The African continent continues to grapple with significant challenges stemming from poor economic planning, exposing populations to poverty and climate vulnerabilities. Addressing a myriad of the continent’s challenges requires urgent financial intervention.
However, given the current global uncertainty which makes access to finance very difficult, Islamic finance emerges as an important alternative to support Africa’s energy transition.
Leveraging Islamic finance for Africa’s transition will not only address immediate concerns but also promote growth, innovation, and sustainability. With a staggering financing gap estimated at $41.3 billion by UNDP, Islamic finance plays a critical role due to its adherence to ethical, socially responsible, and environmentally conscious practices.
Join GBS Africa and partners on a panel discussion as we explore how Islamic finance can serve as a catalyst for bridging Africa’s climate finance gap to promote a resilient and sustainable future for the continent.
This forum therefore, promises to facilitate a dynamic exchange of knowledge and innovative strategies aimed at promoting collaboration towards a climate change transition strategy.
Discussion Points:
- Bridging the Climate Finance Gap with Islamic Finance:Highlight how the region can leverage on Islamic financial instruments, like Sukuk funding for energy and climate related projects
- Legal and Regulatory Frameworks:Working with regulators to create strong legal and regulatory frameworks to help the growth of Islamic finance in Africa. These frameworks should support the creation of Sharia-compliant financial products and make it easier for people to invest in climate- and sustainability-related projects.
- Skill Development for the Islamic Economy: Building the expertise to navigate and prosper in the Islamic Economy within East Africa and beyond.
- Islamic Finance as a Catalyst for the development of Intra African Trade: Discuss how stakeholders can harness the Power of Islamic Finance to support the implementation of the Africa Free Trade Agreement (AfCFTA) for the Region.
