Dubai: The AlHuda Center for Islamic Banking and Economics diverted its human resources to the Sierra Leone financial market, within days thanks to its professional excellence and technical expertise freely penetrated in Freetown. The Islamic financial industry is a system that provides reliable economic and socially justified solutions in the light of Sharia principle. The structure of the Islamic financial system is key to sustainability for developing economies like Sierra Leone. The AlHuda Center of Islamic Banking and Economics has penetrated the West African financial industry, it has played a very important role in the development of some Anglo and Francophone countries. As part of expanding its operations, AlHuda CIBE is moving to the Sierra Leone market, this market is new to the concept of the Islamic finance industry. Lack of awareness, HR expertise and in-depth knowledge is the main challenge for her, but the good thing is that the market is ready to embrace this new business in this market.
The AlHuda CIBE mission has been present in Sierra Leone for a month and a half, during this time we met with the Governor, Deputy Governor and Directors of the Bank of Sierra Leone and communicated for the development of Islamic Microfinance and the issuance of Sukuk (bonds with Islamic capital). We also met with Mr. Dennis K. Vandi, Minister of Finance, Mr. Sheku A. Fantamadi Bangura, Deputy Minister of Finance (I) Government of Sierra Leone and other teams and had a good chat about the issuance of Sukuk as an opportunity to raise funds. independent for the government. Last week, senior management, Mr. Muhammad Zubair Mughal, Managing Director of AlHuda Center for Islamic Banking and Economics in the United Arab Emirates, was in Sierra Leone. We acknowledge the response of key players in Sierra Leone’s financial sector to host AlHuda CIBE. The management of AlHuda CIBE has some meetings with the banking and financial industry and some knowledge-oriented activities also with institutional collaborations. He met Dr. J. Sanpha Koroma, Founder and Managing Director of Union Trust Bank Limited; This meeting had very fruitful discussions on ways to generate capital and the creation of a capital market to mobilize capital investment for Sierra Leone. AlHuda CIBE has signed a Memorandum of Understanding (MOU) with Apex Bank Sierra Leone as in-house consultant for the development of Islamic Microfinance for the rural and agricultural sector. It is signed by Mr. Nelson Salia-Konneh Managing Director of Apex Bank and Mr. Muhammad Zubair Mughal Chief Executive Officer AlHuda CIBE.
He met with Mr. Sheku Mattia, Deputy Commissioner of the Sierra Leone Insurance Commission (Slicom) and other directors for the design of guidelines to introduce and operate the Islamic Insurance (Takaful) industry . They also organized a workshop where they invited the entire insurance industry for the introductory conference on Islamic insurance. He also had a very good conversation on the future of Islamic insurance in the country with Mr. Raymond Macauley, Managing Director of Aureol Insurance Company Ltd and President of Sierra Leone Insurance Association. He also had a very good interactive session with the microfinance sector, an interactive session organized by the Association of Microfinance Institutions of Sierra Leone. He also had a meeting with Ms. Sao-Kpato Hannah Isatta Max-Kyne, Commissioner of the National Commission for Social Action and the technical team, where they discussed future collaborations with two institutions and how to attract foreign funding for Sierra Leone.
Mr. Muhammad Zubair Mughal highlights many opportunities for the Islamic finance industry in this market for socio-economic development, to generate capital investment, how government can generate funds for their mega construction projects and how they can attract more funding for social and economic development. . Based on his diverse experience in multiple markets, he is very optimistic that Sierra Leone is the future market for Islamic finance in West Africa. In the presence of the AlHuda CIBE mission in Sierra Leone, we met the financial industry of all segments; we appreciate people for their interest in Islamic finance.
About AlHuda CIBE: AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in the Islamic banking and finance industry for research and provides cutting-edge advice and education through various well-recognized modes viz. Development of Islamic financial products, Sharia advice, training workshops and consulting firms in Islamic microfinance and takaful, etc. side by side through our distinguished, generally acceptable and well-known publications on Islamic banking and finance.
We are committed to serving the community as a unique, advisory and capacity building institution for seventeen years. The main goal has always been to stay true to the commitments to provide services not only in UAE/Pakistan but all over the world. We have so far served more than 35 countries for the development of Islamic banking and finance industry. For more details on AlHuda CIBE, please visit: www.alhudacibe.com
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