Africa is not only ready for Islamic finance but also is aiming to take its stand in the global Islamic finance arena, a senior official of Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI) has said.

According to CIBAFI secretary-general Abdelilah Belatik, human capital development remains one of the main pillars in establishing sound Islamic financial services practices in Africa, especially with the recent regulatory development, said a report in the Gulf Daily News (GDN), our sister publication.

Belatik said this in a statement issued after the organisation announced the completion of a 'Certified Islamic Banker' training for 48 top level executives from 10 banks in Mauritania.

The professional development training programme in Nouakchott, Mauritania, was co-organised by CIBAFI and the Islamic Development Bank (IDB) and hosted by the Banque Al Wava Mauritanienne Islamique.

“It is part of our mandate to facilitate the dissemination of Islamic finance principles and practices and CIBAFI is committed to provide its members the necessary support to establish Islamic finance in their regions,” Belatik said.

IDB's Islamic Financial Services Department director Ahmed Al Gebali said the initiative is part of a technical assistance agreement with CIBAFI, which is meant to contribute to the human capital development in member countries.

“IDB Group is committed to promoting Islamic banking and finance and enhancing co-operation amongst member countries, in collaboration with our development partners.” - TradeArabia News Service