Kenya is set to host the 2nd edition of the East Africa Islamic Economy Summit (EAIES 2017) on the 10th& 11th April 2017 .
This is as a result of the growth of Islamic Economy in recent years which has transcended its traditional geographic boundaries. It has gained entrance into East Africa ; affecting the region’s finance & banking sector, Tourism, and Hotel sector and Fast moving consumer goods.
The summit focuses on private and public sector leadership with speakers drawn from Governments, international experts on Islamic Finance and Economy, Banking sector leaders and regulatory authorities.
Discussion points will focus on Islamic Finance & banking looking at its development within the East Africa; East Africa’s Halal Economy – a lucrative but invisible market – Opportunities for EAC;Takaful & Retakaful sector opportunities for East Africa.
Speaking about the conference, GBS Africa’s Agnes Gitau said: “East Africa like the rest of Africa face a severe infrastructure deficit, with governments’ budgets under pressure due to low commodity prices and changing geo- politics from the region’s traditional development and investment partners in Europe and America.
Sharia compliant bonds or Sukuk must be an alternative to finance East Africa’s projects but their issuance are hindered by technical and legal hurdles, limited knowledge by end users and policy makers, making this summit an important platform to hear from experts in Islamic Finance instruments”
Halal Economy: Lessons for East Africa from South Africa
According to Thomson Reuters data, Sub-Saharan Africa regional spent $114bn on Halal foods in 2013. Emphasis has been mainly on halal meats and meat products, but over the past few years, the trend has been shifting to the introduction of halal franchises, prepared meals, canned, frozen and instant foods.
A great example for East Africa is South Africa which, in spite of its small Muslim community, has emerged as one of the five largest producers of halal products worldwide largely due to its access to the rest of the Continent and the presence of highly advanced halal certification programmes (60% of all products in SA’s retailers are certified halal) worth approximately ZAR1billion ($71.7m), according to MATRADE (Malaysia External Trade Development Corporation).
However, East Africa member states have been urged to explore opportunities to grow its Halal Food sector, given its growing Muslim Population and its shared cultural values where Halal food is not only consumed by the Muslim community but most people in the region.
Another sector the summit will cover in detail is Halal Tourism and how the region’s struggling tourism sector can get a slice of Halal tourism, one of the fastest growing areas of global tourism estimated at $219 billion. Tourism stakeholders will discuss what infrastructure the region requires to tap into this market.
The summit organisers, GBS Africa in partnership with Anjarwalla & Khanna and IsFin – Emerging Markets Advisors are delighted to bring the forum to East Africa for the second year.
