Suspect charged after Vancouver car ramming leaves 11 dead    Suspect in killing of general claims he was paid by Ukraine    North Korea confirms troop deployment to Russia for first time    Rock & Roll Hall of Fame picks Outkast but not Oasis    400-800 year old giant coral colony discovered within AMAALA waters in the Red Sea    Makkah police arrest Yemeni and Egyptian suspects of fake Hajj campaign    Kafalah grants 1,900 loan guarantees worth over SR4.8 billion to SMEs during 1Q 2025    Council of Senior Scholars reaffirms performing Hajj without a permit is a sinful act    HR Ministry launches 'Ajeer Al-Hajj' service for seasonal work during Hajj 2025    stc reports strong first-quarter 2025 results with 11% rise in net profit    King and Crown Prince offer condolence to Iranian president over the deadly port explosion    Saudi Awwal Bank records SR2.1 billion net profit after zakat and income tax for 1Q25    Virgin Atlantic celebrates one month of nonstop service between London and Riyadh    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Average life expectancy in Saudi Arabia rises to78.8 years    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



IRTI report highlights outlook and prospects of Djibouti's Islamic Financial industry
Published in The Saudi Gazette on 05 - 04 - 2019

The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group on Thursday released an Islamic Finance country report on the Republic of Djibouti, which analyses the country's Islamic financial outlook and identifies opportunities in the sector.
The report was launched during the 14th IsDB Global Forum on Islamic Finance, attended by the IsDB President Dr. Bandar Hajjar and Governor of Djibouti Central Bank Ahmed Osman on the sidelines of the 44th IsDB Group Annual Meeting here.
Acting Director General of IRTI Dr. Sami Al-Suwailem, who presented the findings of the report during the launching ceremony, said, "IRTI is pleased to work with the officials of the Republic of Djibouti to make this report a reality. I am confident that the report will provide stakeholders with the necessary information to better understand the current state and prospects of Islamic Finance in Djibouti."
Djibouti introduced Islamic banking in 2006 with the establishment of an Islamic bank branch, and since then Islamic Finance spread quickly. The report finds that three full-fledged Islamic banks are at present operational in Djibouti, and Islamic banking constitutes about 17 percent of the total banking industry assets.
In light of the remarkable progress recorded so far by Djibouti, the report recommends a re-design of the institutional framework governing Islamic Finance, developing a national strategy to enhance human capacity, and undertaking stronger public sensitization on Islamic Finance.
The report also identifies potential opportunities for Djibouti in Islamic Financial sectors other than banking, such as the development of Takāful industry, which could benefit from the positive attitude of the population towards Islamic finance and which could also complement the rapid development of Islamic banking.
Moreover, the report notes that Djibouti, with a history of trade, and with more than 90 percent of the population being Muslim, is an ideal place to develop a center for halal industry in the region.
Sukuk is another area that Djibouti could leverage on to complement resource mobilization efforts for investment in the Sustainable Development Goals (SDGs). The report points out, however, that the enabling regulatory framework needs to be formulated to enable the country tap the potentials of Sukuk.
"This will ultimately help in addressing the infrastructure funding gap, reducing external borrowing, creating jobs, reducing poverty, and increasing Djibouti's ease of doing business," the report adds.
Djibouti Islamic Finance Country Report is the 10th in the Islamic Finance Country Report (IFCR) series first initiated in 2013 by IRTI and other strategic partners.
IFRCs are aimed to provide analysis on the Islamic financial outlook of countries, including regulatory environment and market analysis, for the benefit of prospective investors and other stakeholders. The other previously published IFCRs covered Morocco, Oman, Tunisia, Turkey, Sudan, Malaysia, Indonesia, Kazakhstan and Pakistan. — SG


Clic here to read the story from its source.