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Islamic Finance in Djibouti: Evolution and Current State 41 MACROECONOMIC OVERVIEW 1 ISLAMIC FINANCE COUNTRY REPORT ifcr DJIBOUTI Unleashing the Potential for the Future DJIBOUTI ISLAMICINSTITUT ISLAMIQUE FINANCE DE RECHERCHE COUNTRY ET DE FORMATION REPORT MEMBRE DU GROUPE DE LA BANQUE ISLAMIQUE DE DEVELOPPEMENT 1 MACROECONOMIC OVERVIEW 1 ISLAMIC FINANCE COUNTRY REPORT DJIBOUTI _____________________________ Unleashing the Potential for the Future Main authors Tamsir Cham Turkhan Ali Abdul Manap Mohammed Obaidullah Hylmun Izhar Mahmoud Bekri ISLAMIC RESEARCH AND TRAINING INSTITUTE A Member of the Islamic Development Bank Group 2 DJIBOUTI ISLAMIC FINANCE COUNTRY REPORT CONTENTS © Islamic Development Bank, 2018 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system CONTENTS or transmitted in any form or by any means, electronic, mechanical, photocopied, recorded, or otherwise, without the prior written permission of the copyright holder, except for reference and citation, with proper acknowledgment. King Fahad National Library Cataloging-in-Publication Data Islamic research and training institute Islamic finance country report Djibouti: / Islamic research and training institute . – Jeddah , 2018 ..p ; ..cm ISBN: 9960-32-352-8 1- Islamic finance I-Title 330.121 dc 1440/1206 ......................................................................................................................................................... Foreword 6 L.D. no. 1440/1206 ......................................................................................................................................................... ISBN: 9960-32-352-8 Acknowledgments 7 ......................................................................................................................................................... Excutive Summary 8 ......................................................................................................................................................... Chapter 1: Macroeconomic Overview 15 ......................................................................................................................................................... Chapter 2: Banking and Financial Landscape 33 ......................................................................................................................................................... Chapter 3: Islamic Finance in Djibouti: Evolution and Current State 41 ......................................................................................................................................................... Chapter 4: The Infrastructure of Islamic Finance 57 ......................................................................................................................................................... Chapter 5: Islamic Social Finance Sector 73 ......................................................................................................................................................... Chapter 6: Role of IsDB in Development of Islamic Banking and Finance 81 ......................................................................................................................................................... Chapter 7: The Roadmap for Islamic Finance 97 ......................................................................................................................................................... DISCLAIMER This work is a product of the staff of the Islamic Research and Training Institute (IRTI) with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of IRTI or IsDB, or IsDB Board of Executive Directors. IRTI does not guarantee the accuracy of the data included in this work. Content of this report is intended to provide general information only and as such should not be considered as legal or professional advice. Design & typeset [email protected] 4 DJIBOUTI ISLAMIC FINANCE COUNTRY REPORT DJIBOUTI ISLAMIC FINANCE COUNTRY REPORT 5 FOREWORD ACKNOWLEDGMENTS FOREWORD ACKNOWLEDGMENTS The Djibouti Islamic Finance Country Report provides insights into the remarkable achievements recorded by the country, making its mark in the global Islamic finance This report was prepared by a team of experts of the Islamic Research and Training Institute industry. The report provides a thorough and valuable country analysis, both at (IRTI), led by Dr. Tamsir Cham, Economist at IRTI, with contributions from external partners. In conventional and Islamic finance levels. producing the report, a number of individuals and institutions have provided immense support, and for that IRTI and the authors are grateful. Situated in the Middle East and North Africa (MENA) region, Djibouti serves as the bridge between the Arab Islamic