The theme of this year’s seminar was jointly selected with IDB to be “SME Banking Prospects in Sub-Saharan Africa (SSA)”.
Central Bank of Mozambique has agreed to be the joint organiser of the event and appointed Dr. Paulo Sousa, CEO of Banco Comercial e de Investimentos SA as a speaker on its behalf. There were two other speakers from Uganda and Sudan. The keynote speaker was Mr. Khaled Al Aboodi, the CEO of ICD. A flyer was prepared to that effect.
Mr. Khaled Al Aboodi has also co-chaired the meeting with Mr. M. Emin Özcan, Chairman of ADFIMI. H.E. Omar Mitha, Vice Minister of Industry and Trade graced the meeting with his presence and delivered the opening speech.
The seminar began with a recitation from the Holy Quran. Mr. M. Emin Özcan, ADFIMI Chairman and Co-chair, welcomed H.E. Omar Mitha, Vice Minister of Industry and Trade, Mozambique who honoured the meeting with his presence, as well as other participants. He thanked IDB and Government of Mozambique for the excellent facilities and hospitality. He gave a brief summary of issues concerning SME development and finance in SSA. There were some 40 million SMEs in SSA requiring between USD 140-170 billion finance of which only USD 25-30 Billion could be met. SMEs comprised only 10% of GDP as opposed to 50% in developed countries. H.E. Mitha was then invited to make an inaugurating speech. H.E. Mitha also welcomed the speakers and audience and thanked ADFIMI for organising a seminar on “ SME Banking in SSA” in Maputo. He then summarized the SME finance and development issues in Mozambique.
Afterwards, Mr. Özcan introduced and invited Mr. Khaled Al Aboodi to make his keynote address.
Mr. Aboodi has described issues related to SME financing in SSA. Mr. Aboodi said that ICD’s mandate was the economic development of the private sector in IDB member countries. ICD had provided USD 3.4 billion to the private sector development in the member countries in the last 15 years 46% of which was for financial sector that mostly included SMEs. ICD operated in 42 member countries. ICD’s contribution to finance in SSA had increased four fold in the last year consisting 48% of the total. He said that a drastic change in the mindset of the mainstream providers of finance toward Islamic profit sharing and affordable finance was necessary.
The second speaker was Ms. Patricia Ojangole, CEO of Uganda Development Bank who described the SME financing schemes in Uganda.
Third speaker was Dr. Paulo Sousa, CEO of Banco Comercial e de Investimentos SA. He described the state of SME financing in Mozambique.
Final speaker was Dr. Osama Rayis, Director of Africa City of Technology, Khartoum, Sudan. He dealt with the SME financing of Innovation in SSA and proposed several Islamic financial models for financing innovation.
Finally, in his capacity the co-chair of the event, Mr. Aboodi has summed up the event.