Participants of the three-day meeting of the first West African Islamic Investment Forum have sought for a comprehensive investment map for Africa to be designed and a West African Islamic fund be established.
This was contained in a communiqué issued at the end of forum's meeting which took place in Kano. The communiqué was signed by secretary of the communiqué committee Abdullahi Abubakar Lamido.
The participants also called on the forum and other stakeholders to initiate sponsorship for continued research, publication and capacity building on how to explore and harness investment opportunities in West Africa.
It equally urged that Islamic financial institutions like Zakkat and other Islamic financial instruments should be effectively utilized to alleviate poverty and facilitate economic growth and development.
They however lamented that while the sub-region is endowed with a concentration of diverse human and natural resources, the region lacks venture capital to exploit and utilize those resources. The participants also frowned at the absence of micro-finance institutions in the sub-region in spite of the fact that they are flourishing in other countries.
The event was jointly organized by the Muslim Centre for Research and Planning and Ghana's Islamic Chamber of Commerce and Industries.
Article from Global Islamic Finance Magazine
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