world and the African continent. It has registered robust economic growth over the Special appreciation goes to His Excellency Ismail Omar Guelleh, the President of the Republic of years. The country welcomed Islamic banking in 2006 with the establishment of an Islamic bank Djibouti, and his government’s officials for their cooperation throughout the process of producing branch. Since then, the concept of Islamic finance spread quickly and got fully embraced by the this report. In particular, the authors would like to thank the Minister of Finance, Mr. Ilyas Moussa populace. Today, three full-fledged Islamic banks are operational in the country. Islamic banking Dawaleh; the Governor of the Central Bank of Djibouti, Mr. Ahmed Osman; Secretary General, assets constitute about 17 percent of the banking industry. This is a remarkable achievement, Ministry of Budget, Mr. Simon Mibrathu; and their staff for the support they rendered in the especially compared with other countries that introduced Islamic finance earlier, where Islamic preparation of the report. Members of staff of the Djibouti Bureau of Statistics, East Africa Bank, finance assets constitute a smaller percentage of total banking industry assets. In addition, the Saba Bank, Salam Bank, Zakāt Center and Salaam Center were also greatly helpful, and we indicators for Islamic banks are remarkable. While non-performing loans for the three Islamic would like thank them for that. banks average 3 percent, the figures for conventional banks are in double digits. The authors would like to also thank Ms. Hanadi Khaled Ahmed of the Central Bank of Djibouti for This report calls for a re-design of the overall institutional framework, developing a national the outstanding dedication and commitment in arranging meetings and collecting the necessary strategy to enhance human capacity in Islamic finance, and inducing greater sensitization of information for the report. Islamic finance, both within and outside Djibouti. This will encourage potential investors to enter the Islamic finance industry. Industry players feel that there is a limited supply of labor force in The team is also indebted to Dr. Abdou Karim Diaw, manager of Islamic finance programs at Islamic finance. This limits the ability to explain Islamic finance concepts and Islamic products and CESAG (African Center for Advanced Studies in Management, Senegal) and the consultant for instruments to the public. Furthermore, existing Islamic financial institutions compete in recruiting this report, who has done an excellent work in drafting two chapters of the report. We would like to Islamic finance experts. Against this background, this report not only asks the right questions but similarly thank Mr. Mian Muhammad Nazir, Chief Executive Officer, Dar Al Sharia Islamic Finance also proposes a way forward to reinvigorate teaching in Islamic finance. Consultancy, for contributing a case study on Doraleh Container Terminal (DCT). The report also identifies potential opportunities for Djibouti, such as the development of Finally, the authors would like to thank Mr. Habeeb Idris Pindiga, Senior Editor /Acting Manager of Takāful industry. Considering the positive attitude of the population towards Islamic finance, the IRTI’s Information Division, and his team for the excellent editorial production work. development of Takāful could greatly complement the strong and rapid development of Islamic banking in the country. Moreover, Djibouti, with a history of trade, and with more than 90 percent of the population being Muslim, is an ideal place to develop a center for halal industry in the region. In the quest to meet the increasing infrastructure investments, coupled with the growing financial needs in meeting the Sustainable Development Goals (SDGs), Djibouti has huge potential to issue Ṣukūk once the enabling regulatory framework is put in place. This will ultimately help in addressing the infrastructure funding gap, reducing excessive external borrowing, creating jobs, reducing poverty and increasing Djibouti’s ease of doing business. It is, therefore, with profound pleasure that I present the Djibouti Islamic Finance Country Report. I hope the report avails you with the necessary information to better understand the current and future state of Islamic finance in Djibouti. Dr. Sami Al-Suwailem Acting Director General Islamic Research and Training Institute 6 DJIBOUTI ISLAMIC FINANCE COUNTRY REPORT DJIBOUTI ISLAMIC FINANCE COUNTRY REPORT 7 EXECUTIVE SUMMARY EXECUTIVE SUMMARY EXECUTIVE SUMMARY The birth of Islamic banking in the Republic of Djibouti in 2006 has changed the economic dynamics Islamic banking assets growth forecast of the country. The Djiboutian economy has registered robust
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