Emmanuel OchayiShelter Afrique, a leading Pan-African Housing Finance Institution, announced a collaboration with the Islamic Development Bank Institute (IsDBI) during the sidelines of COP28, in Dubai.
This partnership aims to create tailored Islamic Housing Finance Products to meet the increasing demand for affordable and climate-adaptive housing solutions across Africa.
The initiative stems from Shelter Afrique’s recognition of the need for diversified financial products on a larger scale.
Thierno Habib-Hann, the Managing Director of Shelter-Afrique, expressed enthusiasm for the program, highlighting its strategic importance.
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“Rent-to-own schemes are natural products for Islamic finance, hence will be leveraged to address the large housing gap,” stated Mr. Habib-Hann. He also emphasized the alignment of this collaboration with their commitment to dedicated funding thematics focusing on ‘Green financing and Islamic finance’.
Shelter Afrique’s dedication to innovation and its commitment to meeting the diverse needs of clients have been underscored through its continuous efforts to enhance product offerings.
This partnership with IsDB, a renowned multilateral development bank known for impactful initiatives in member countries, positions Shelter Afrique as a pioneer in developing and delivering unique financial structures for housing infrastructure across Africa.
Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute, highlighted the 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,” stated Dr. Al-Suwailem.
He emphasized that collaborations like these can drive positive change and contribute to the continent’s socio-economic development.
This collaboration is seen as a step forward in addressing Africa’s housing challenges, utilizing Islamic finance principles and strategic partnerships to foster sustainable, accessible housing solutions for the continent.
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