Meezan Bank recently collaborated with Banque Centrale De Djibouti (Central Bank of Djibouti) and Islamic Development Bank's research wing (IRTI) to conduct a workshop on Transparency, Disclosures & Governance in Islamic banking for the Central Bank of Djibouti in Djibouti, Africa.
Inaugurated by Governor of the Central Bank, Ahmed Osman, the programme was aimed at building Islamic banking capacity within the industry and was attended by participants from both the local Islamic and conventional banking industries, including senior officials of the central bank.
The workshop was conducted by Ahmed Ali Siddiqui, Head, Product Development & Shari'ah Compliance at Meezan Bank and Dr Dawood Ashraf from IRTI, IDB's research division.
Meezan Bank was approached by IDB to jointly conduct this exercise due to Meezan Bank's strong research and development capability, which is considered as one of the largest research set-ups in the Islamic banking world with over 30 dedicated team members comprising of experienced banking professionals and Shariah scholars.
With almost 90 percent of the population of Djibouti being Muslim, its Islamic Banking Industry has doubled since its inception five years ago.
In a recent interview, Central bank Governor of Djibouti Ahmed Osman said that banking penetration had risen from 10 percent of the population six years ago to 17 or 18 percent that day. He further mentioned that there was significant potential for Islamic banking in Djibouti since the vast majority of the population was Muslim and conventional banks were not considered an attractive option due to religious reasons.-PR
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