Shelter Afrique, a prominent Pan-African housing finance institution, has unveiled a strategic partnership with the Islamic Development Bank Institute (IsDBI) aimed at pioneering Islamic Housing Finance Products throughout the African continent.
This collaboration comes at a time when several African nations are making remarkable strides in advancing their Islamic finance markets, opening up previously untapped avenues for growth and development.
Shelter Afrique perceives the development of Islamic finance products as a compelling alternative financing model to effectively tackle Africa’s housing and urban development challenges. Managing Director Thierno Habib-Hann expressed enthusiasm about the initiative, stating, “We are thrilled to collaborate closely with IsDBI on this initiative. Rent-to-own schemes are natural products for Islamic finance and will be leveraged to address the large housing gap. This collaboration aligns with our commitment to dedicated funding thematics focused on ‘Green financing and Islamic finance.'”
The commitment of Shelter Afrique to enhancing its product offerings underscores its dedication to meeting the diverse needs of its clients and fulfilling its mandate of delivering affordable housing for all in Africa.
This collaboration positions Shelter Afrique to lead in developing and delivering unique financial offerings and structures for housing infrastructure across the continent. The Islamic Development Bank, renowned for impactful initiatives in member countries, will provide technical assistance to equip Shelter Afrique with the necessary tools to navigate the evolving landscape of affordable housing and urban development in Africa.
Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute, emphasized the collective effort to promote inclusive and sustainable housing solutions through Islamic finance. He stated, “We believe that through strategic collaborations like these, we can drive positive change and contribute to the continent’s socio-economic development.”
The Islamic Development Bank Institute serves as the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The Institute plays a pivotal role in enabling economic development through pioneering research, original economic analysis, human capital development, and knowledge creation, dissemination, and management, with a focus on fostering Islamic finance ecosystems to help Member Countries achieve their development objectives.
Photo (skyscrapercenter.com/)
By: Delino Gayweh
Serrari Financial Analyst
December 11, 2023
