Djibouti's plants seeds for human capital with a new Islamic finance institute

Published November 8th, 2012 - 01:12 GMT
Djibouti started to develop an Islamic finance industry five years ago
Djibouti started to develop an Islamic finance industry five years ago

“We are committed not only to the regulatory aspect of the business but we are also highly aware that the industry will not grow if the relevant human capital is not available and in view of that, we are also working on the establishment of an Islamic finance institute where students will take up at an early stage Islamic finance as a subject of study,” H.E. Djama M. Haid, Governor of the Central Bank of Djibouti, told Islamic Business & Finance in an exclusive interview.

Islamic finance classes are already taught at the University of Djibouti, and Haid said that the Government will work hard to find graduates jobs in the growing sector.

Djibouti started to develop an Islamic finance industry five years ago, and completed its legal and regulatory framework to accommodate Islamic banks in January last year.

“Djibouti’s human capital will be from the local market. A training programme in collaboration with local banks and regulators will be implemented to train technicians and policy makers in Islamic finance,” Haid said on the sidelines of the Islamic Banking Summit Africa 2012. “Development partners, including the Islamic Development Bank, are present in this forum which is an ideal forum to express our needs and appeal to potential contributors.”

Djibouti’s population is 94 per cent Muslim, and Islamic banking has doubled in the East African country since it was implemented five years ago.

Haid explained that Djibouti is hosting the inaugral conference to draw attention to the country’s progress. “Djibouti has a strong banking market which is open to the world, particularly East Africa. Djibouti offers a strategic passageway for Islamic finance to penetrate the African market. Djibouti guarantees access to Africa, in particular the vast COMESA market.”

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