IsDB CoE Attends 6th Dakar International Islamic Finance Forum in Senegal

Dakar, Senegal, 7June 2021 – The Islamic Development Bank (IsDB) Center of Excellence in Kuala Lumpur participated in the 6th Dakar International Islamic Finance Forum, held on 7-8 June in Dakar, Senegal.

The Forum was organized by Africa Institute of Islamic Finance (AIIF) where IsDB President, Dr. Bandar Hajjar and Senegal’s Finance and Budget Minister, H.E. Mr. Abdoulaye Daouda delivered the keynote speeches.

In his presentation at the Plenary session of the forum, Head of the IsDB CoE in Kuala Lumpur, Mr. Mohamed Abida, outlined the various priority initiatives of the Center, particularly, the study of Halal ecosystems in selected Member Countries including Senegal; the study and rollout of replicable solutions for Micro, Small and Medium Enterprises (SMES) and Islamic Social Finance case studies; the development of green and sustainable Sukuk facility, the feasibility study for an Awqaf promotion and investment fund in Malaysia; and the organization of a Science, Technology and Innovation (STI) Roadshow in Malaysia.

The presentation was concluded by a short video on the e-Gateway platform which was launched by the CoE to digitally support the mandate of the Center and offer matchmaking opportunities between solution seekers and solution providers, between investors and investees as well as between donors and philanthropists for the development and humanitarian programs of IsDB.

Three (3) thematic workshops were organized namely (i) HALAL BUSINESS: Releasing the potential for West Africa; (ii) WAQF: Building a Waqf industry in West Africa; and (iii) Islamic FINTECH: Islamic Finance and digital: The Future.

The prominent speakers of the three workshops gave insightful information on the respective topics and potential collaborations that can be explored further.

At the end of the 3 workshops, Mr. Musa Sillah, Director of IsDB Regional Hub in Dakar delivered a closing statement reiterating the importance accorded by IsDB Management to this Forum and the readiness of IsDB Regional Hub in Dakar to work with IsDB Center of Excellence in Kuala Lumpur, the relevant departments and entities within the IsDB Group, the Islamic Bank of Senegal and the AIIF to follow-up on the outcomes of the Forum and implement together concrete and impactful programs and initiatives that will contribute to the socio-economic development of Senegal and the West African Region.

An audience with H.E. Mr. Abdoulaye Daouda DIALLO, Minister of Finance and Budget of Senegal together with CEO of AIIF was held at the end of the Forum where the Minister reiterated the commitment by the Government of Senegal to promoting Islamic Finance, Awqaf development, Halal Industry and Fintech solutions.

He also highlighted the need to develop solutions for the low-income and fragile communities in accessing social housing financing using sustainable sukuk or crowd-funding platforms.

In the meantime, the Director, IsDB Regional Hub in Dakar and the Head of IsDB Center of Excellence in Kuala Lumpur reiterated their readiness to work with the relevant authorities in Senegal and with AIIF to support the establishment of an enabling environment and benefit from the successful model and solutions developed in Malaysia in the various areas discussed in the Forum.