Nairobi named Host City for East Africa’s Islamic Economic Summit 2017

Posted: January 5, 2017 in general

kenyaThe Kenyan capital city of Nairobi has been named as host for the forthcoming East Africa’s Islamic Economic Summit 2017 set to hold from April 10 to 11this year.

Tagged: EAIES 2017, this will be the second edition of the Islamic Economic Summit, an economy estimated to have a global value of $2.3 trillion.

The summit organizers – GBS Africa in partnership with Anjarwalla & Khanna and IsFin – Emerging Markets Advisors, have expressed delight at bringing this forum to East Africa for the second year running.

The meeting will take place at Nairobi’s Crowne Plaza Hotel on Upper Hill, easy to reach for delegates arriving at Jomo Kenyatta International Airport.

The Islamic Economy has seen a tremendous increase in recent years transcending its traditional geographic boundaries and its entrance into East Africa could give a major boost to the region’s finance & banking sector, tourism, the hotel sector and fast moving consumer goods.

This is another platform endorsed by East Africa’s private and public sector leadership and the meeting has seen speakers drawn from governments, international experts on Islamic Finance and Economy, banking sector leaders, regulatory authorities and more.

The summit comes at a time when East Africa’s traditional investor and FDI sources are faced with changing political dynamics, uncertain global markets and divergent monetary policies, hence making it the right moment for the region to diversify its investor portfolio.

Discussion points will focus on Islamic Finance & Banking looking at its development within the East Africa. Also on the agenda will be East Africa’s Halal Economy – a lucrative but invisible market – Opportunities for EAC;Takaful & Retakaful sector opportunities for East Africa.

‘East Africa, like the rest of Africa, faces 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’ said Agnes Gitau – GBS Africa when speaking about the conference.

Sub-Saharan Africa regional spend on halal food was about $114bn in 2013 based on Thomson Reuters data. 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.

Another sector the summit will cover in detail is Halal Tourism and how the region’s struggling tourism sector can get a bigger slice of one of the fastest growing areas of global tourism estimated at $219 billion. Tourism stakeholders will discuss what infrastructure our region requires to tap into this market and what special attention stakeholders and service providers must pay to meet Halal Tourism requirements.

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