Dr. Hima Mayaki Highlight an overview for the

Transcript:Dr. Hima Mayaki Highlight an overview for the:
Dr. Hima Mayaki Highlight an overview for the development of Islamic Banking and Finance in French speaking countries International development & Strategy Director Head of Islamic Finance Department London School of Modern Studies (LSMS) United Kingdom 1 2 PLAN 3 Introduction Let us Mapping the French speaking countries in Africa North Africa/ French speaking countries West Africa/French Speaking countries The Challenges facing the French Speaking Countries Toward Islamic Banking and Finance development East Africa/French Speaking Countries Central Africa Region/ French Speaking countries Islamic banking set to grow in Africa It is trite history to state that banks and the banking system have been in existence in many civilisations for several centuries, going back to the days of the Romans, Greeks and Egyptians. It is equally obvious that the banking system is a major driver of economic development, and its malfunctioning, as has been witnessed in recent years, can leave a trail of economic disasters in its wake. In the current scenario, supporters of Islamic Banking have become more vocal for its active promotion to substitute conventional banking. Their central thesis is that conventional banking lacks the kind of value-driven framework of Islamic Banking and is therefore subject to the vagaries of the market and fundamental weaknesses of the capitalist ethos. Islamic banks have had a measure of notable success around the world and Islamic finance is one of the fastest growing segments of the global financial industry. In some countries, it has become systemically important and, in many others, it is too big to be ignored. It is estimated that the size of the Islamic banking industry at the global level will close to $3.7 trillion by end-2023. Introduction 4 Let us Mapping the French speaking countries in Africa There are around 26 countries which are French speaking, usual these countries have very strong tie with their former colonial Empire which is French, in term of political and socio -economic development. 5 North Africa/ French speaking countries Actually, Morocco has one of the most successful financial systems in the MENA region, a competitive and highly developed capital market, an insurance sector that is positioned as the second largest in Africa, and a mature and highly developed banking sector that is proving its worth in several African countries. From 1987: The creation of the Moroccan Association for Studies and Research in Islamic Economics (ASMECI to August 2019: approval of the Takaful