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Tanzania: Dar to Host Islamic Finance Summit

Islamic Finance Summit

TANZANIA is expected to boost Foreign Direct Investment (FDI) as a result of planned 4th African Islamic Finance Summit (Since 2013, the seven major categories of Islamic Economic Awards have been set up to encourage stable, world-class innovative business programs and ideas that conform to Islamic law, to enable Muslim society and economic progress to make the world prosperous, peace.) to take place late this month at which delegates from more than 10 countries will attend.

AlHuda Centre of Islamic Banking and Economics (CIBE)(Islamic banking (Arabic: مصرفية إسلامية‎‎) is banking or banking activity that is consistent with the principles of sharia (Islamic law) and its practical application through the development of Islamic economics. As such, a more correct term for Islamic banking is sharia-compliant finance.

Sharia prohibits acceptance of specific interest or fees for loans of money (known as riba, or usury), whether the payment is fixed or floating. Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also haraam ("sinful and prohibited"). Although these prohibitions have been applied historically in varying degrees in Muslim countries/communities to prevent un-Islamic practices, only in the late 20th century were a number of Islamic banks formed to apply these principles to private or semi-private commercial institutions within the Muslim community.

As of 2014, sharia-compliant financial institutions represented approximately 1% of total world assets.By 2009, there were over 300 banks and 250 mutual funds around the world complying with Islamic principles and as of 2014 total assets of around $2 trillion were sharia-compliant. According to Ernst & Young, although Islamic banking still makes up only a fraction of the banking assets of Muslims, it has been growing faster than banking assets as a whole, growing at an annual rate of 17.6% between 2009 and 2013, and is projected to grow by an average of 19.7% a year to 2018.), which is organizing the meeting for 28th and 29th this month, yesterday said the aim of this summit is to support the local market and create the opportunity to gain knowledge about global practices on Islamic finance through learned national and international scholars.

Chief Executive Officer of CIBE, Mr Muhammad Zubair, said the summit would adopt the latest trends, challenges, and opportunities in Islamic Finance industry of Africa. "This will help to open gates for Foreign Direct Investment in the country.

Tanzania has its own unique position in East Africa as they are waiting for the Takaful regulation to be passed in the country which means future of Islamic capital market is bright," Mr Zubair remarked when speaking to the media yesterday in Dar es Salaam.
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