AFRIEF PRESIDENT VISITS DIFC, DUBAI
DUBAI, UAE; MARCH 17, 2016: The Dubai International Financial Centre (DIFC) welcomed the President of the Africa Islamic Economic Foundation, Mr. Baba Yunus Muhammad to its headquarters in Dubai. The purpose of the visit was to establish linkages between the two institutions and explore areas of collaboration, exchange and joint activities to be pursued in the fields of Islamic finance and Halal Economy in Africa.
Ms Margit Levay, Assistant Vice President – Institutional Partnerships, DIFC, who received the AFRIEF President, provided him with an insight into the general activities of the Dubai International Financial Centre (DIFC), its offerings for the financial services industry, its legal systems and the international standards adopted by the world-renowned financial hub.
Appreciating the DIFC’s regulatory framework, legal systems and enabling infrastructure, Mr. Muhammad commended DIFC’s excellence in aligning its corporate strategies to ensure seamless expansion across the Middle East and Africa (MEA) region. The visit was also an opportunity for Mr. Baba Yunus Muhammad to brief the DIFC of its work and its flagship Halal economy initiative in Africa: The Partnership to Develop Halal Economy in Africa, adding that the visit has “presented us with an opportunity to establish greater synergies and share best practices for the wider benefit of the UAE and Africa”.
As part of their plans to develop areas of potential new synergies in the economic domain especially in Islamic financial services and capital markets, the two institutions may host a High-Level Strategic meeting involving CEOs from Companies, commercial and investment banks, Asset/wealth managers, insurance/reinsurance providers/brokers and professional firms from Africa that are looking at setting up or expanding their presence in the DIFC to tap into the opportunities in the growth markets in the Middle East and Africa in Lagos, Nigeria in November this year.
About The DIFC
DIFC is a global financial centre strategically located between the East and West, providing a stable and secure platform for businesses and financial institutions to tap into the emerging markets of the Middle East, Africa and South Asia. The Centre’s internationally recognised and independent regulation, common law framework, tax-friendly regime, and enabling environment make the ideal hub to access the region’s rapidly growing demand for financial and business services. DIFC fills the time-zone gap between the leading financial centres of London and New York in the West and Hong Kong and Tokyo in the East. Guided by its core values of integrity, transparency and efficiency, the Centre continues to play a pivotal role in meeting the growing financial needs of the region.
The DIFC aims to initiate contacts with key Asian, African and Middle East banks not only to attract new businesses in some specialized sectors but to play a key role in regional trade and infrastructure. Islamic Finance is considered as key to DIFC’s 10 year growth plan and it is expected to provide about 20 percent of the growth.
The Africa Islamic Economic Foundation (AFRIEF) is an independent organisation that promotes understanding, strengthens relationships and facilitates cooperation among the people, institutions and organisations of Africa and the rest of the World. AFRIEF enhances dialogue, enables exchanges and encourages collaboration across the thematic areas of Islamic economics and finance, education, sustainable development, Halal economy, governance and public health. Working in close collaboration with its strategic partners, AFRIEF networks with Governments, public and private sector organizations at national and international levels tounlock growth and development in Africa. AFRIEF assumed the legal status of a Non-Governmental Organisation on 9th December, 2013 and its secretariat, located in Tamale in the republic of Ghana is at present hosted by Al Furqan Foundation.