Shelter Afrique, has announced a collaboration with the Islamic Development Bank Institute (IsDBI) at the sidelines of COP28 with the aim to develop Islamic Housing Finance Products to respond to the growing demand for affordable and climate adaptive housing solutions across the continent.
The Company has sought this partnership with IsDBI to create tailored products in harmony with principles of responsible investing.
The partnership is timely, as several African countries are making notable progress in developing their Islamic finance markets, and presenting untapped growth opportunities.
According to a press statement, Shelter Afrique recognizes a gap in the availability of diversified financial products at scale and as a Pan-African Housing Finance Institution committed to innovation, the Company views the development of Islamic finance products as a viable alternative financing model to effectively address Africa’s housing and urban development challenges.
Mr. Thierno Habib-Hann, Managing Director (MD) of Shelter-Afrique, expressed delight at the strategic significance of the program. “We are thrilled to collaborate closely with IsDBI on this initiative. Rent to own schemes are natural products for Islamic finance, hence will be leveraged to address the large housing gap. In addition, this collaboration aligns with our commitment towards a dedicated funding thematic dedicated to Green financing and Islamic finance,” he said.
The institution’s continuous efforts to enhance its product offerings underscore its commitment to meeting the diverse needs of its clients and fulfilling its mandate of delivering affordable housing for all in Africa.
Further, he posited the collaboration with IsDB, a multilateral development bank known for its impactful initiatives in member countries, positions Shelter Afrique to pioneer developing and delivering unique financial offerings and structures for housing infrastructure across the continent.
In his comments on the collaboration, Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute, stated, “This partnership is part of our collective effort to promote inclusive and sustainable housing solutions through Islamic finance.”
Al-Suwailem noted that 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,” he added.
By Michael Omondi
