Islamic expo comes to Zim

HARARE - Zimbabwe will for the first time play hosts to Orischart Islamic Expo to be held in Harare, between November 6 and 10, 2013.

Terrence Mhlope, one of the event organisers, said the Expo will firmly establish its position as a pre-eminent platform for leaders in the Islamic finance and investments industry in Zimbabwe to engage in discussions that provide a deeper insight into what the future holds for the Islamic banking and finance industry on the continent.

“The inaugural expo will see local and international industry leaders engage in discussions that further explore the growth potential of the Islamic banking and finance industry in Zimbabwe,” he said.

Mhlope noted that a key outcome of the discussions at last year’s Islamic Finance Forum event was that Zimbabwe is becoming an increasingly attractive destination for investments that are Shari’ah compliant.

“Africa has now been re-positioned as the third fastest growing region in the world, after the Middle East and Asia.

“Over the last decade, trade between African countries and the rest of the world has grown significantly, with economic linkages with, the Middle East, in particular, strengthening further,” he said.

The Islamic Expo comes after Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah came to Zimbabwe early this year and explored possible investment opportunities in mining, engineering and agriculture.

The other notable investment by a Muslim is the Joina Centre project in Harare which began construction in 1997 but remained unfinished for seven years until a Saudi investor came to the rescue.

The centre is the largest, though not tallest high rise building (the tallest is the Reserve Bank of Zimbabwe) in Harare.

Prince Alwaleed Bin Talal Al Saud is a young and dynamic person who has made world headlines in recent years and has established himself as a very successful businessman, a smart investor and a great humanitarian.

He has been named by Forbes Magazine as the largest single non-American investor inside the United States of America, and as the second smartest businessman in the world.

His investments are in all continents and in many sectors and he has been awarded several medals and was granted the highest honours by many leaders around the world. Contacted for comment then, TA Holdings Limited chairman Shingai Mutasa said the Prince’s visit was significant for Zimbabwe in that the Saudi, who at one point was the second richest man after Microsoft chairman Bill Gates, had already promised to invest more funds in the continent.

“He wants to put a billion (United States) dollars into Africa and Zimbabwe is one of the countries he has invested in. The fact that he put more money into Joina Centre signifies his commitment to Zimbabwe and I believe it is up to us as Zimbabweans to decide whether men like that can be excited to invest in Zimbabwe,” said Mutasa.

“The Prince is proving to be one of the most committed investors in Africa at an individual level.”

Comments (7)

Whilst we appreciate the existence of religion .We cant allow these extremists to re -establish them selves .Southern Africa was spared.

Malcom - 30 September 2013

Whilst we appreciate the existence of religion .We cant allow these extremists to re -establish them selves .Southern Africa was spared.

Malcom - 30 September 2013

there is nothing wrong with Islamic finance and banking, as long as they only follow the prescribed laws of the countries. we welcome these guys as long as they are genuine investors. The reason why we have powerful and rich nations in the middle east such as UAE, Kuwait, Qatar, Saudi- Arabia ect is because of this Islamic finance. These are cheap funds to utilize as a country since they do not attract any interest but just a mare profit share after the tenure. Countries in the south east Asia like Malaysia have significantly grown and advanced becoz of these cheap funds. Finance scholars must also learn islamic Banking and Finance so that they know how to handle this finances and let Africa grow ( I am not sayin they must be Moslems bt just knowing basic principles for the benefit of our nations)

hk - 30 September 2013

Firstly @ Malcom, it does not mean that all muslims are extrimists. Religious fanatics are found in all religions and islam is not spared. Study about the true Islam and also about the extrimists and see how the American hand is involved with the extrimists somehow. Back to the festival, i think it is another way of investment which can be considered for Southern Africa as it is open to both moslems and nonmoslems.

Tambala Noor - 1 October 2013

islam is never about telling the truth. they always want people to relax and forget that they are violent, while preparing to strike. its taught in their bible. zimbabwe, watchout

favored - 1 October 2013

hk...is it possible to separate Islamic finance from Islam(the religion)...???

cha - 2 October 2013

thank you Iam part of the expo, this is not about the faith of Islam but about Islamic finance, banking and investments. do your research . visit www.orischartiexpo.org call me on + 263 733 662 027

ashirai m mawere - 3 October 2013

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