There is an ample scope of Islamic banking and finance in western African region and Senegal can play a vital role in elevating it through the countries. It was spoken by Muhammad Zubair Mughal, Chief Executive Officer AlHuda Centre of Islamic Banking and Economics (CIBE) while attending an international seminar on Takaful that was held at Dakar Senegal. Delegates from Senegal, Mali, Ivory Coast, Mauritania, Guinea and other neighboring countries of western Africa participated in the stated seminar.
Mr. Mughal further added that Senegal situated in Western Africa has a population of 14 million carrying 95% Muslim population. Due to Muslim tendency, it has growing demand for Islamic financial products. If Senegal pursues the marketability of Islamic finance it will directly impact rest of the stakeholders of western Africa that wholly depend upon the expertise of Senegal. Senegal ensuring its advisory to other western African countries through central bank (UEMOA) that is comprised of (08) eight member countries i.e. Benin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.
Promoting Islamic banking and finance means direct growth of Shariah compliant banking and finance in Senegal, he exclaimed that it is worth noticing that Senegal with very less potential technical capacity, runs a full fledge Islamic bank, Islamic microfinance and Sukuk organizations that is appreciable. Senegal can attract banks and other Islamic banking and finance institutions from countries like Middle East and Malaysia to open their branches in Senegal or to start up new projects over there. Through this, Senegal can be succeeded to attract ample FDI in the country that will not only increase Islamic banking and finance industry but also prove to be the source of prominent progress in business and other pertinent fields. It can serve as a healing power for the poor living in western Africa through Islamic microfinance further leading to poverty reduction and socio economic progress.
Mr. Mughal added that AlHuda CIBE has chalked down a robust strategy to promote Islamic banking and finance in West African countries so that the fruits of shariah compliance could reach to the region. It is how these countries can start progressing towards development and come out of the box of under development. He announced a special wing for French speaking countries that will be situated in Dubai. It is how shariah compliance could reach to French people and they could take maximum benefit out of it and Islamic banking and finance could also reach to its sublime a as a good number of Muslim population lives in French speaking countries. He made announcement that AlHuda CIBE with its strategic partner AAMAS Africa will organize an international conference on Islamic banking and finance in Dakar by December 2015.