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Islamic Finance Awards Offer Insights for Malawi’s Growing Sector
Addis Ababa, Ethiopia – A celebration of innovation and achievement took place in Addis Ababa this week as the International Islamic Banking and Takaful Awards were presented during the 5th International Interest-Free Banking and Takaful Forum. Organized by the AlHuda Centre of Islamic Banking & Economics (CIBE), the event recognized outstanding contributions to the industry across Africa.
While no Malawian institutions were among the award recipients this year, the event serves as a potential source of inspiration for the country’s Islamic finance sector. Currently, only FDH Bank offers Islamic banking products in Malawi. The success stories showcased at the forum can provide valuable insights for Malawian financial institutions looking to expand their offerings and cater to the growing demand for Shariah-compliant financial products.
“These awards represent the collective efforts and innovations of the pioneers in the Interest-Free Finance industry across Africa,” said Mr. Zubair Mughal, Chief Executive Officer of AlHuda CIBE, the organizers of the forum. “We are honored to recognize those who have made significant strides in advancing the sector and are setting benchmarks for others to follow.”
The ceremony, held at the Ethiopian Skylight Hotel, saw awards presented in various categories, including:
- Best Customer Centric Solution Provider Award: Access Bank S.Co. (Ethiopia)
- Best Interest-Free Banking Leadership Award: Zamzam Bank S.Co. (Ethiopia)
- Best Interest-Free Bank for Financial Inclusion Award: Hijra Bank S.Co. (Ethiopia)
- Best Takaful Innovative Products Award: Halal Takaful by Oromia Insurance S.Co. (Ethiopia)
Individual awards were also presented to industry leaders and rising stars in Islamic finance and Takaful.
The forum’s success was attributed to the active participation of sponsors like Ethiopian Insurance Corporation, Dahabshil Bank International, and Shabelle Bank, alongside media partners Adsolute Communications Plc, IFING-MEDIA, and Ethiopian Airlines as the official airline partner.
AlHuda CIBE, the organizers of the forum and awards ceremony, is a well-established name in the global Islamic finance industry. They provide research, advisory services, and education to support the development of Islamic banking and finance worldwide.
This event marks a significant step towards promoting Islamic finance across Africa. The knowledge and experience shared can benefit countries like Malawi looking to develop their Islamic finance.