Abidjan, Côte d'Ivoire - On Saturday, October 21, 2023, Côte d'Ivoire played host to a significant event in the Islamic finance industry on the continent. The event attracted keen interest from the financial community, corporate organizations, government institutions, Islamic finance experts, and the general public. The event, dubbed Islamic Finance Tour Côte d'Ivoire 2023 (IFT CI 2023), and held at the Patronat Ivoirien (CGECI - Confédération Générale des Entreprises de Côte d'Ivoire) in Abidjan, marked a milestone in the promotion and development of the Islamic economy in Africa.

IFT CI 2023 was the third leg of the Islamic Finance Tour Africa (IFTA), following those in Morocco and Senegal last March and July, respectively. IFTA is an African roadshow designed to promote the Islamic finance industry in Africa. The central theme chosen for this inaugural 2023 edition is : Building a sustainable post-COVID-19 infrastructure for Islamic finance to support the development of African economies. 

IFTA aims to achieve several objectives, including :

- Promoting the integration of Islamic finance into national development plans.

- Highlight the economic potential of each country and analyze their state of development as regards their Islamic industry.

- Develop a forum for collaboration between local, African, and international players.

- Position Islamic finance as an enabler of greater financial, economic, and social inclusion.

- Facilitate the adoption of Islamic finance products and services through awareness-raising and financial education.

Islamic Finance Tour is a continental initiative aimed at integrating the different ecosystems of all African countries and contributing to the development of Islamic finance in Africa. This Ivoirian leg of IFTA is highly relevant to the country, hence the theme: "Harnessing the potential of the Islamic economy ecosystem to support Côte d'Ivoire's economic and social development."

In his opening speech, Mr Sory Touré stressed: "This event is not merely a meeting of professionals and experts. It embodies a promise, a commitment, a hope. It symbolizes the idea that Islamic finance can be an enabler of economic growth and shared prosperity."

The event brought together experts and professionals, regional regulatory bodies, business leaders, representatives of government institutions, and a diverse and enthusiastic audience. Notably present were the BCEAO (the Central Bank of WAEMU), Direction Générale des Financements (Cote d'Ivoire Ministry of Finance), AMF-UMOA, IsDB, SAAR Assurances Cote d'Ivoire, Matha Securities, CGF Bourse from Sénégal, and many other key players.

The main objective of the event was to promote the integration of Islamic finance into national development plans, highlight Côte d'Ivoire's economic potential, and analyze its level of development in Islamic finance.

IFT CI 2023 was organized by Dexterity Africa, a consulting firm specializing in Islamic finance. Renowned personalities such as Mr Loïc Armel Kengne Wafo, Managing Director of SAAR Assurances Côte d'Ivoire; Mr Cheick Oumar Ouattara, Country Representative of the Islamic Development Bank; Mr Ripert Bossoukpe, Secretary General of AMF-UMOA; Mr Aboubakary Guiro, Deputy Managing Director of Matha Securities, Mr Kadder Ismael Touré, Supervisor of Participative Financial Institutions at BCEAO, and other experts, took part in the discussions.

Programme of Events in Brief:

IFT Côte d'Ivoire 2023 was a content-filled day, with a series of informative and impactful activities. The event program was designed to offer participants an immersive and educational experience.

Speeches by authorities and prominent personalities:

- The event kicked off with speeches delivered by high-profile guests. These speeches set the stage for the event. They outlined the objectives and challenges of Islamic finance in Côte d'Ivoire and Africa.

Inspiring Keynotes :

- The Ivorian leg of the Islamic Finance Tour Africa featured inspiring keynotes on various key topics. Topics included the economic outlook for Côte d'Ivoire and Sukuks as alternative sources of financing for development in Africa. These presentations gave participants vital insights towards grasping the opportunities and challenges of Islamic finance.

High-level exploratory panels:

- Several panels were convened to explore critical themes related to Islamic finance. Experts led in-depth discussions on the development of the Islamic economy in Côte d'Ivoire, Islamic capital markets, and the crucial role of Islamic microfinance in financial and economic inclusion. These panels addressed complex issues and provided practical ideas for implementing the Islamic economy ecosystem in Cote d'Ivoire and within the West Africa region.

Certificate of attendance:

- Active participants in IFT Côte d'Ivoire 2023 were rewarded with certificates of participation. This recognition underscored their commitment to the discussions and the importance of participating in the event's various activities.

Sukuk MasterClass:

- Participants had the opportunity to attend a MasterClass dedicated to Sukuks. This session, led by renowned international experts such as Mallam Attahiru Maccido (CEO, One17 Capital - Nigeria) and El Hadj Diene Bara (CEO, CIFIA - Senegal), provided detailed information on these Islamic financial instruments. This gave participants a better understanding of Sukuks and their as-yet under-exploited potential.  

Strengthening synergies between players:

- The event also fostered networking and B2B meetings. Participants had the opportunity to forge links, exchange ideas and discuss potential collaborations to promote Islamic finance in Côte d'Ivoire and Africa. These moments of exchange have reinforced relationships between industry players.

Testimonials from the audience:

- Several participants expressed their satisfaction during interviews conducted on the sidelines of the event. They emphasized the enthusiasm and involvement of the audience in the discussions. They also appreciated the presentation of training certificates, among others.

Support from sponsors and partners:

- IFT CI 2023 was made accessible to the general public free of charge thanks to the technical and financial support of sponsors and partners who share the vision of promoting Islamic finance in Côte d'Ivoire, the WAEMU zone and Africa.

Reflections on Islamic finance:

- The audience had the opportunity to appreciate various feedbacks from other jurisdictions, including Indonesia (the blueprint for the development of the Islamic finance ecosystem), South Africa (the impact of Islamic social finance), Nigeria (the strong potential of sovereign and corporate Sukuks as catalysts for economic and infrastructural development, as well as alternative sources of financing for companies), Belgium (tapping into the innumerable opportunities of the halal market), Malaysia (the importance of governance standards for Islamic social finance institutions) and reflections on the new regulatory framework in the UMOA zone.

Conclusion                                   

IFT CI 2023 delivered on its promise to bring together major players in the Islamic economy industry in Côte d'Ivoire and beyond. The discussions provided a better understanding of the tremendous potential that Islamic finance, with its multiple sectors, can offer to boost the Ivorian economy, support business growth and promote financial and social inclusion.

This event marks an essential step towards achieving this ambitious goal. Therefore, all stakeholders must continue working together to build a more prosperous and inclusive future for Côte d'Ivoire through Islamic finance.

 IF NEWS