Shelter Afrique, a prominent Pan-African housing finance institution, has announced a strategic collaboration with the Islamic Development Bank Institute (IsDBI) to foster the development of Islamic Housing Finance Products across the African continent.
Numerous African nations are witnessing noteworthy advancements in their Islamic finance markets, creating untapped opportunities for growth. Recognizing this trend, Shelter Afrique sees the creation of Islamic finance products as a promising alternative financing model to effectively tackle Africa’s housing and urban development challenges.
Thierno Habib-Hann, the Managing Director of Shelter-Afrique, expressed enthusiasm about the collaboration, stating, “We are thrilled to collaborate closely with IsDBI on this initiative. Rent-to-own schemes are natural products for Islamic finance and, hence, will be leveraged to address the large housing gap. In addition, this collaboration aligns with our commitment to dedicated funding thematics dedicated to ‘Green financing and Islamic finance.'”
Shelter Afrique’s commitment to enhancing its product offerings reflects its dedication to meeting the diverse needs of its clients and fulfilling its mandate of delivering affordable housing for all in Africa. The collaboration with IsDB, a multilateral development bank recognized for impactful initiatives in member countries, positions Shelter Afrique to lead in developing and delivering unique financial offerings and structures for housing infrastructure across the continent.
Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute, emphasized the partnership’s importance, stating, “This partnership is part of our collective effort to promote inclusive and sustainable housing solutions through Islamic finance. The Technical Assistance provided by IsDBI aims to equip Shelter Afrique with the necessary tools to navigate the evolving landscape of affordable housing and urban development in Africa. 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 plays a pivotal role in developing innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide.
By enabling economic development through research, economic analysis, human capital development, and knowledge creation, dissemination, and management, the Institute leads initiatives to strengthen Islamic finance ecosystems, ultimately aiding Member Countries in achieving their development objectives. The collaboration between Shelter Afrique and IsDBI holds the potential to bring about transformative changes in the realm of Islamic housing finance, contributing significantly to Africa’s socio-economic development.
