FAAIF and AFRIEF Sign MOU to Promote Islamic Finance in Africa

DUBAI, UAE, January 15, 2015 /EINPresswire.com/ -- Camille Paldi, CEO of the Franco-American Alliance for Islamic Finance and Baba Yunus, CEO of the African Islamic Economic Foundation sign MOU to cooperate to promote the cause of Islamic finance in Africa and promote investment in African nations. Paldi and Yunus, recognizing the tremendous potential of Islamic finance in Africa as a form of alternative financing and investment and as a tool to attract investment into Africa agree to work together to cooperate in developing Islamic finance in Africa and in facilitating Islamic finance business in Africa for other regions of the world including the GCC, China, Europe, Australia, and the United States. Islamic finance is gaining momentum around the world with major banks and financial institutions in Asia, Europe, Africa, the United States, and Australia engaging in the different modes of Islamic finance, issuing million dollar sukuks, developing takaful (Islamic insurance) companies, and implementing legislation and regulations in order to enable Islamic finance transactions.
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