Shelter Afrique, a leading Pan-African housing finance institution has announced a partnership with the Islamic Development Bank Institute (IsDBI). This joint effort is geared towards creating Islamic Housing Finance Products tailored to the Islamic finance market, addressing crucial housing and urban development challenges in Africa.
Shelter Afrique’s collaboration with IsDBI will create responsible investing products, leveraging African countries’ progress in Islamic finance markets for growth opportunities. As per a press release, Shelter Afrique acknowledges a shortage of widely available diverse financial products.
Committed to innovation as a Pan-African Housing Finance Institution, the company sees the creation of Islamic finance products as a practical alternative financing model to effectively tackle housing and urban development challenges in Africa.
Mr. Thierno Habib-Hann, Managing Director of Shelter-Afrique, conveyed enthusiasm about the program’s strategic importance highlighting the use of rent to own schemes for addressing the housing gap and promoting green financing.
“We are delighted to engage in this initiative in close collaboration with IsDBI. Islamic finance offers innovative opportunities to tackle housing challenges, and this partnership aligns with our dedication to establishing a specialized funding thematic for ‘Islamic Finance.’ Through the application of Islamic finance principles, our goal is to drive transformation in the housing sector, fostering sustainable solutions that cater to the distinct needs of our diverse communities.” Said Thierno Habib-Hann.
While the market for Islamic finance products expands across Africa, Shelter Afrique recognizes a gap in the availability of products at scale. As a Pan-African Housing Finance Institution committed to innovation, Shelter Afrique views Islamic Financing as a viable alternative financing model to effectively address Africa’s housing problems.
Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute, shared his thoughts on the collaboration, stating, “This partnership is a joint effort to encourage inclusive and sustainable housing solutions using Islamic finance. The Technical Assistance from IsDBI is meant to help Shelter Afrique with the tools needed to deal with the changing world of affordable housing and urban development in Africa. We think that by working together strategically, we can make a positive impact and contribute to the socio-economic development of the continent.”
Shelter Afrique is teaming up with IsDBI to make special financial products that follow Islamic principles. They are undertaking this initiative because an increasing number of individuals are seeking Islamic finance options.
This partnership comes at a good time when many African countries are working on growing their Islamic finance markets, which means there are chances for new growth that haven’t been explored yet.
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