On the fringes of COP28, Shelter Afrique, the premier Pan-African Housing Finance Institution, established a partnership with the Islamic Development Bank Institute (IsDBI). The partnership’s goal is to create Islamic Housing Finance Products in response to the continent’s increasing need for reasonably priced, climate-adaptable housing options.
Shelter Afrique has pursued this partnership with the IsDBI in order to develop customized solutions that align with the tenets of ethical investing. This collaboration is well-timed, as a number of African nations are exhibiting noteworthy advancements in the development of their Islamic banking sectors, offering unexplored avenues for expansion.
Shelter Afrique has identified a vacuum in the market for large-scale, diverse financial products. Shelter Afrique, a Pan-African Housing Finance Institution dedicated to innovation, sees the creation of Islamic finance products as a workable substitute financing model that may successfully handle the problems associated with housing and urban development in Africa.
The program’s strategic importance pleased Mr. Thierno Habib-Hann, Managing Director of Shelter-Afrique, who said, “We are delighted to collaborate closely with IsDBI on this initiative.” Rent-to-own programs will be used to reduce the significant housing gap since they are a natural fit for Islamic finance. Furthermore, this partnership is consistent with our pledge to establish a funding theme centered around “Islamic and green finance.”
The ongoing efforts of Shelter Afrique to improve the range of products it offers demonstrate its dedication to satisfying the various demands of its customers and carrying out its mission of providing reasonably priced housing for all Africans. Shelter Afrique is in a unique position to lead the creation and provision of distinctive financial products and structures for housing infrastructure throughout the continent thanks to its partnership with IsDB, a multilateral development bank renowned for its successful efforts in member nations.
Acting Director General of the Islamic Development Bank Institute Dr. Sami Al-Suwailem remarked of the relationship, “This partnership is part of our collective effort to promote inclusive and sustainable housing solutions through Islamic finance.” The goal of IsDBI’s Technical Assistance is to give Shelter Afrique the skills it needs to successfully negotiate Africa’s changing affordable housing and urban development terrain. We think that by working together strategically, like this, we can promote progress and advance the socioeconomic growth of the continent.”