The inaugural Islamic Banking Summit Africa, which opened yesterday in Djibouti, saw more than 200 leaders in the Islamic banking and finance industry engage in critical discussions that focused on capturing the Africa opportunity in Islamic finance.

The two-day event at the Djibouti Palace Kempinski, held under the official support of the Central Bank of Djibouti, kicked off with a keynote session which featured a special presidential address by Republic of Djibouti President Ismail Omar Guelleh and a keynote address by central bank governor Djama M Haid, said a report in the Gulf Daily News, our sister publication.

"Africa is becoming an increasingly attractive destination for investments that are Sharia-compliant," said summit organiser and managing director David McLean.

"Africa has now been re-positioned as the third fastest growing region in the world, after the Middle East and Asia.

"Over the last decade, trade between African countries and the rest of the world has grown significantly, with economic linkages with the Middle East, in particular, strengthening further," he said.

"However, the Islamic finance industry is still in its infancy on the continent."

"Of the total 600-plus Islamic financial institutions worldwide, only about 40 to 50 are operating on the African continent, which is home to a massive Muslim demographic that represents more than 50 per cent of the total population," he added.-TradeArabia News Service