Zimbabwe holds great potential for Islamic Banking in Southern African Countries

Zimbabwe holds great potential for Islamic Banking in Southern African Countries

Dubai, UAE: Alhuda Center of Islamic Banking and Economics (CIBE) successfully hosted a two-day training workshop in Harare, Zimbabwe, focusing on Islamic banking, finance, and microfinance. The workshop aimed to equip professionals, practitioners, and regulators with the knowledge and skills necessary to develop and implement Islamic financial solutions in Zimbabwe.  This event also shed light on the growing potential for Islamic banking in Zimbabwe and other Southern African countries. Southern African countries, particularly South Africa and Zambia, have witnessed a notable increase in the presence of Islamic banking institutions. South Africa boasts a growing number of Islamic banks and Takaful companies, demonstrating the increasing demand for Sharia-compliant financial services. The government issuance of Sukuk further exemplifies its commitment to diversifying financial instruments and attracting investment. Other countries like Mozambique, Botswana, and Namibia have also expressed interest in introducing Islamic banking to diversify their financial sectors, attract foreign investment, and cater to their growing Muslim communities. Regulatory frameworks have been developed to facilitate the establishment of Islamic financial institutions, signaling a positive trajectory for the integration of Islamic finance principles in the region. Islamic banking and finance in Zimbabwe are on the early stage of development. The banking sector holds substantial