A training course on the opportunities provided by Islamic finance for resource mobilization in central African countries has been delivered by the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group in Gabon's capital Libreville.
The training, titled "Introduction to Islamic Finance and Sukuk", was organized for the Central African Economic and Monetary Community (CEMAC) countries, in collaboration with the Gabonese Ministry of Economy, Prospective and Development Programming.
The objective of the program, held from 11-13 September 2018, was to introduce the practical aspects of Sukuk issuance and how countries in the region could benefit from the experience of other African countries in this field such as Senegal and Côte d'Ivoire. The program covered the different aspects of Sukuk as a tool to mobilize additional financial resources and to attract private capital in the financing of development projects.
Participants were from Gabon's Ministry of Finance, Deposits and Consignment Fund; Gabonese Strategic Investment Fund; Gabonese Institute of Islamic Finance; and other institutions from countries in the region.
IRTI's Acting Manager of Training, Dr. Rami Abdelkafi, said, "This course provided an opportunity to the participants to understand the main requirements and the prerequisites for Sukuk as a tool compliant with the principals of Islamic finance to mobilize additional resources and to attract private capital in the financing of development projects."
The opening ceremony of program was chaired by Mr. Hilaire Machima, Deputy Minister of the Economy, Prospective and Development Programming.
In his opening remarks, Mr. Machima emphasized the need for CEMAC countries to diversify their sources of funding to transform their economies. He said countries in the region could take advantage of the potentials of Islamic finance in this regard.