Islamic Finance is a concept that is widely viewed as a viable alternative to conventional finance. The industry is increasingly attracting attention as a potential way to help mitigate institutional barriers and promote financial development. Islamic Finance is today seen as a significant financial innovation that is gradually making headway into mainstream finance. What then are the fundamentals of this concept? What role can this form of banking play in the development of the African financial landscape? What value proposition is Islamic Finance expected to deliver? And more importantly, can the core principles of Islamic Finance be linked to the UN Sustainable Development Goals?
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The keynote speaker was Salah BABALE, from ICD (Islamic Cooperation for the Development of Private Sector).
Salah Babale joined ICD as a Line of Finance (LOF) Division Head -FIDD after spending 8 years in the Private Sector Department of the African Development Bank (AfDB) with various responsibilities and achievements. He is a holder of a Masters in Finance from Exeter University and has worked in the financial industry for several years. Babale has brought a wealth of experience to ICD and has been instrumental in the successful expansion of Shariah compliant LOF operations for the organization. He developed an assessment framework, manuals, guidelines and procedures and provides innovative solutions and new products improving the technical capacity of the ICD LOF team and training of junior staff and IFTDPs.
Slide 4 is about funding small and medium enterprises