, it is important to develop Takaful (Islamic Insurance), Islamic Microfinance, and Islamic capital markets.
Mr. Muhammad Zubair further add, by the development of Islamic banking industry, the Halal industry, Halal tourism and Halal economy will flourish aggressively.
Addressing to the workshop participants by recognizing AlHuda services, Mr. Mesfin B. Yimam the Director of Interest free banking- Dashan Bank, said the demand of Islamic banking in Ethiopia is increasing tremendously and alike workshops would help to promote Interest free banking in the country. It is important to note that AlHuda Center of Islamic Banking and Economics aims to organize an International Islamic Banking conference in October 2018 in Ethiopia and 25 African countries are expected to participate in the conference.