IslamicFinance.de

The West African Institute for Financial and Economic Management (WAIFEM), in collaboration with the Central Bank of The Gambia (CBG) started a five-day regional course on interest-free Islamic banking. Director General of WAIFEM, Professor Akpan H. Ekpo, stated that the objective of the course is to provide a broad understanding of the rudiments of Islamic banking. In particular, it will provide clarity on the Shariah requirements and the avoidance of Riba in modern-day banking business. 1st deputy Governor of the CBG, Dr Saikou Jabbie, said the Gambian Government entered into partnership with the Islamic Development Bank to develop the necessary infrastructure for Islamic banking in the country. He noted that the Central Bank even developed an investible Islamic instrument called the Sukuk AL Salam in 2007. On his part, Professor Ekpo thanked the Central Bank and its staff for their support to WAIFEM and its activities. WAIFEM is rated as a centre of excellence in capacity building and training, and it caters for the capacity needs of the private sector.

Several African sub-regional central banks Monday commenced a two-day seminar in Banjul on building Islamic finance in Gambia. The forum, held at the Ocean Bay Hotel in Bakau, brought together participants from Nigeria, Malaysia, Sierra Leone and Gambia. In his opening statement, Abdoulie Jallow, permanent secretary at the Ministry of Finance and Economic Affairs, said the forum is the final activity of the project titled “Enhancing financial literacy and capacity building on Islamic instruments”. The project is funded by the Committee for Economic and Commercial Cooperation (COMCEC) of the Organisation of Islamic Cooperation (OIC).