September 17, 2015 – Tawreeq Holdings was pleased to sponsor and participate at the first Africa Islamic Forum held in Cote d’Ivoire (Ivory Coast) on the 17-18th September 2015 as an Executive Partner.
The forum was held in association with the Islamic Development Bank (IDB), the Government of Cote d’Ivoire and the Islamic Corporation for the Development of the Private Sector (ICD) and was a great opportunity to share the insights and developments of the market and how to focus on Islamic Finance support for Africa and empowering economic growth and sustainability.
It was an opportunity to share our insights on the market and how Sharia-Complaint Supply Chain Finance (SCF) facilitates growth and employment.
Haitham Al Refaie, Chief Executive Officer of Tawreeq Holdings shared his views on the outlook for Sharia-compliant finance in a especial country feature on the forum for IFN “SMEs in particular play vital economic role in Africa and across OIC member states, giving sharia-compliant finance immense potential to promote the sector by fostering financial inclusion. Sharia-Compliant Supply Chain Finance offers a solution, focusing on working capital and off-balance sheet financing to fill the credit gap in the region. It provides much needed liquidity solutions based on risk sharing under Sharia principles and accordingly serves all stakeholders better.”
“This is one key area that Tawreeq Holdings is focusing on by developing alternative finance solutions that bridge the gap between the banking sector and businesses, especially SMEs, and focus on supporting the real economy. “ Al Refaie added.
Yazan Al Nasser, Chief Products Officer at Tawreeq had very interesting views in the forum, participating in the Trade Finance in Africa panel, “Sharia-Complaint SCF solutions have tremendous capabilities to counter the financing challenges confining Africa trade, in particular helping SMEs overcome heavy financial barriers of limited access to liquidity, and by that supporting their sustainability, having an overall positive impact on employment and growth” Al Nasser said.
It was a great opportunity to meet with patricians at the forum and discuss the huge potential for Islamic Finance in Africa.