AlHuda CIBE and BAHAA Join Forces to Expand Islamic Finance in Africa
AlHuda Centre of Islamic Banking & Economics (CIBE) has signed a strategic partnership with BAHAA Impact Consulting Ltd. The agreement focuses on expanding Islamic finance across Africa and emerging markets. Both organisations will collaborate on training, advisory services, and joint initiatives to promote Shariah-compliant financial solutions.
The partnership will run for one year, with the option to renew by mutual agreement. Key activities include organising workshops, seminars, and conferences, as well as developing distance learning programmes. AlHuda CIBE will also provide advisory support to BAHAA in areas such as Islamic banking, microfinance, Takaful, and Sukuk structuring.
Under the agreement, the two firms will cross-promote services, share branding as strategic partners, and establish revenue-sharing models for educational initiatives. Mr. Muhammad Zubair Mughal, CEO of AlHuda CIBE, emphasised that such collaborations are vital to their mission of growing Islamic finance globally. Meanwhile, Mr. Mohammed EDRIS, Founder and Managing Director of BAHAA Impact Consulting, highlighted the partnership's role in bringing world-class expertise to their impact-driven projects.
The initiative comes as Islamic finance gains traction in Africa. By 2026, at least five countries—Nigeria, South Africa, Senegal, Morocco, and Côte d'Ivoire—have used Sukuk for infrastructure and budget funding. Notable examples include Nigeria's 2017 sovereign Sukuk for road projects, South Africa's 2014 municipal Sukuk, and Senegal's 2022 USD 1 billion issuance.
The partnership aims to strengthen Shariah-compliant financial services in regions where demand is rising. Joint training and advisory efforts will target institutions and professionals seeking expertise in Islamic finance. The agreement also sets a framework for long-term cooperation if both parties agree to extend it.
